2020 Kia Nero EV EX - NY State

Ask the Hackrs
1

It has been 10+ years since I last leased a car, been trying to do my research. Looking to do a 24 month / 12k/year lease on a 2020 Kia Nero EV EX. Payments came out to $101/month before taxes and fees:

MSRP 40,345.00
discount -5,123.00
Bonus Cash -11,600.00
Adjusted Price $23,622.00

Taxes +fees:
doc fee 75
Tax 1,333.38
Non Tax Fees 1,192.50 (650 acquisition fee + 542 dealer fees)
1st month 101.00
Down Payment $1,000.00 (may do 0 down)
Net out packet $3,701.88
Money Factor 0.00087
Residual Value 21,786.30

I ran the numbers through the lease hacker calculator, has a score 18.6 years - feels like they are going to try and pull something (i have a signed buyer sheet).

Any thoughts on this would be appreciated.

2

The MF is nice, did you reach out to any brokers in the East Such as @aronchi

3

No, any brokers you recommend for Kia? @aronchi does not appear to deal with them.

4

You haven’t used the calculator correctly. You need to put the incentives into the the taxed inventive block.

5

Thanks but when I do that, the score goes negative? Am i doing this wrong? When I leave out the incentives, it lands exactly on $101/month

6

You need to separate out the incentives from the selling price. Your selling price here isn’t $23622, it’s $35222 with $11600 in taxable incentives. The monthly doesn’t change, but the DAS does because of the extra upfront tax.

7

Got it! Thank you!! Score is now 15.5 years - still seems like an ok deal?

8

Score doesn’t matter. You’ll want to try to find some shared deals or marketplace listing listing compare pre-incentive discount to.

9

Please

Please adjust Your tax . For NYC is 8.875%
:slight_smile:

10

Is this NY dealer?
If You work with NY dealer there is $2k NY clean rebate

12

Yes, it is a NY dealer but the $2k rebate only applies for lease terms of 36 months or more.

Consumer FAQ - NYSERDA

13

OK. Why You do not want to go with 36 months? IMO payment should be lower while incentives are higher too

14

Thanks for the feedback, not comfortable with a 36 month lease - agree i should qualify for the NYS rebate but is Kia under any obligation to pass that to me?

15

The manufacturer has nothing to do with the state rebates generally, only the federal one

16

You’re not comfortable taking $2,000 free money?

17

Did you end up getting this? Was wondering if you could confirm the 5k discount off msrp.

18

Yes, I ended up signing and taking delivery. I ended up rolling the tax the into the payments, bumping the monthly payment to $160.

Total out of pocket was $2,368.50 - includes first month.

24 month lease / 12k miles/year.

No other kia dealership was able to come close to those numbers…I was very dubious but when I arrived at the dealership, the contract was already prepared and no mention of addons or anything was offered.