Even though the Pontiac G8 models are relatively inexpensive when compared to the prices of other cars with similar features and power, they're still beyond the means of most people. Few can pay cash upfront for a brand new G8. Chances are, you'll need to finance or lease the car. Most car manufacturers offer generous financing and leasing terms to help them move the inventory. So, there are plenty of opportunities to purchase a G8 without breaking the bank. Let's take a quick look at some of your options.
How Much Does A G8 Cost?
For a base model G8 with a V6 engine, you can expect to pay $27,000. Remember, that's the sticker price of a base model, so you'll likely end up spending a bit more. If you choose to buy a fully-loaded G8 GT with a V8 engine, you'll probably spend closer to $33,000 (for a 4-door sedan). The MSRPs for both models are $26,910 for the bottom of the line sedan and $29,310 for the GT model.
Financing Options
Your options are going to be limited based upon the area in which you live, the financing terms offered by the manufacturer and dealers and your credit history. Let's assume your credit is pristine. Currently, the APR for a Pontiac G8 is running at 5.9% for a 3-year loan and 6.9% for a 4-year loan. You may be able to get a better deal directly through your bank or credit union. But, frankly, those APRs are competitive. Unless you have a long relationship with your bank, there's little chance you'll be able to beat those deals. Also, keep in mind that when the 2009 models come out, prices and terms for the 2008 G8's may become even more attractive.
Is Leasing A G8 The Best Option?
If you can't afford to buy a G8 (even with generous financing terms from the dealer), you can lease one. Dealers often add incentives to sweeten the pot for potential lease customers. Currently, 2-year, 3-year and 4-year leases all carry a 5.0% APR. Initially, it seems more attractive than actually purchasing the G8. But, remember, leasing doesn't buy you ownership. At the end of your contract, you don't own your G8. Plus, lease terms can vary wildly. As I'm writing this, we've heard reports from folks paying between $500 and $650 a month to lease a G8. In our opinion, that's a ridiculous price to pay to drive a car that you won't own. That said, you can often find G8 lease rates plummeting during soft markets.
Available Rebates
If you keep your eyes open, you'll eventually stumble upon rebates offered by Pontiac on their G8. We assume this will increase for the 2008 models once the 2009 G8's hit the showroom floors. With a bit of good timing, you may find a generous rebate and be able to combine it with an attractive APR to help finance your G8.
Dealing With Dealers
The APRs and rebates offered by Pontiac are practically set in stone. That is, dealers don't have much room to maneuver. They still have a price over which they need to sell the G8's to make a profit. Remember, buying a G8 is like buying any other car. You have to haggle. The dealer will probably try to squeeze as much profit out of you as possible. So, keep your eyes open for rebates and favorable APRs from Pontiac and know your price ceiling. Later this year, you'll probably see some fantastic deals on the 2008 G8's.
