Indulge me with a quick rant for a minute. I have given up on GM in terms of leasing. Sure, if you want to BUY one, I think the price is amazingly low for such a well-built, equipped and powerful vehicle. It’s probably the best price I’ve seen for a sedan packing 330+ horses. It seems that G8 GT’s are released in very limited quantities, which somewhat explains the hefty finance charge. Bottom line is if GM believes in the quality of their cars, they should try harder with their lease programs. If they don’t even want their cars back in 36 months, why would I even want to buy one to begin with? The thing about lessing is that automakers will always get a steady group of people every month. When people’s leases terminate, they will be looking to get into a new ride. Make good cars (which they are trying to), promote good lease programs and they’ll have customers month in and month out. Then MAYBE they won’t lose 3.3 BILLION dollars every quarter.
Without further delay, here are the May 2008 numbers for the Pontiac G8 GT:
– Premium Package
– All-Season Blackwall Tires
Selling Price $29,955 (this includes a $500 rebate for non-GM owners. You can get another $500 if you are a current GM owner)
Essentially, we’re looking at a $262 over invoice price if you are a non-GM owner and $238 under invoice for GM owners.
36mo/10k – residual 56% – lease rate 5.5% (MF .00229)
36mo/12k – residual 54% – lease rate 5.5% (MF .00229)
Whatever the drive-off is, the deal killer right now is the money factor more so than the crummy residual value. Quick payment calculation here for the 36mo/12k lease.
Depreciation charge is about $361
Finance charge is about $107
Total with sales tax (8.25%) $507
And you would still have to pay the drive-off of 1st month payment, bank fee, doc fee, tags, etc…which is easily over $1000 dollars.
My Take: Love the car, even before driving it. Just looking at the specs makes you say “wow”. Problem is, when you look at the lease rates and residuals and your reaction is “DOH!”. Despite that, this is still a fine car. As stated by Jim Hall from Road and Track, “…the new Pontiac G8 GT shines in many areas — outright speed, good fuel economy for its big V-8, easy-on-the-eyes inside and out, nice cabin materials and comfort, and that huge back seat. Factor in price and it is, essentially, in a class by itself. Nice.” Couldn’t have said it better myself.