Welcome to the third article of our series in which we explore deals on automotive lame ducks—i.e., outgoing car models that will soon be replaced with all-new designs. Today, we'll shine a light on the Chevrolet Malibu Limited, which is on its way out but a perfectly usable midsize family sedan nonetheless.
Current lease program valid through January 4, 2016.
First things first: to qualify for this deal, you must be a current lessee of a non-GM vehicle. If not, then the total cost of the lease will rise by $1,500.
The car in question, the 2016 Chevrolet Malibu Limited 1LT Automatic, has an MSRP of $24,660. Aim for a selling price of $22,560, or $2,100 off MSRP, before incentives. There are a number of dealers on popular car buying sites promising that discount in Southern California.
This deal is great because you're amortizing huge discounts over a relatively short period of time—24 months. The 36-month lease, which is what most people go far, is actually much more expensive. Here are the incentives from GM:
|2016 Malibu Limited 1LT Incentives|
|GM Financial CCR||$2,750|
|Incremental Bonus Customer Cash||$575|
|Bonus Tag Bonus Cash*||$1,000|
|GM Competitive Lessee Conquest Cash||$1,500|
*Only available to specific VINs with a Bonus Tag.
After the $5,825 in incentives, plus the unavoidable $595 acquisition fee, the net capitalized cost drops from $22,560 to $17,330.
GM Financial estimates that a Malibu Limited 1LT will be worth 63% of MSRP ($15,536) after 24 months of use at 10,000 miles per year. Therefore, the total depreciation expense is $1,794, or about $75 per month.
The money factor for the Malibu is .00040 (0.96% APR), which will result in a monthly finance charge of about $13 per month. The total lease payment? $88 per month.
Here's what you should expect when all is said and done. We've added in Los Angeles County sales tax (9%), license/registration, and fees.
|First month's payment (after 9% tax)||$96|
|Dealer document fee ($80 max. in CA)||$80|
|Capitalized cost reduction||$0|
|Sales tax on incentives and capitalized cost reduction||$531|
|TOTAL DUE AT SIGNING||$955|
If you're currently a Volt lessee or owner, you can use the $2,500 Chevrolet Volt Loyalty incentive in lieu of the $1,500 Competitive Lessee Conquest Cash. This will lower the lease payment from $88/month to $46/month.
If you qualify for neither of those incentives, be on the lookout for $1,000 Private Offer certificates on the Chevrolet website. These certificates literally pop up from time to time when you browse the Chevrolet website.