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Lease vs Financing Stinger

Discussion in 'How to Buy a Kia Stinger' started by jchan_stinger, Jun 4, 2018.

  1. jchan_stinger

    jchan_stinger United States Newish Member

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    Hi All,

    I just recently joined, but have been hovering the forums for a few days now. I am very interested in getting a Stinger GT1 or GT2 depending on whichever the dealership has.

    I'm currently looking for a White or Ceramic GT1 / GT2 maybe.

    I was wondering what a good deal would be like (as this would be my first car purchase/lease).

    Some question I have:
    I heard that you shouldn't put down too much cash down on a lease? Is 2K down a reasonable amount?

    Also, in terms of a good deal: what should i target with lease and with finance? ex: lease 36 months, 2k down, 450/month... etc etc?

    Apologies for all the newbie questions. Thanks!
     
  2. Blue Ox

    Blue Ox United States Newish Member

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    The best advice I could offer would be to do your homework. There are plenty of sites that will list current lease and purchase incentives. Just because the dealer may want to suggest a specific financing option doesn't mean that's the only financing option. Have them run the numbers and compare.

    I purchased a Ceramic GT1 last week. The dealer offered me a cash back financing incentive and an interest rate through Kia of 3.9%. I asked them how that compared with the 0.9% rate Kia was offering with no incentive. The result - I saved $3K in interest (same length of loan) with the lower rate. Had I not known to ask, I would have assumed the first deal was my only choice.

    I would also avoid starting any lease/purchase discussion by giving the dealer a payment number up front. Know what you can afford, negotiate on the car you want, and compare your options. If the numbers work for you, great. If they don't, be prepared to walk away. Better deals may be available when the current ones expire. Your goal is to get the most car for the least amount of money. If you say, "I can pay $X/mo.", the dealer's goal will be to sell you the least car they can for the money you're offering. Don't give up your negotiating power before you start.

    Best of luck to you!
     
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  3. jchan_stinger

    jchan_stinger United States Newish Member

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    Thanks for the response! Yeah, I've been doing some research online and I actually did go into a Kia store to get somewhat of a quote. The associate originally offered me 599/mo for 36mos. on 10K/yr lease but with 5K down, then the manager came to me with 365/mo for 36mos. on 10k/yr lease also with 5k down. The offer on the spot sounded great but walked out because I wanted to check other stores. That's why I got confused with the cash down for leasing.
     
  4. Blue Ox

    Blue Ox United States Newish Member

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    I've never leased a car, and I don't want to offer anyone financial advice, so I can't comment on the specifics of your situation. It does sound like you're approaching this with the right mindset though.

    Hopefully you live in an area with multiple dealers and available cars. Competition is your friend.
     
  5. eflyguy

    eflyguy United States Active Member Staff Member Moderator

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    Never negotiate based on "what payment can you afford" - you may know, but NEVER admit it!
     
  6. jchan_stinger

    jchan_stinger United States Newish Member

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    Thanks! Definitely going to try to get the best offer possible somehow...

    Hopefully I will be driving a Stinger by the end of the month!
     
  7. Paul32

    Paul32 United States Active Member

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    Just leased a GT1 with the extra package, $46k msrp. Their lease program looks better than the purchase at this time. There was a $7.5 rebate/discount ending up with a $38+ discounted price. I would not offer more than $2k down.
     
  8. jchan_stinger

    jchan_stinger United States Newish Member

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    Oh nice! Congrats on the Stinger! Yeah, I think their lease seems to be a better offer atm. Do you mind me asking what your rates are per month?
     
  9. Zac

    Zac United States Newish Member

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    Hopefully this helps...

    If you don't get close this for a lease deal, shop around.

    MSRP minus 5k minus lease cash = Stinger lease price. That's about 38k for a 48.5k GT1 (48k - 5k - 5.5k = 38k).

    Assuming the above scenario you should be around $560 per month including fees/tax/registration/etc and absolutely zero down. Could be a little more or less depending on your state.

    Good luck, and don't cave. ;)
     
  10. jchan_stinger

    jchan_stinger United States Newish Member

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    Will definitely try my best...
     
  11. Paul32

    Paul32 United States Active Member

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    Central Florida
    $600.00 per month with $2k down and the first month payment. I traded in a 2017 Santa Fe Sport with $2,300 negative equity which was added to the new lease. I was only 1/2 way through the 36 month lease.
     
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