Chevy Camaro has lower lease rates than Malibu.

While the Chevrolet Camaro may seem like an unwise choice over the bowtie-branded Malibu sedan, it is actually cheaper to lease a Camaro than a Malibu right now, despite the big difference in starting prices, according to CarsDirect.

As outlined in Chevrolet's latest dealer leasing bulletin, leasing a 2023 Malibu LT (one rank below the top two LT trim levels) starts at $289 per month for 24 months with $3,629 payable at signing. This rate is available through January 31 and assumes 10,000 miles per year; according to CarsDirect, the base price of the 2023 Malibu is $29,195 including destination, making the effective cost of this lease $440 per month.

Chevrolet is currently offering a better lease deal on the Camaro: a Camaro LT1 coupe with a 455-horsepower 6.2-liter V-8 and six-speed manual transmission can be leased for $279 per month for 39 months. At a real cost of $414 per month, the V-8 muscle car is cheaper to lease than a sensible sedan, despite its $8,600 higher MSRP.

Alternatively, a 2023 Camaro 1LT coupe with a 2.0-liter turbo four engine (one level up from the base 1LS trim level) can be leased for 39 months for $319 per month, for a contractual payment of $4,489. At $434 per month, it is $6 less than the Malibu. However, the Camaro 1LT Coupe's MSRP is also lower, starting at $28,295 including destination.

It is worth noting that Chevrolet's current Malibu lease offer is fairly weak; according to CarsDirect, the Malibu LT has an effective cost of $399 per month, even after factoring in a $2,000 incentive for shoppers coming from a non-General Motors lease still more expensive to lease than the 2022 Honda Accord LX.

A more aggressive leasing campaign could help support Camaro sales despite the lack of major updates in recent years, with 2022 sales up 12.6% year-over-year, temporarily halting a multi-year downward trend. Rumor has it that 2024 will be the Camaro's final year with the current model, but the nameplate may be repurposed for an electric performance sedan. The end of the Camaro may be near, but good lease rates may not be the only reason to consider buying a Camaro.