I actually thought the $6100-$6800 lease cash was a pretty awesome deal this early in the game. You disagree?
The lease cash is actually great, but the money factor and residual value tied to it is a real drag.
Take a US spec GT2 RWD with a selling price of 50,100 with destination. To lease it, you get 6100 dollars off the price. With that one and only one discount applied, the lease rate for 10K/36m is $585 with 2K down, $645 with zero down.
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Those numbers will rise depending on your state tax procedure, markups, accessories, up sells, etc. This also assumes your dealer gives you the base money factor. Your military or student discount won’t do much here, maybe lower it by a ten dollars a month. This also assumes a 700+ credit score. We will ignore this because it varies so greatly)
The culprit is the money factor, which is 0.00180 (+/- 0.00001), but it’s 4.43% APR regardless. Over the 36 month lease, you will pay approximately $1,600 in interest to the bank. Let’s subtract that from your discount of $6100 and, effectively, you got $4500 off on the car.
Again, not bad right? A 50K new car lease and $4,500 off the price should you buy it afterwards. A monthly payment of $585 (again, pre-tax) It looks totally fine until you start to look around at the competition.
You could easily get a 2017 Lexus GS F-Sport lease for less. I *think* you could get a 2018 GS F sport for almost the same. You could get a fully loaded Infiniti Q50 for far less (sub $400). You could get a Q70 for the same amount. 3 series for less, 5 series for less. Audi A6 for similar money (unlikely).
G80 easily for less. Alfa Romeo Giulia for less. American muscle V8 for far less. (Chevy SS, Camaro, Charger, etc).
You could even get a K900 Luxury for less. Yes, seriously.
The big problems with the Stinger is the Residual Value, firm sale price, and money factor. The cars above have negotiating room, factory incentives, and some have security deposits to reduce the MF. They also have higher residual values, which lowers the amount owed during the life of the loan.
I understand the Stinger is new, but Kia has already resigned it to be “worthless” in three years by giving it a low residual. The interest rate to get it is much higher than its competition. The pricing so close to invoice makes wiggle room pretty tight.
Like I said before: you have to **really** want the Stinger, because if you can afford the lease price, I guarantee there’s another sporty car you could have had for cheaper. Even the base 2.0T lease price is non-competitive against some American muscle V6s. The feature set of the Premium 2.0T isn’t even competitive with the Optima SXL.
I’m not saying I’m opposed to buying a Stinger, but the decision is getting less easy given the numbers.
