Used 2020 GT1 vs Buy/Lease New

[Brandonfontes]

hi all - first time here and in the market to get a stinger. Test drove a 2020 gently used GT1 (700 miles, cermaic/red combo) selling offer is 43k. Basically the guy has no room to negotiate much lower...this was a trade in at a bmw dealer from a rich guy that trades in a new car every month, so explains the low miles.

I'm debating on taking this used one bc its the color combo I love, or going thru a Kia dealer and trying to negotiate a new 2020. (They actually still have a 2019 GT2 in my color preference). Preferably a GT1/GT2. If I take the latter route I would purchase with a loan because I know virtually nothing about leases or lease/buy out options but figured I would get some opinions. What would you do if you were in my shoes? Budget wise in the end I'd like to spend <42k and have cash for a down payment (~7k) and trade in (~8k). TIA!

 

[MerlintheMad]

Howdy. Since you get the "lease buyout" heads up, I recommend studying it (plenty of info on here) until you see what you'd be passing up if you don't do it. I've only done one lease in my life, on this car; and I did the buyout after three monthly payments.

 

[Brandonfontes]

Howdy. Since you get the "lease buyout" heads up, I recommend studying it (plenty of info on here) until you see what you'd be passing up if you don't do it. I've only done one lease in my life, on this car; and I did the buyout after three monthly payments.

Makes sense. I've seen a few threads on here on this topic and its helpful stuff, yet very confusing. Probably worth mentioning the new GT2 I found in the color combo of my choice is a 2019 they still have in inventory and based on my research the 2019 is not eligible for lease buy outs. Now I'm trying to figure out if the current $4500 rebate on the new 2020 would apply to this 2019. If it does then between the dealer discount ($7,867) + $4,500 rebate I could get the sale price down to 42k. Which I think is a good deal?

 

[MerlintheMad]

Makes sense. I've seen a few threads on here on this topic and its helpful stuff, yet very confusing. Probably worth mentioning the new GT2 I found in the color combo of my choice is a 2019 they still have in inventory and based on my research the 2019 is not eligible for lease buy outs. Now I'm trying to figure out if the current $4500 rebate on the new 2020 would apply to this 2019. If it does then between the dealer discount ($7,867) + $4,500 rebate I could get the sale price down to 42k. Which I think is a good deal?

That should be out the door. If you have to add on taxes and fees/dealer costs that is not a good deal, especially if it is RWD.

 

[Brandonfontes]

That should be out the door. If you have to add on taxes and fees/dealer costs that is not a good deal, especially if it is RWD.

That includes doc/dealer fees but does NOT include sales tax so add another ~$2600 to that OTD. And this is AWD.

 

[Lonz]

...based on my research the 2019 is not eligible for lease buy outs...

Are lease rebates no longer available for new 2019's?

 

[Brandonfontes]

Are lease rebates no longer available for new 2019's?

Correct. Thats what I'm being told.

 

[MerlintheMad]

Are lease rebates no longer available for new 2019's?

Correct. Thats what I'm being told.

That is probably accurate. July of 2019 was the end of the lease rebates on the MY18.

 

[AYip31]

hi all - first time here and in the market to get a stinger. Test drove a 2020 gently used GT1 (700 miles, cermaic/red combo) selling offer is 43k. Basically the guy has no room to negotiate much lower...this was a trade in at a bmw dealer from a rich guy that trades in a new car every month, so explains the low miles.

I'm debating on taking this used one bc its the color combo I love, or going thru a Kia dealer and trying to negotiate a new 2020. (They actually still have a 2019 GT2 in my color preference). Preferably a GT1/GT2. If I take the latter route I would purchase with a loan because I know virtually nothing about leases or lease/buy out options but figured I would get some opinions. What would you do if you were in my shoes? Budget wise in the end I'd like to spend <42k and have cash for a down payment (~7k) and trade in (~8k). TIA!

Hi!
Depending how long you typically own your vehicles for, buying the used one will not give you the original warranty, if you care about that stuff.
Leftover brand new 2018 & 2019 do not qualified for any manufacture rebates. and I’ve tried negotiating for a discount more than the current 2020 and all the dealers I’ve dealt with are only offerIng 2-3K off Currently 2020 prices.
Doing a lease buyout give you the highest rebate.
Lease rebate is different across all trim and RWD or AWD
Stinger Model Year 2020 seems to be selling very well vs the previous years.
Higher the trim GT vs GT1 vs GT2, will be less demand, when I was leases buyout 3 weeks ago, the GT RWD was going like hot cakes here in FL.
It’s depends if you want to buy now or wait for a better deal, if you wait you risking not getting the color combo or features you would want.
Me, I just wanted the cheapest and best possible deal on a V6, didn’t care about the extra tech.

Cliff notes on lease buyout:
You will need good to great credit score to do a lease buyout
Always ask for 24 months, 12k miles on the lease terms
Start at Manufacturer MSRP, do NOT pay for addendum sticker,(dealer MSRP)
- 10% off for dealer discount
- lease rebate
- any trade-in
+ tax, tag, doc fees, acq fee (Beware of BS fees, don’t pay them)
= balance = Adj Cap Cost

Lease payment, money factor, residual does not matter
When signing the lease agreement, make sure your Adj Cap Cost is the same as the balance you and the dealer agreed to.
Also read sections 9, 22D, 23B

Congrats you now are driving away in your brand new stinger.

Once you get a email from KMF. Login, verified VIN, find and click get buyout quote.
Do not wait to buyout the lease, every lease payment you make, reduces your rebate.
You will have to have to pay a some fees and taxes.
also depending on some states, like FL (which I’m in) you will have to visit a dealership to buyout.
Also depending on which states, taxes will be more.
Read the sticky thread on the leases buyout, lots of good info.
also see my post #1122 in that thread about my deal I got.
Also there is a YouTube video: Kia stinger lease buyout. A little long winded. But very helpful.

 

[Brandonfontes]

Hi!
Depending how long you typically own your vehicles for, buying the used one will not give you the original warranty, if you care about that stuff.
Leftover brand new 2018 & 2019 do not qualified for any manufacture rebates. and I’ve tried negotiating for a discount more than the current 2020 and all the dealers I’ve dealt with are only offerIng 2-3K off Currently 2020 prices.
Doing a lease buyout give you the highest rebate.
Lease rebate is different across all trim and RWD or AWD
Stinger Model Year 2020 seems to be selling very well vs the previous years.
Higher the trim GT vs GT1 vs GT2, will be less demand, when I was leases buyout 3 weeks ago, the GT RWD was going like hot cakes here in FL.
It’s depends if you want to buy now or wait for a better deal, if you wait you risking not getting the color combo or features you would want.
Me, I just wanted the cheapest and best possible deal on a V6, didn’t care about the extra tech.

Cliff notes on lease buyout:
You will need good to great credit score to do a lease buyout
Always ask for 24 months, 12k miles on the lease terms
Start at Manufacturer MSRP, do NOT pay for addendum sticker,(dealer MSRP)
- 10% off for dealer discount
- lease rebate
- any trade-in
+ tax, tag, doc fees, acq fee (Beware of BS fees, don’t pay them)
= balance = Adj Cap Cost

Lease payment, money factor, residual does not matter
When signing the lease agreement, make sure your Adj Cap Cost is the same as the balance you and the dealer agreed to.
Also read sections 9, 22D, 23B

Congrats you now are driving away in your brand new stinger.

Once you get a email from KMF. Login, verified VIN, find and click get buyout quote.
Do not wait to buyout the lease, every lease payment you make, reduces your rebate.
You will have to have to pay a some fees and taxes.
also depending on some states, like FL (which I’m in) you will have to visit a dealership to buyout.
Also depending on which states, taxes will be more.
Read the sticky thread on the leases buyout, lots of good info.
also see my post #1122 in that thread about my deal I got.
Also there is a YouTube video: Kia stinger lease buyout. A little long winded. But very helpful.

Wow thank you this is super helpful! Reading through threads I believe someone said they aren't offering lease buyouts right now, so I either have to buy the vehicle for a good price or probably wait until the winter when they are offering it. Is it ever a bad idea to straight up ask the dealer if they offer a lease buyout or will that hurt my negotiating?

 

[AYip31]

Wow thank you this is super helpful! Reading through threads I believe someone said they aren't offering lease buyouts right now, so I either have to buy the vehicle for a good price or probably wait until the winter when they are offering it. Is it ever a bad idea to straight up ask the dealer if they offer a lease buyout or will that hurt my negotiating?

Not true! You can always check edmunds or autobytel for incentives
99.5% of sales person will not know what your talking about.
Some sales manager might know about it, but will also give false info regarding the process of lease buyout.
Best to kept to yourself.
Negotiate 1st off MSRP, tell them not sure about buying vs leasing
get 10% or more off
Then once agreed apond price after dealer discount. Tell them you want to lease and get the highest lease rebate

Current lease rebates has gone down recently. But historically lease rebate for GT1 and GT2 has been highest after December.
But there is no guarantees what the future will hold.

 

[Brandonfontes]

Not true! You can always check edmunds or autobytel for incentives
99.5% of sales person will not know what your talking about.
Some sales manager might know about it, but will also give false info regarding the process of lease buyout.
Best to kept to yourself.
Negotiate 1st off MSRP, tell them not sure about buying vs leasing
get 10% or more off
Then once agreed apond price after dealer discount. Tell them you want to lease and get the highest lease rebate

Current lease rebates has gone down recently. But historically lease rebate for GT1 and GT2 has been highest after December.
But there is no guarantees what the future will hold.

You're right, I just back from from the dealer and they are offering a 5,000 rebate on leases and Kia Finance apparently is allowing early buyouts. I've requested the breakdown so I can see if the lease buyout will be worth it. Still unsure of all the math to do this, but know there's a sticky thread on it. My only concern here is that my state (Massachusetts) has a 6.25% sales tax and I don't yet know how that impacts the lease buyout.

Alternatively, they are offering a $4,500 rebate on purchases. I was also given a quote on a 2019 used GT1 (ceramic silver/red combo with 600k miles) for $43,723, which isn't super terrible in the MA market (especially in this color combo), but I think I might be able to find a new 2020 GT1/GT2 for less after discounts/rebates. I'll let you guys know what I decide. Side note, I test drove a GT-line while I was there, certainly has some pep, but I was surprised at how much of a difference there was and reinforced the fact that I'd rather take my time and find a killer deal on a GT1/GT2. Thanks for help guys!

 

[AYip31]

You're right, I just back from from the dealer and they are offering a 5,000 rebate on leases and Kia Finance apparently is allowing early buyouts. I've requested the breakdown so I can see if the lease buyout will be worth it. Still unsure of all the math to do this, but know there's a sticky thread on it. My only concern here is that my state (Massachusetts) has a 6.25% sales tax and I don't yet know how that impacts the lease buyout.

Alternatively, they are offering a $4,500 rebate on purchases. I was also given a quote on a 2019 used GT1 (ceramic silver/red combo with 600k miles) for $43,723, which isn't super terrible in the MA market (especially in this color combo), but I think I might be able to find a new 2020 GT1/GT2 for less after discounts/rebates. I'll let you guys know what I decide. Side note, I test drove a GT-line while I was there, certainly has some pep, but I was surprised at how much of a difference there was and reinforced the fact that I'd rather take my time and find a killer deal on a GT1/GT2. Thanks for help guys!

if you have good to great credit, current lease rebate for a GT1 RWD is $7,100, AWD is $7,900
Remember to ask for 24 months, 12k lease terms

 

[Brandonfontes]

if you have good to great credit, current lease rebate for a GT1 RWD is $7,100, AWD is $7,900
Remember to ask for 24 months, 12k lease terms

I do not currently have great credit. I'm around ~650. I plan to have a cosigner on the purchase (score 775). although I'm not sure how cosigners work on lease agreements. too much still to figure out. lol. I don't know how you guys keep all this stuff straight! Also that $7,900 lease rebate must be applicable to other regions of the country. I haven't heard of any rebates higher than 5k in my area (MA).

 

[AYip31]

I do not currently have great credit. I'm around ~650. I plan to have a cosigner on the purchase (score 775). although I'm not sure how cosigners work on lease agreements. too much still to figure out. lol. I don't know how you guys keep all this stuff straight! Also that $7,900 lease rebate must be applicable to other regions of the country. I haven't heard of any rebates higher than 5k in my area (MA).

$7,900 is nationwide
$5k is b/c you don’t have good credit
Having someone co-sign should be able to get you the better rating

 

[Brandonfontes]

$7,900 is nationwide
$5k is b/c you don’t have good credit
Having someone co-sign should be able to get you the better rating

Is there a place I can view this nationwide lease rebate? They haven't even run my credit yet so they don't know my score, nor have I told them I will be using a cosigner. So I was under the impression the 5k is simply what the rebate offer is currently?

 

[AYip31]

Is there a place I can view this nationwide lease rebate? They haven't even run my credit yet so they don't know my score, nor have I told them I will be using a cosigner. So I was under the impression the 5k is simply what the rebate offer is currently?

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www.edmunds.com

 

[AYip31]

Look for limited term bonus cash

 

[Brandonfontes]

Look for limited term bonus cash

Thank you. Exactly what I'm looking for. In fact it says 8,900 on a GT2. So aside from the MA tax question I still need to figure out, something else that confused me from the sticky thread - lets say you buy out the lease after one month, do you still owe the monthly payments for the remaining 23 months? So for example lets say the monthly payment is 600/month and you buyout after one month, would I owe cap cost + 13,800 (23*600) ?

 

[Jay B.]

@Brandonfontes Your monthly payment does not factor into the buyout. You will owe the cap cost and lease buyout fee only, then title is yours. Taxes will differ from state to state.