Bought wrong car -- what are my options?

[turismo863]

Hey all, been lurking in this community for a couple months now. Wanted to get your guys' take on my situation.

I bought a 2018 Accord Sport 2.0T in July at 2k under invoice after doing a ton of research and test drives on the following cars: Mazda 6 2.5T/Camry V6/Stinger Premium. The 2.0T Stinger didn't feel as good as the Accord for me. Nothing explicitly wrong with the Accord, but my coworker recently picked up an AWD GT2 and offered to let me drive it after work one day.

I then realized I made a bit of a mistake -- I fell in love with the AWD GT2. The torque rush, the ventilated seats, the options on the gauge cluster -- it was all fantastic. Not to mention the GT trim looks amazing on the exterior in all angles. To make things worse, he told me about how he got down to 39K OTD with leasing, which would've definitely been in my price range had I known exactly how the lease-buyout strategy worked before.

I have good credit (800+), what do you guys think is the cleanest way to get myself in a 2018 or 2019 Stinger GT1/GT2? Should I wait until leases expire in 3 years and buy one used? It would line up with the 36mo. financing on the Accord, not sure what the best way to handle this situation.

Any help would be greatly appreciated!

 

[Ruturaj]

Check what trade in value you get, wontw be great for sure. If you can really afford easily go for it. Or wait for 2 .5 years.

 

[MerlintheMad]

I have no financing advice. Zero, zip, nada. Sorry. But, I do know that driving a car that you are disappointed in will canker your soul. No, really, how much is it worth to admit that you goofed and fix it? Can you afford to pay the early bailout on the Accord lease? I would look at any way possible to get out of it without doing so becoming a mistake financially. If you really can't afford to bail early on the Accord, then try to suck it up and enjoy the car. There is nothing wrong with an Accord! And later, you'll like the Stinger more, or not, depending, but you can always get one then. This car is going to stick around. That's my prediction.

 

[turismo863]

I have no financing advice. Zero, zip, nada. Sorry. But, I do know that driving a car that you are disappointed in will canker your soul. No, really, how much is it worth to admit that you goofed and fix it? Can you afford to pay the early bailout on the Accord lease? I would look at any way possible to get out of it without doing so becoming a mistake financially. If you really can't afford to bail early on the Accord, then try to suck it up and enjoy the car. There is nothing wrong with an Accord! And later, you'll like the Stinger more, or not, depending, but you can always get one then. This car is going to stick around. That's my prediction.

This seems kind of odd to say to an internet stranger -- but thanks for some oddly comforting advice.

 

[Joseph Spiegel]

I’m afraid you’re going to take a bath on the Accord. It will be less than the Stinger as for instant depreciation, though. You said you bought the Accord. So, shop it out. CarMax, Private Party, the dealer you bought it from. They have the future hope of winning you back. Good Luck. It won’t be pretty.

 

[MerlintheMad]

I’m afraid you’re going to take a bath on the Accord. It will be less than the Stinger as for instant depreciation, though. You said you bought the Accord. So, shop it out. CarMax, Private Party, the dealer you bought it from. They have the future hope of winning you back. Good Luck. It won’t be pretty.

@turismo863 is apparently leasing, not buying.

 

[washguy]

Turis I did one of those deals waaay back.....the moment I took the keys and drove the new car off the lot I said to myself " what in the F did I just do?" only advice I can give is that we all make good decisions and bad ones.... not that you made a bad one...but....its all about being happy...so my advice...cause it aint my money....lol.....if you can afford the hit...do it got for it...and put a smile on your face...why not? Wash

 

[youKIA]

My family has the Accord 2.0T Sport and I drive it quite often. I think it's fantastic! Maybe go for a Hondata or KTuner tune?

 

[jdouga]

I made this mistake, i got a sonata 2.0 and after 4 months i just could not get over hating it. I decided to trade it in for the stinger and could not be happier with my decision even if it did cost me financially, it was worth it in my opinion now i enjoy my car everytime i drive.

 

[DiabloStinger]

Take the bath... Relish in the fact that you got something you desperately wanted. Money come and goes... Memories last.

 

[Sabs]

To make things worse, he told me about how he got down to 39K OTD with leasing

While it's possible he got it for 39k OTD, I've noticed a lot of people think OTD means the sale price after discounts (ignoring taxes and fees). Unless taxes are really low in your area, I wouldn't count on being able to get the price that low. Realistically, you'd be talking about spending 17-19k to make the change. It all comes down to your finances and whether that's a significant amount of money to you.

 

[Rango]

Never lease unless your job has the perks. Can't give you advice ... don't know your life situation. All I know is you are making a better decision switching to a Stinger. I fell in love at first sight with the Motor Trend magazine. Thank God it has surpassed all my expectations. Tis a work of art!

Whatever it takes ... if you're a car guy ... get one. Your life will be that much better!

Pic of my O'Hara for an incentive.

 

[Kamauxx]

You have some good things going for you.

Accords hold their value well. You got the car for under invoice. It's still relatively new.

Those things should help minimize the financial hit you're going to take on trading it in. Go to a Kia dealer and ask them how much they're willing to offer for the car. You might be surprised.

 

[Paul32]

I had a Santa Fe Sport on a three year lease. After 1.5 years, I just had to have the Stinger. Turned in the Santa Fe to the Kia dealer, it was up-side-down by $2,300 which had to be rolled into the new lease. Bottom line, it cost me $2,000 cash and an additional $56.00 per month to get into the GT1 with driver assist. So happy I did the deal..... The $2k cash kind of made up for the remaining cost to get out of the SFS lease.

 

[Joseph Spiegel]

@turismo863 is apparently leasing, not buying.

“I bought a 2018 Accord Sport 2.0T in July at 2k under invoice after doing a ton of research and test drives on the following cars: Mazda 6 2.5T/Camry V6/Stinger Premium. The 2.0T Stinger didn't feel as good as the Accord for me. Nothing explicitly wrong with the Accord, but my coworker recently picked up an AWD GT2 and offered to let me drive it after work one day.”

What part of “I bought” says lease?

 

[MerlintheMad]

“I bought a 2018 Accord Sport 2.0T in July at 2k under invoice after doing a ton of research and test drives on the following cars: Mazda 6 2.5T/Camry V6/Stinger Premium. The 2.0T Stinger didn't feel as good as the Accord for me. Nothing explicitly wrong with the Accord, but my coworker recently picked up an AWD GT2 and offered to let me drive it after work one day.”

What part of “I bought” says lease?

"I have good credit (800+), what do you guys think is the cleanest way to get myself in a 2018 or 2019 Stinger GT1/GT2? Should I wait until leases expire in 3 years and buy one used?"

 

[turismo863]

"I have good credit (800+), what do you guys think is the cleanest way to get myself in a 2018 or 2019 Stinger GT1/GT2? Should I wait until leases expire in 3 years and buy one used?"

Sorry Merlin -- that last bit is a bit misleading. I did buy the Accord, financed it for 36 months. Here I'm asking if I should wait for Stinger leases to expire.

At any rate, thanks for weighing in everyone.

 

[MerlintheMad]

No lease? Then you should be an easy swap. As already said, offer Kia the trade in and you might be happy with what they give toward a Stinger.

Sorry Merlin -- that last bit is a bit misleading. I did buy the Accord, financed it for 36 months. Here I'm asking if I should wait for Stinger leases to expire.

At any rate, thanks for weighing in everyone.

 

[Joseph Spiegel]

Sorry Merlin -- that last bit is a bit misleading. I did buy the Accord, financed it for 36 months. Here I'm asking if I should wait for Stinger leases to expire.

At any rate, thanks for weighing in everyone.

Check all your options and weigh the financial hit. It’s going to be substantial but the Accord will hold its value better than a Stinger. Take emotion out of it, the Accord will hold more value. So, good luck and get to work!

 

[Waynerm002]

Sorry Merlin -- that last bit is a bit misleading. I did buy the Accord, financed it for 36 months. Here I'm asking if I should wait for Stinger leases to expire.

At any rate, thanks for weighing in everyone.

Hey Tourismo, not sure where you are located however, dealers have pretty good discounts going on to get this car off the lots, some places are doing 10%+ off the MSRP and KIA has the $3k Conquest cash and 0% financing for up to 66 months. The deal you heard about sounds like the lease buyout. You cannot just calculate the discounts without taxes (not saying your buddy didn't get out the door at that number, but it sounds too good to be true) and fees, it will come up great that way but there is always taxes and it differs by state. Just doing straight numbers as an example:

GT2 AWD MSRP - $52,300
10% Discount price - $47,070
September Lease cash - $7700 (just checked KIA's website and the extra $1k is no longer listed)
Tax - x%

Looking at that you are at $39,370 for the car before taxes. The way they do in VA is tax on the full amount of the vehicle, not just the lease portion. So this way it is:

Price - $47070 + dealer fees, registration + tax on that amount - rebate or 47,070 + 850 (fees and reg.) = 47,950 + 4.15% VA tax = 49,940 - 7700 = $42,240

You then take that $42,240 to be refinanced at your bank or credit union.