If you’ve been following my travails on a new car, you already know that GM won’t extend my lease or sell me my Saab anywhere near a realistic market price. That ticked me off. So I was forced to seek out a new car. Looked at the BMW 328i Coupe and the Infiniti G37. Neither car was making my day. There are very few Bimmers with manuals (unless I wanted a stripped black sedan—price leaders for the dealers) and the Infiniti simply lacks soul.
Just for kicks, I test drove the Pontiac G8 GT. Wow . . . much better car than I expected in terms of driving dynamics. Not only is it powerful with its pushrod V8, but it has excellent road manners. It really does drive as well as a Bimmer 550i, but the interior is more on par with what we’ve come to expect from GM with chintzy plastics and less-than-quality switch gear. And it’s kind of “Guido” looking with the fake hood scoops. But for the money, well, screw it, I want one!
So should I buy a new Pontiac G8 GT now or wait until after the GM bankruptcy in two weeks? There are two major issues involved: 1) there’s only one G8 GT in the color and options I want in the entire region; and 2) there’s a great incentive of 0% financing for 60 months available (or a big rebate of $3K) now. If I wait two weeks . . . the car could be gone. On the other hand, it’s likely that the incentives will get even better as GM seeks to blow out cars from closed dealers and dead brands (like Pontiac, Hummer, and Saab).
Would you wait for a new round of GM incentives to purchase BUT face the risk that there’s only one color/option car on the ground today you want could be gone? Or take the car today with excellent financing (or big cash rebate) available now and not worry about leaving money on the table in a few weeks?
69 Comments on “Ask the Best and Brightest: Pontiac G8 GT Now or Later?...”
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Buy it and enjoy!
Don’t do it. Go buy a preowned 550i. That GM plastic will not be your friend before the 60 months is up
If it’s the car you really want and the price is good, why wait?
You might get a better deal, but you might be left with nothing.
And it isn’t like they’re making Pontiacs anymore. :)
Patience CAN be a virtue, but it isn’t always so.
Yes.
Im guessing you are already aware or dont care about the depreciation hit that is coming very quickly. As long as you dont think you will want/need to sell this car within 5-7 yrs its probably worth it to take the plunge if you can get a price you are comfortable with and dont mind driving a dead brand.
Here’s the question you should ask: How many G8s remain in dealer inventory in your area and how many have manuals? I’m under the impression that GMs not really importing anymore of them because of slow sales and killing Pontiac but maybe that’s another of those unfounded rumors. You need to decide what the chance is of you actually getting what you want as the weeks slip by. I have a feeling that the manual transmission is more important to you than the color combo.
Buy it? Never.
Lease it? Maybe.
Take note of the fact that Chrysler vehicles have experienced an additional 10% depreciation since the company’s filing. Overnight.
Also heed the warnings of those of us who are current owners of other orphan GM vehicles (go ahead, try n’ trade it, and behold the rough wholesale offers dealers give you, regardless of your car’s condition).
If you keep this car a really, really, really long time, well, okay. Buy it.
Or if you can wait six months, and can scarf a low miler up for less than half price, buy it.
Otherwise, no way.
Do understand that this car will depreciate badly. If you want out of it in a few years, you will be taking a bath. Look at this one as a wedding, not as a date.
It’s hard to say what will happen with incentives. My suspicion is that slapping unique incentives on the hood of this one will not be a high priority, because they are a low volume car attached to a dying brand, and the company has much bigger fish to fry.
As a retail buyer, you may actually find them hard to get, not because they’re in high demand but because they may end up being allocated unevenly through the system, or a fleet buyer might just take delivery of a huge quantity of them in a one-off deal, making them scarce at the retail level. I’d hesitate to get one, but if you can haggle well now and you insist on having one, I might not wait.
Find one of those GM dealerships that’s closing and give it a shot there…I’ve driven by pontiac dealerships that have nothing but G8s parked out front.
dswilly :
May 15th, 2009 at 11:42 am
Don’t do it. Go buy a preowned 550i. That GM plastic will not be your friend before the 60 months is up
I saw a 6MT 550i listed on Craigslist recently…for around what the MSRP of a new G8 would be. Might not be such a bad idea.
Is it possible that in 15 to 20 years these cars could be collectibles? There is no more Pontiac after next year, but there is still a lot of heritage in the brand. There really have not been many sold, and considering what use most will see how many well cared for examples will survive hard usage and GM penny pinching without being cast off to the scrap heap? The depreciation will kill you if you plan on selling it in a few years, but long term you may have quite a gem on your hands. A car most people don’t recognize or can’t name from a manufacturer that no longer exists but that can perform on par with some of the best in the world (just don’t look inside!). It would at least make an interesting conversation piece.
Put me down for waiting a few months.
What we are seeing today (this month actually) is just phase one of GM’s “Carmagedon!”
Next will be when the Zombie Dealers start to eat into the living ones. Then it’s time to buy…
I’d wait:
You may have to have the car you want trucked to you, but dealers WILL ship cars around if you are fussy on specs (eg, my Mazda6 was “Blue hatch, tan leather interion, manual, loaded”. There was one in CA. Down in Long Beach. The dealer had it hauled it up to the Bay Area), OR you could just go on a long trip to get the car in question out of the area.
Chapter 11 will not change the finance incentives, but will drop the price by a few grand right off the bat.
he drives a Saab, he is already used to the GM plastics, no big deal. I’d take GM plastics over BMW repair bills, any day of the week.
if the color is really important to you, buy it now. Otherwise, I’d wait another few weeks. Chances are good you will see another few grand knocked off the sticker
I’m on the fence here. If the issue is now or later, may as well do now, because selection will only get worse over time.
My concern is that these don’t share nearly the level of parts from the GM bin as with all the other Pontiacs. This will be a very unique car, very low production and therefore more of a parts problem as they get older than other GM or Chrysler orphan cars. Getting parts will not be impossible, it will just become your hobby after awyile. With the depreciation hit you will take, it will be your hobby for a LONG while. I hope you really like this car. If you do, then go for it. Maybe this is the modern equivilent of the Studebaker Avanti.
Why are so many talking about depreciation?
I think that this car will be very limited, making itsort of a classic.
I still am just worried about the warrntee.
It’s ultimately your choice. It comes down to how much you want it and I do understand the risk of buying the exact model you want now vs. taking your chances later. It would also depend on how long you really intend to keep the car. Personally, I would be hesitant just due to the state of GM. Depreciation…she’s a comin.
About the BMW 550 idea, I like it. Don’t let the repair bill thing scare you. My BMW’s have been rock solid and very reliable. I would however be very scared about repairs on a product line that is being scrapped by a car company on the verge of bankruptcy. If you can still find a dealer after the closures.
I thought the GT version was automatic only. I found out (the hard way) that an increase in power doesn’t compensate for the transmission downgrade when it comes to driving enjoyment.
imagine a long road trip and it goes on the fritz in bfe. parts and service, dealer (local or otherwise) interest in helping you out to get you home? Ouch.
I passed on a turbo x (my dreams of an all wheel saab allowing me to return to the brand after audis/bmws!) which was great to drive for the simple reason of in the NW they are down to one dealer per state- Portland and Fife (south seattle)! That was 6 months ago, can’t imagine its going to get better. Got a Subaru w/ 6 spd and AWD. Add some sway bars and an accessport, and you have one screaming machine that flies below radar and has affordable parts and a brand that is on the upswing.
Are there any used G8 manuals out there to buy?
The price would be interesting.
Dan
I wouldn’t buy it before the bankruptcy. As we’ve seen from Chrysler, if you have any issue requiring funding from GM, you will be an unsecured creditor at the way back of the line.
I never understood why people like to ask others for car purchase advice when they’ve found a car they like.
I can understand if someone were going into a car purchase and wanted advice about what types of cars were available. Obviously this doesn’t represent you since you know what cars are out there (both new and used).
I could understand if someone were asking for information regarding dealer financing / leasing / bank financing / whatever. But it sounds like you understand that side of the car-biz as well. Regarding depreciation, most people who don’t report a full income statement and balance sheet every year, depreciation is only realized when you actually sell your car, and I would believe you are the best one to predict when you plan on selling your car. If you’re planning on using the G8 as a “business” car then by all means start recording that depreciation up front so you can reduce your taxes. But I believe you’re smart enough to understand how the car stuff works to already have considered depreciation.
But if you’ve already found a car that you value at the dollar amount you like, then asking for advice only serves 2 reasons. One is to talk yourself out of it (which is 99% likely since TTAC’s audience does not represent a cluster of GM fanatics like other places). Or, you want someone to reaffirm your decision so you feel better about it (very unlikely here on TTAC).
If you like a car, buy the damn thing. You’ll always have critics telling you that “you could buy xyz car – your car purchase is not an intelligent decision.” The only person who can tell you that the G8 is the right car for you is simply yourself. Once you’ve tested the Camaro, Genesis, and whatever else might interest you – decide for yourself.
guyincognito makes a great point.
If it’s a lemon, you’re SOL (at least until Obama makes good on his promise to honor warranties).
If it is the car you really want, and you don’t mind throwing a little money down the drain, then I say go for it.
But if you want to save a few grand I say wait a little longer.
I know how hard it is to put off buying a car once your “I WANT IT” gland is in full operation – I’m there right now. But there are just a TON of unknowns regarding the Pontiac brand specifically and GM in general. I bet that if you wait 3 months you’ll be able to knock another 10% or more off the G8 of your choice.
I hear you about this being the only one in your area, but a one-way plane ticket to another area is cheap, and spending part of your weekend driving home a car you got a great deal on can be a delicious pleasure.
First I would find out if the dealer that has the G8 you like is in GM’s “death list”…
I would wait. You should be able to find a G8 manual at some dealer in the future, with a reasonable colour, and I can hardly believe that GM will quit its addiction to incentives in the near future, even in dying brands. But as Pch101 said, this is a wedding, not a date.
Another vote for the lease…. you can always buy it from GM’s successors at the end of the lease.
Either it will have begun to show signs of becoming a collector’s item (which I doubt)in which case you’ll be able to buy it cheap, or it won’t, in which case you’ll be able to say goodbye without taking the depreciation mentioned above.
I (old labor negotiator that I am) would start the flirting early next week and maybe even put down a $100 or so deposit “while you work through the financing”. That way negotiations will be underway but not finalized when the other shoe drops. If someone comes by in the interim, and is willing to pay more than you it’s possible you might lose, but not likely. Still the dealership won’t trade it off to another dealer or send it back with a ‘live one on the line’.
As for if you should buy a G8 or not – you’ll regret it all your life if you don’t. This car, the Camaro, and the CTS-V are the high water marks of the old GM that is about to die. The lights are going out all over Detroit, and you likely won’t have another chance to own an American car like this again in your life time. BMW will be around for next time. A real, V8 tire-smoking GTO won’t.
Do it.
depreciation is only realized when you actually sell your car
It is realized if you wreck your car.
Put it this way — if you get into a major accident in this car within the next few years, you aren’t going to squat for it, because the retail book on it will be low. Likewise, if you decide that you want or need something else, you will take a maximum hit trying to sell it.
The issue of the bankruptcy is also relevant. It’s a fair guess that the new GM will ultimately take care of whatever problems may arise, but you can’t know for sure, and it might be rough going if things go wrong before the dust has settled on the reorganization. You have to expect an interim period when dealing with anything related to the company will be a PITA, and severe situations such as lemon law issues may not work out well at all.
Collector value is highly unlikely, so that isn’t a reason to buy it, either.
Still, if you want it with specific options, features, colors, etc., finding those in the right combination could be hit or miss. If you are more open, I’d be in less of a hurry.
Parts for a G8 won’t be a huge issue, but you will be dialing +61 a lot.
In Canada, it is next to impossible to find a new G8 GT so some Canadians are pillaging U.S. inventories for their finds…
So, if you can ifnd what you’re looking for , then buy it!!!
Let me get this straight: You want to buy a car with fake scoops on the hood that:
1. Was built in Australia by a subsidiary of a company that is about to go bankrupt and
2 Was Re-badged to a brand that no longer exists.
Great idea!
kericf :
May 15th, 2009 at 11:55 am
Is it possible that in 15 to 20 years these cars could be collectibles?
It’ll probably be the same kind of collectible a Corvair or a suicide-door Lincoln Continental is. It’ll have its enthusiasts, the general population won’t care.
Ask yourself how much you are willing to pay for the color and options you want. Estimate what the savings is likely to be if you wait post-bankruptcy. then do the numbers.
That G8 Summit is actually not a bad looking drive. Fairly clean for a contemporary Pontiac.
There are very few Bimmers with manuals (unless I wanted a stripped black sedan—price leaders for the dealers)
Can somebody say: “poseurs” to all those auto-trannies on “ultimate driving machines”?
Hmmm…. since I’m no GM fan my only advice would be to wait and see what come post C11. If you are still in “love” you might be able to get a better deal, in my mind it would have to be a he%% of a lot better, but that’s just me.
A buddy of mine is in similar situation, has a Pilot coming up on the end of the lease but the buy out price is way over market and they won’t budge on it. I don’t think his credit is sterling and he doesn’t have any down payment, so he’s having some issues getting financed for something else from the sons of Nippon, not to mention what he’s looked at is over priced by about $1,500 to $2,000. He’s resigned to sitting back and waiting for the right deal. Sounds like the smart move right now.
I’m going through a similar thought process about a Saturn Astra. With all the discounts available to me, I can get one now at half price. However, I don’t really need a new car, and it seems like there will be a lot of good small cars coming on the market in the next year or two.
Buy a used one on eBay and save $10,000.
I’m sure you can find the color combo you want. Just fly out to wherever its at and pick it up. You still saved $9,500.
Use the money you save on a hookers and blow party.
Buy a used car or watch eBay for blow-out deals on G8s.
I see some dealers in TX on eBay offering them for $5k off of MSRP (including the $3k rebate) putting a V8-powered G8 GT at about $25,700 before TT&L.
So one can get a loaded v8 powered mid size hotrod for the price of a VW GTI… definitely a lot of car for the money.
Still, the warnings others have given are spot on. Even with “guarantees” from the government getting warranty work done on one of these may be very difficult. Remember, today, one can’t even get warranty work on a GMC truck done at a Chevrolet dealer even though the vehicles are exactly the same. There is a lot of accounting and back-end work GM will need to do to permit cross-franchise warranty reimbursement and I imagine that this will be far down on the priority list post Chapter 11. This doesn’t even take parts availability into account.
Depreciation will certainly be horrendous, but then again, the first couple of years of depreciation on a new BMW 5-series will still be more in dollars than the entire purchase price of a new G8. A few years ago I bought a used 525iT (2-years old with 24k miles) for $26k, exactly half the original purchase price of $52k. Great deal for me but the first owner could have owned a new G8 outright for what he lost in depreciation alone on that BMW in 2 years. Just putting the depreciation into perspective.
Just buy it.
Go for it. The depreciation will not be worse than any other car in this price bracket but a V8 RWD sedan will always be good fun. If you wait too long you may not end up with the color or options that you want.
Ken what exact options is it that you are so set on having, their aren’t that many options you can get on the G8 GT from the factory. Maybe some of them are dealer installed that you could just get put on one you buy at a later date.
You really should wait, it doesn’t make it a whole lot of sense to buy it now, no one is really buying so chances are it will be there later and having been at the dealer even longer they will be even more willing to deal ontop of the bankruptcy deals that will be out then. I bet if you wait until mid June early July you will be able to get a GXP for the what you are now willing to pay for a GT.
Prices are dropping fast on those G8’s you eally should think about getting a used one, but still wait a month or 2 and let the other person/dealer take the big financial hit thats coming after they file.
I would not be worried about a dwindling supply, I think everyone is wrong on that front. GM is still making G6 right now, aren’t they. And if they stop making G8’s down under Holden has production number problems. I would bet anything the GM has 6 months of supply still in the pipeline coming even if they stopped production yesterday, which I know they haven’t, HELLO GXP! Don’t forget it takes a while for the ship to get here from Australia.
Our dealer has 3 on their website right now, 2 GXP’s and one GT. NEW G8’s
And 2 used G8 GT’s.
I bet if you used us on TTAC you could find exactly what you are looking new or used in several areas.
The residuals are horrible on Pontiacs, down 10-12 points in just that last 6 months according to ALG.
So unless you really love that car and gotta have it, I’m not sure why you would want to own a car that has a 36% residual after 3 years. And leasing would be horrible, too, since you are essentially paying for the anticipated depreciation.
They are $9000 off right now in Canada if that helps in any way.
On one of the Chrysler C11 posts I remember reading that the PTFOA was recommending that Chrysler cut the amount of cash on the hood as part of the bankruptcy…How would that work? Seems counterintuitive.
I think no matter what happens in the short term you will be able to pick up a lightly used G8 for a lot less in a year or two.
So, the dealer gave you the old “sorry sir, their is only one car in America like the one you want, routine”.
I figure in six months the dealer will be coming to your house.
Ken,
Please wait. While you may be able to get a good deal, I’m assuming you got a good deal on your Saab being a smart car guy and all. That said, if you lease new, you’re going to be in the SAME exact situation once the period ends. You’re going to have a good car, but it’ll depreciate way too much by then. If you care to own it, that’s fine, but you’re not going to get a good buy offer from the dealer, AND they’ll be a ton of money left on the lease if you decide to re-finance or buy it after the lease.
Wait and buy used, or go with the Bimmer.
Buy it now.
Call me in three years and I’ll give you $12k (maybe) for it.
I’d take a used BMW 3 or 5 series over any new American car.
Twotone
What an absolute, categorical “NO!”
How much were you going to pay for it? 30K?
Tell you what, give me $30K, I’ll give you a G8 GT plus $5,000 in a few weeks… and I’ll keep another $8,000 for my troubles.
If it’s what you want, buy it now.
You’ll kick yourself if you wait for a couple of weeks and it’s gone, which it probably will be.
My instict is to wait at least a couple weeks to see what happens with the GM bankruptcy.
cRacK hEaD aLLeY :
May 15th, 2009 at 1:15 pm
Let me get this straight: You want to buy a car with fake scoops on the hood that:
1. Was built in Australia by a subsidiary of a company that is about to go bankrupt and
2 Was Re-badged to a brand that no longer exists.
Considering the low volume and Australian origin, parts may not even be available from junkyards. How many parts does a Pontiac G8 have in common with the new Chevrolet Camaro?
Aftermarket Nissan Z parts may also work on the Infiniti G37. Didn’t see “soul” listed for sale, but Nissan tuners may have suggestions on how to wake up the G37.
@ George B :
True, a Stillen intake and exhaust will add 20 – 30 HP and give it instant soul. I’ve driven one, they sound awesome and haul ass.
I have struggling with the same dilemna myself. It seems that there were better deals on new G8’s in March so I’m reluctant to buy new right now. At least for the moment, I’ve decided to wait a month or 2 and see what happens to the price of slightly used G8 GT’s. I’m more than happy to let someone else take the orphan-brand depreciation.