Shopping for a 2021 GT2

[Kamauxx]

Are you allowed to add mods to leased vehicles i.e. Custom exhaust, etc?

If he buys the lease out it will be his to mod as he likes. Otherwise the car would need to be returned to stock before returning once the lease is up.

BTW, I'm jealous of you guys that got to take advantage of the lease buyout. I bought my Stinger almost 3 years ago back when they were selling for pretty much MSRP and were very difficult to find. For 2.5 years now Kia has been throwing buckets of money to customers to buy Stingers. You guys with $40k GT2s are getting amazing deals!

 

[Lazarus.Bird]

I used autotrader to search all dealer inventory within a few hundred miles of me. You can also search used. I planned on buying used too- but considering the crazy discount it made no sense. For example- it was only 7k more to buy néw compared to buying a three year old car from a private seller and only a few thousand more than buying a 2-3 year old car from a dealer. In the end I will pay about 40k (plus tax) for a 2021 GT2 rwd which is nuts.

Just wanted to say thanks for your posts in this thread as well as the lease buyout thread. I've done hours of research on this now, and am ready to head to my dealership this weekend to start playing hardball on price! If I can get anywhere near 10% off MSRP I will likely pull the trigger considering lease cash in my area right now is $7300.

Should be able to get my GT2 Ceramic Silver AWD for less than $42k before taxes, which is hilarious because there's a 2020 white GT2 AWD with 6500 miles 30mi away listed at $46.5k.

 

[Lazarus.Bird]

Doing some more math, just want a sanity check to see if I'm thinking about this the right way.

Let's say with negotiated discount off MSRP and sales tax I'm $45k OTD with lease cash ($7300).

I do not have the cash to buy out the lease so I will need to finance. I think I can get a better rate, but I'll conservatively estimate 2.5% @ 65 months. Total cost of loan at $45k would be a total of $48,162, costing me a little under $3200 in interest.

Right away lease buyout makes more sense than taking the $2500 cash back incentive for a normal purchase.

There is also a 66 month 0% APR promotional finance offering. This would save me the $3200 in interest, but subtract that from the $7300 lease cash and I'm still paying $4100 more for the car doing 0% APR.

So seems like the obvious best path forward is to do the lease buyout and finance with a credit union, yes? I suppose there's also the argument of what if you just want to lease and not purchase, but as a former BMW 335i GT owner who had to sell because I got a free fleet vehicle through work, and now that I've changed jobs and no longer have that benefit, I plan to own this car for 10+ years.

 

[MerlintheMad]

Lease buyout with cash is, of course, the best way to go if possible. Any interest paid on a loan to do the buyout vitiates the benefit of the buyout. At some point the buyout makes no sense, if the interest on a loan means hardly any, or no, savings in the end.

 

[Eggbeater]

Watch that destination charge.. should be included in the MSRP.

 

[Nocostinger]

Doing some more math, just want a sanity check to see if I'm thinking about this the right way.

Let's say with negotiated discount off MSRP and sales tax I'm $45k OTD with lease cash ($7300).

I do not have the cash to buy out the lease so I will need to finance. I think I can get a better rate, but I'll conservatively estimate 2.5% @ 65 months. Total cost of loan at $45k would be a total of $48,162, costing me a little under $3200 in interest.

Right away lease buyout makes more sense than taking the $2500 cash back incentive for a normal purchase.

There is also a 66 month 0% APR promotional finance offering. This would save me the $3200 in interest, but subtract that from the $7300 lease cash and I'm still paying $4100 more for the car doing 0% APR.

So seems like the obvious best path forward is to do the lease buyout and finance with a credit union, yes? I suppose there's also the argument of what if you just want to lease and not purchase, but as a former BMW 335i GT owner who had to sell because I got a free fleet vehicle through work, and now that I've changed jobs and no longer have that benefit, I plan to own this car for 10+ years.

Your own credit union may cut you a better rate just for having a strong relationship with them.
The rates im seeing right now are 2.89% for 65 months with rates not changing going to 72months.

Now, crazy idea here: If your Kia dealership will work with you, CPO rates are usually 1.9x72 months. If they won't charge anything but the certification fee, sell it back to them and buy it back as a CPO car. If it costs them $500 to inspect and certify which adds on a better Kia warranty, you'll be paying sales tax anyways on the remaining balance, it'll cost you an extra $500 to gain a better warranty a buy a lower finance rate.

Its a win-win IN THEORY...dealership gets another number on their counts and a financing spiff from Kia, you get better financing AND warranty if it works.
This is of course, if they don't charge restocking fees and other "fees".

 

[Lazarus.Bird]

Your own credit union may cut you a better rate just for having a strong relationship with them.
The rates im seeing right now are 2.89% for 65 months with rates not changing going to 72months.

Now, crazy idea here: If your Kia dealership will work with you, CPO rates are usually 1.9x72 months. If they won't charge anything but the certification fee, sell it back to them and buy it back as a CPO car. If it costs them $500 to inspect and certify which adds on a better Kia warranty, you'll be paying sales tax anyways on the remaining balance, it'll cost you an extra $500 to gain a better warranty a buy a lower finance rate.

Its a win-win IN THEORY...dealership gets another number on their counts and a financing spiff from Kia, you get better financing AND warranty if it works.
This is of course, if they don't charge restocking fees and other "fees".

LOL I have no idea if they will do this but I like where your head is at.

Just talked to my local dealer who has zero GT2 inventory but was offering to dealer trade in what I wanted for me, but they were only willing to give me like $2k off MSRP so I've gotta do some shopping around.

 

[Nocostinger]

LOL I have no idea if they will do this but I like where your head is at.

Just talked to my local dealer who has zero GT2 inventory but was offering to dealer trade in what I wanted for me, but they were only willing to give me like $2k off MSRP so I've gotta do some shopping around.

Where in the VA are you exactly? Im an Auto Broker so I talk to enough dealers where getting a GT2 without getting gouged $1,000 on discount shouldn't be an issue. On the GT2, theres about $3,000 from MSRP to Invoice. If the dealership they're getting the car from is being equitable, they should get the car for invoice as well as half the dealer holdback from them. That said, you shouldn't pay more just because they have to trade for it.

Don't shop around, let your local dealer know they can deal at the agreed upon pricing or you'll just buy it where its at. They'll take a loss on a deal before they let another dealer get the deal.

 

[Lazarus.Bird]

I'm actually in Pittsburgh. They acted like I was crazy when I told them I wanted around 10% off MSRP, but that's what people in the lease buyout thread have been recommending and getting from dealers. Seems the most they wanted to do was less than 3%.