A Chevrolet Camaro may seem like a less sensible choice than the bowtie brand’s Malibu sedan, but it’s actually cheaper to lease a Camaro than a Malibu right now despite a big difference in starting prices, according to CarsDirect.
As outlined in Chevy’s latest dealer leasing bulletin, leases for a 2023 Malibu LT (one rung below the top 2LT trim level) start at $289 a month for 24 months with $3,629 due at signing. That rate is available through Jan. 31 and assumes 10,000 miles of driving per year. The 2023 Malibu has a base price of $29,195 with destination, and this lease works out to an effective cost of $440 per month, according to CarsDirect.
Chevy is offering a better lease deal on the Camaro now. Customers can lease a Camaro LT1 coupe—with a 455-hp 6.2-liter V-8 and a 6-speed manual transmission—for $279 a month for 39 months with $5,259 due at signing. At an effective cost of $414 per month, the V-8 muscle car is less expensive to lease than the sensible sedan despite an MSRP that’s $8,600 higher.
Alternatively, a 2023 Camaro 1LT coupe (one step up from the base 1LS trim level) with the 2.0-liter turbo-4 engine can be leased for $319 a month for 39 months, with $4,489 due at signing. That works out to $434 per month, which is $6 less than the Malibu. The Camaro 1LT coupe also has a lower MSRP, however, starting at $28,295 with destination.
It’s worth noting that Chevy’s current Malibu lease offer is fairly weak. Even factoring in a $2,000 incentive for shoppers coming from non-General Motors leases, the Malibu LT is still more expensive to lease than a 2022 Honda Accord LX, which has an effective cost of $399 per month, according to CarsDirect.
More aggressive lease offers could help prop up Camaro sales despite a lack of major updates in recent years. Sales increased 12.6% in 2022 compared to the previous year, temporarily halting a years-long downward streak. Rumor has it that 2024 will be the Camaro’s final year in its current form, although the nameplate may get recycled for an electric performance sedan. With its end possibly near, good lease rates may not be the only reason to consider getting a Camaro.