Hi, I got a couple of quotes on the 2021 Kia Sorento S FWD. The MSRP is $33,620. This is for a 36 month, 15k miles per year lease.
These are the numbers from the dealership:
Dealership Price: $33,620
Rebate: $800
Selling Price: $32,820
Downpayment: $1000
Taxes and Fees: $2747, includes first months payment
Residual: $20,172
Monthly Payment: $375
I’m calculating the total cost of the term to be $16,872.
Is this a good deal for this vehicle?
Effective $469/month - not good. They’re not discounting the vehicle a penny. The ‘21 Sorento is brand new, but Telluride it is not.
Thanks for the reply. What would you suggest is a good deal on this vehicle? He also threw in the maintenance package for the 36 months.
Tough to say - I’d shoot for 10% off MSRP prior to rebate? Did you visit some sorento forums to see what others are paying?
I just read a few forums after you suggested it. A lot of people are paying full MSRP for their Sorentos… Some were saying that the dealers are hoping the Sorento will sell as good as the Telluride, and therefore are not budging on the prices. I might wait a month or so to see how the prices develop.
If you have Costco, see what kind of a deal you are offered through their Auto buying program. Or use disposable email/google voice # and try Truecar. That should give you an idea of where the pricing is.
Another thing I am a little confused/vary about is this:
Originally, the dealer gave me a quote at $397 per month for my lease payment. But then when I tried to negotiate with him, he said he could do $375. The weird part is that no other numbers changed. The MSRP, the purchase price, discounts, all stayed the same. He said he gave me a “sales tax credit” in order for my payment to go down, and he threw in the maintenance package for free. So on the quote, the sales tax is less than $500. Have you come across that before?
Have you confirmed the MF/RV with Edmunds ? That would be the first step. If the MF is high and they’re not giving you anything off MSRP, it’s a recipe for a bad deal (even though the residual value looks to be pretty good).
Texas sales tax credits are definitely a thing, and something to look for when shopping in texas. I wouldn’t lease without one.
Right now, they’re offering this to you at full sticker price. I wouldn’t expect 10% pre-incentive right now, but i definitely would go for more.
Thank you for clarifying that @mllcb42! Come to think of it, if they give me a sales tax credit, then I should pay less than $2747, because I’m not paying the full taxes on the car. Right? Because as of now, they said I have to pay $3747 as my first time payment, that included Down Payment of $1000, and $2747 in Taxes, Fees and First Monthly Payment.
Yes, I checked with Edmunds in December, it was 0.00113 and 63%. But the dealership used 60% in the quote. I’ll ask Edmunds to give me updated numbers for January.
If they lowered the monthly instead, they just had some of your upfront money acting as a cap cost reduction instead of going towards taxes.
Aaahh, that makes sense. Well, that doesn’t sit well with me, I will ask for more discount on the actual price. If they can’t lower it, then I will simply wait a little longer before buying.
This is why it’s important to do one’s research across LH, Edmunds forums and brand-specific forums instead of giving random people an opportunity to pull it out of their you-know-what’s
And this is why I mentioned to go to specific Sorento forums to see what people are paying 
.
The model specific forums can be hit or miss on pricing. You definitely need to throw the average amount paid out the window on the forums and try to focus on the really good deals to get a pulse on what is possible. Most people on the general forums aren’t particularly savvy when it comes to flushing out a good deal.
I’m not too savvy either. But I’m learning from y’all.
Did you end up buying? If yes share details and DM dealer
I have not bought anything yet. Decided to hold off for a month. We actually got curious about the Mazda CX-9 as well, I’m reading that it’s easier to lease it than the new Sorento.
