Last Chance at getting a Stinger

[Savigill]

Hey guys,

I came to this forum wondering if I should purchase a 2023 Stinger GT limited. I'm in Canada so I guess the equivalent would be GT2? Anyways I have some lease numbers from the dealership for 48 months @ 6.49% with $5k down. Comes out to $432 bi/weekly

I had a 2022 K5 which I sold and got back $22k. But I'm not sure if it's a good idea to buy the car with these high interest rates. I love the Stinger though, and obviously they ain't making them no more so I can't wait for the rates to go down to buy one.

Are those lease numbers fair? I was looking closer to $380 bi/weekly

 

[Kodiack]

What is the buyout cost at the end of the lease?
The numbers look pretty high for a lease...get a breakdown of everything and make sure they arent adding in any suspect charges..

 

[GT Elite]

l’m in Canada and I have a 2022 GT Elite. In 2022 Kia slightly changed the Stinger model line-up with the GT Elite being the top model (GT2 equivalent) and the Limited became a slightly de-contented model (GT1 equivalent?). For example, the Limited no longer had a limited slip differential that the 2021 Limited had.

As for the lease, I suspect how good a deal the lease depends, in part, on the buyout. The monthly lease payment consists of three component. The first component is the depreciation over the term of the lease for the difference between the purchase price and the buyout amount. This is typically a straight line calculation (equivalent to paying off a loan). The second component is the monthly interest on carrying the buyout amount over the term of the lease. The third component is the monthly administration fee. When I was leasing cars, I built a spreadsheet to make my own calculations on these amounts. The inputs were the interest rate, purchase price, down payment and buyout. This also allowed me to determine the administration fee for quoted leases.

As I recall, the interest rate I was quoted (over 15 years ago) was prime plus 1%, which was a corporate rate. With prime at 5% that amounts to 6%; so the rate of 6.49% looks quite reasonable to me.

BTW, if you want to keep the car at the end of the lease, you can always enter into a new lease with the buyout amount being the capital cost of the new lease. I’ve done this in the past in order to get the residual amount (buyout) down to a point that I could easily pay out the residual amount from my normal cash flow.

Good luck with whatever you decide. The one thing I would note is that the Stinger is a great unique car that will probably not be seen again.

 

[Savigill]

l’m in Canada and I have a 2022 GT Elite. In 2022 Kia slightly changed the Stinger model line-up with the GT Elite being the top model (GT2 equivalent) and the Limited became a slightly de-contented model (GT1 equivalent?). For example, the Limited no longer had a limited slip differential that the 2021 Limited had.

As for the lease, I suspect how good a deal the lease depends, in part, on the buyout. The monthly lease payment consists of three component. The first component is the depreciation over the term of the lease for the difference between the purchase price and the buyout amount. This is typically a straight line calculation (equivalent to paying off a loan). The second component is the monthly interest on carrying the buyout amount over the term of the lease. The third component is the monthly administration fee. When I was leasing cars, I built a spreadsheet to make my own calculations on these amounts. The inputs were the interest rate, purchase price, down payment and buyout. This also allowed me to determine the administration fee for quoted leases.

As I recall, the interest rate I was quoted (over 15 years ago) was prime plus 1%, which was a corporate rate. With prime at 5% that amounts to 6%; so the rate of 6.49% looks quite reasonable to me.

BTW, if you want to keep the car at the end of the lease, you can always enter into a new lease with the buyout amount being the capital cost of the new lease. I’ve done this in the past in order to get the residual amount (buyout) down to a point that I could easily pay out the residual amount from my normal cash flow.

Good luck with whatever you decide. The one thing I would note is that the Stinger is a great unique car that will probably not be seen again.

Thank for that, I will try to make some calculations and see how it all works out.

Is your current stinger leased?

 

[Savigill]

What is the buyout cost at the end of the lease?
The numbers look pretty high for a lease...get a breakdown of everything and make sure they arent adding in any suspect charges..

The buyout is $27,405.60 after 48 months

 

[Savigill]

What is the buyout cost at the end of the lease?
The numbers look pretty high for a lease...get a breakdown of everything and make sure they arent adding in any suspect charges..

Here is the deal sheet they gave me, this is with $0 down

 

[Kodiack]

What is the 2100 dollar other charge? extended warranty maybe.
Looks like you are losing 900 on your trade in...not too bad.
Don't they offer loyalty...usually get 500 off when your previous was a kia/hyundai..I did
I bought a former corporate car from a buddy of mine so I cant compare what I got mine for...it was a complete steal with 0% interest
That also looks like before tax pricing....