A Chevrolet Camaro might seem like a less sensible choice than the Bowtie-brand Malibu sedan, but according to CarsDirect it’s actually cheaper to lease a Camaro than a Malibu now, despite a huge difference in starting prices.
As detailed in Chevy’s latest dealer lease bulletin, leases for a 2023 Malibu LT (one notch below the top 2LT trim level) start at $289 per month for 24 months, with $3,629 due at signing. This rate is available through January 31 and assumes 10,000 miles per year. The 2023 Malibu has a base price of $29,195 with destination, and that lease results in an effective cost of $440 per month, according to CarsDirect.
2023 Chevy Malibu
Chevy is now offering a better rental deal for the Camaro. Customers can lease a Camaro LT1 coupe — with a 455-horsepower, 6.2-liter V8 and six-speed manual transmission — for $279 per month for 39 months, with $5,259 due at signing. At an effective cost of $414 per month, the V-8 muscle car is cheaper to lease than the sensible sedan, despite an MSRP that’s $8,600 higher.
Alternatively, a 2023 Camaro 1LT coupe (a step up from the base 1LS trim level) with the 2.0-liter Turbocharged 4 engine can be leased for 39 months for $319 per month, with $4,489 due at signing will. That’s $434 per month, which is $6 less than the Malibu. However, the Camaro 1LT coupe also has a lower MSRP, starting at $28,295 with Target.
2023 Chevy Camaro
It’s worth noting that Chevy’s current Malibu lease offering is pretty weak. Even factoring in a $2,000 incentive for non-General Motors buyers, 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 leasing offers could help shore up Camaro sales, despite a lack of major updates in recent years. Revenue rose 12.6% year over year in 2022, temporarily ending a years-long downtrend. Rumor has it that 2024 will be the last year of the Camaro in its current form, though the nameplate may be recycled for a high-performance electric sedan. Because its end may be near, good lease payments may not be the only reason to own a Camaro.