Is this a good lease deal?

[NOVA718]

Got a lease offer for a '22 Stinger GT Line AWD with the sun & sound package, red interior and ceramic silver exterior. They're asking $625/month for 48 months, 10k miles, $1k down. Buyout is around $19k at the end of the lease and it'll registered in Philly so it's subjected to the 11% Philly tax. I'm more than likely to buyout the car at the end if I were to go through with this deal.

Is this a decent deal, especially in the current market situation?

Thanks!

 

[MerlintheMad]

Greetings. I cannot advise. I can compare to almost four years ago: GT1, $628/month, 15K miles, 36 month lease. The market is crazy now. That buyout looks like they plan on the market returning to normalcy in two years? What is OTD in this vehicle? Any dealer slapped on extras?

 

[NOVA718]

Yeah there were great deals on the Stinger before the market went absolute nuts.

The dealer had priced it at 50k but after haggling took off $5k. I did get another message from the salesperson this morning that the manager could probably improve the numbers a bit. But I'd doubt it be much. The car's msrp is close to $43k.

And they did have a bunch of add ons like nitrogen tires (can't believe they still pull that stuff), some pulsing 3rd brake light thing and interior protection and what not. Sadly, I couldn't get a picture of these items.

 

[MerlintheMad]

The standard advice I read on here is to refuse all of the dealer add-on costs. Just don't even consider paying for any of that. And don't pay for above MSRP. But also if you have your heart set on this car, and money is a secondary object (it can be), then just keep above MSRP reasonable. Good luck.

 

[andybob]

That seems pretty high to me for a 10k mi / year lease.

If you plan on keeping the car I would finance and buy outright. Kia was doing 0% financing in our area for 60 months or a $1000 cash back incentive. I would check Kia’s website for financing options in your area. We ended up taking the cash back with 2.5% apr as we had a trade with a ton of equity and only had to finance about 20K. The cash back and APR was actually cheaper than 0% financing to my surprise.

Here is a great calculator for out the door costs that allows you to factor in trade and local taxes:

carpaymentcalculator.net

 

[StingertimeNC]

just do the math... 48 x 625. = $30,000. Plus your 19k buyout and you are looking at paying 49k for the car. Basically the car plus 4k in interest, assuming you pay the 19k out of pocket when the time comes. I think the payment should be closer to $550 a month. $550 x 48 = 26.4k, plus the buyout of 19k so a total out of pocket of 45.4k or roughly 2.4k in interest (over msrp) over the 48 months, assuming you pay cash for the 19k when the time comes.

 

[G-986958]

From Kia's website
Closed-end lease based on new 2022 Stinger (Model #H5312) subject to credit approval, dealer participation, and vehicle availability. Offer shown based on $3,999 due at lease signing including $339 first monthly payment, $3,010 capitalized cost reduction, $650 acquisition fee, plus tax, title, license and registration fees, dealer conveyance fee, processing fee or optional service fee and any emission testing charge. No security deposit required. Offer shown total lease payments are $15,864. Actual payments may vary. Purchase option at lease-end for offer shown of residual value of $21,298.05. Lessee is responsible for insurance, maintenance, repairs, $.20 per mile over 10,000 miles/year, excess wear, and a $400 termination fee*. Lease offer applies to Stinger (MSRP $37,365, includes freight, and excludes taxes, title, license, additional options and retailer charges). Actual prices set by dealer.Must take delivery from retail stock by 2/28/2022. Dealer contribution may vary and could affect actual lease payment. See dealer for warranty and lease details or go to kia.com.

*Termination fee for all states except CO, IN, IA, KS, ME, OK, SC, WI, WV & WY.

*WI termination fee: The amount of the base monthly lease payment or $400, whichever is less.

*CO, IA, KS, ME, OK, WV & WY termination fee: The amount of two times the base monthly lease payment or $400, whichever is less.

 

[NOVA718]

I really appreciate everyone's feedback! I ended up getting the Stinger. Really needed a car and didn't want to get something else that I wasn't fully satisfied with so yeah new Stinger owner here!!