Now that Kia has announced they are ceasing production of the Kia Stinger, will Stingers hold their value? It may be too soon to tell, but the data so far is not encouraging.
The following are current dealership 2018 Kia Stinger pre-owned asking prices based on data from iseecars.com website, within a 200 mile radius of Monmouth County New Jersey.
|2018 Model||Current AVG Retail Asking Price||AVG Days on Market||AVG Asking Price Reduction Per Day on the Lot||AVG Mileage|
In some cases, used Stingers are sitting on the lot and therefore part of a dealership’s “floor plan” (a revolving line of credit a dealership uses to finance vehicles before inventory is sold to consumers or liquidated at auction) three months or more.
2018 GT2 Stingers were marked down by an average of $2,500 during the ninety days on the lot. GT1 Stingers were marked down by $2,100 over an average of twenty days on the lot. GT Stingers were marked down by $1,100 over an average of twenty days on the lot. Stinger Premiums were marked down on average $2,300 over seventy days on the lot.
One can reasonably conclude that it is difficult for a dealership to flip a used Stinger quickly and apprehension over monthly reoccurring floor plan costs are beginning to motivate dealerships to shave their protentional profits and lower their asking price.
Coming out of the COVID-19 pandemic over the past twelve months used Kia Stinger retail prices nationally were higher than what is currently being seen in New Jersey:
Additionally, the data indicates some colors are bringing higher prices, specifically yellow and red. Silver Stingers are bringing the lowest prices.
Post pandemic, until the used car market and interest rates stabilize and subject to gasoline prices in the US it will be difficult to predict what will happen to Kia Stinger valuations.
The Stinger may prove to be a sounder investment for one’s driving enjoyment than one’s long-term financial portfolio.