Sales down 63% in July

[Devin]

Stinger sales fell from 1419 to 513 in July year over year. 2022 (fiscal year) are off pace by about 27%. Constrained supplies? Dealer shenanigans? Probably gonna see just one more model year after this.

 

[stoopid]

Constrained supplies? Dealer shenanigans? Probably gonna see just one more model year after this.

Definitely both. We're seeing a lot of activity with members joining after buying a used Stinger, so the used market for the Stinger seems strong. That tells me the demand for the car is there, but pricing and supply are the main reason for lack of new sales.

 

[ScottM]

Spot on @stoopid. People want it, they just can't get it. Many have said...the end is near in regards to the Stinger. I think it might be, but the resale market will be solid for a little while I think.

 

[S7N]

Either way I’m never selling mine and I like the fact that you don’t see a dozen of these cars on the road everyday like other cars.

 

[JSolo]

Today marks the one year anniversary since getting the car. This day last year they had 4 or 5 cars on the lot. Today just 2.

I think people are realizing the price factor and economy in general. I have a whole list of toys I want (not necessarily need), but they're all on hold as it's needs only for the foreseeable future.

 

[Ohiocruiser]

All car sales are down. At least dollar general is booming. People are more concerned about affording the food bills, energy bills and housing, than brand new model.

 

[Robilar]

Inflation impacts mid tier cars first before all others. People that can afford to buy very expensive cars still can afford it and people that buy very cheap cars buy them because they need transportation.

The used car market is way down as well. Also the banks increasing the lending rates has a trickle down effect on financing and leasing of cars given many dealers use the banks as their lender.

 

[Blueangel]

About to refinance while the rates are down. Kia’s been bothering me to buy the car back like crazy though. No used Stingers on their lot…

 

[stoopid]

Inflation impacts mid tier cars first before all others. People that can afford to buy very expensive cars still can afford it and people that buy very cheap cars buy them because they need transportation.

The used car market is way down as well. Also the banks increasing the lending rates has a trickle down effect on financing and leasing of cars given many dealers use the banks as their lender.

Repossessions are on the rise, too. We should be seeing these show up on the used car market very soon, which will help drive prices down and that will put pressure on new car prices as well. In addition to JSolo's observations of the tightening personal finances and your point about interest rates going up, everything is trending toward a borderline car market bubble burst. Finally. As much as I liked having good resale on paper, I'm not selling anytime soon so it does me no good and only ensures having to spend too much $$$ on my next vehicle. So I'm all for this correction.

 

[Robilar]

About to refinance while the rates are down. Kia’s been bothering me to buy the car back like crazy though. No used Stingers on their lot…

Agreed. They have been offering me 40k for me car for a year...

 

[ScottM]

I'm not selling anytime soon so it does me no good and only ensures having to spend too much $$$ on my next vehicle. So I'm all for this correction.

I feel the same way. It's like the house thing. I could sell mine for a decent amount, but then I'd have to get another one. I mean, there are ways to wiggle around all of that by living with my folks for a few short 5 years...but no way. I mean being in my mid 40's and having my mom yelling at me for not taking off my shoes or coming home at 9:00pm on a school night?! So yeah, it'll all correct.

 

[Sabs]

Over 85% of new cars are financed.

Gone are the days of 0.9% financing. Rates are now 3.75%-8% through Kia depending on credit history.

GT2's also used to be available for well under MSRP. $45k + TTL was fairly common. Now they're as high as $56k for an AWD Grand Tourer. That's not taking into account any dealer add-ons or market adjustments.

That puts the rate on a 5-year loan at over $1000, minimum.

Granted, many buyers will have a trade-in or a down payment, or will choose to finance for a longer term at a higher rate. Still, a GT2 with cheap financing once financed at 5 years in the mid-$700/month range.

 

[Blueangel]

Over 85% of new cars are financed.

Gone are the days of 0.9% financing. Rates are now 3.75%-8% through Kia depending on credit history.

GT2's also used to be available for well under MSRP. $45k + TTL was fairly common. Now they're as high as $56k for an AWD Grand Tourer. That's not taking into account any dealer add-ons or market adjustments.

That puts the rate on a 5-year loan at over $1000, minimum.

Granted, many buyers will have a trade-in or a down payment, or will choose to finance for a longer term at a higher rate. Still, a GT2 with cheap financing once financed at 5 years in the mid-$700/month range.

Sad world we live in. Was just contacted today to get into a GT2. Tempting but just refinanced and knocked $300 off my monthly rate. And I know I’d drop a tear letting this girl go with everything I put into it.

 

[RIck-F]

I traded in my 2019 GT2 for a 2022 and the trade-in value was just a few dollars less than I paid for it-- but it still cost $11K to move into the 2022 model; no more big discounts on the Stingers.

 

[Baluchitherium4]

I managed to get a new 21' GT2 early last year for 43k. I was very fortunate and plan on keeping it a long time.

 

[falanger]

Looks like the Stinger's sibling/platform mate isn't suffering the same slump; 1142 sold in July and 7904 sold YTD. It's on track to have it's best year yet.

That refresh seemed to have done the trick.

 

[stoopid]

Looks like the Stinger's sibling/platform mate isn't suffering the same slump; 1142 sold in July and 7904 sold YTD. It's on track to have it's best year yet.

That refresh seemed to have done the trick.

I was cross shopping the G70 when also looking at the Stinger. The price gap was just too wide at the time, Kia was still offering incentives on the Stinger and that sealed the deal for me. The G70 would have been my pick though, if it was only say $1-2,000 more for a comparable model [which I think would have been the GT1 at the time]. I didn't *need* the hatch (though it is a selling point) and definitely don't need back seats very often. Everything about the G70 worked for me (aesthetics, performance, interior, etc).

While it would have been fun having an even more unique car, the Stinger has been growing a following and I think as a result people will be 'looking' for it in the aftermarket, keeping resale solid. Not many know about the G70, and fewer know it's basically a slightly nicer Stinger. In the long term the Stinger was probably the smarter choice.

I think with all the doomsday around the Stinger being discontinued, the pricing on all cars going up, and Kia not offering incentives, the Stinger is less of a value proposition to those with $50,000+ to spend on a car. This makes the G70 (really, any Genesis) more appealing.

 

[Aarvix]

I paid 45K OTD for my GT2 in 2019. If I would have had to pay sticker, I would not be driving a Stinger.

The car market is nuts right now. I love my stinger but it's not a $60K car. Butchering the "cheap" V6 trims probably hurt too.

 

[ElChanclo]

I didn't *need* the hatch (though it is a selling point) and definitely don't need back seats very often.

Interesting, the hatch was a CRITICAL selling point for me after having driven a hatch for years and seeing how versatile it made the car overall for hauling stuff. The rear seats just let you choose between extra passengers or extra storage space! Most sporty sedans use that space for extra bracing, so without the stinger, if I wanted a 6 cylinder AWD upgrade to my $10k RSX, I was looking at a $100k price tag on an A7

 

[JERisBRISK]

Definitely both. We're seeing a lot of activity with members joining after buying a used Stinger, so the used market for the Stinger seems strong.

Hey! I resemble that remark.