I am interested in leasing a 2023 Kia Sportage Hybrid (SX Prestige Trim) and have been doing a lot of research to try and get the best available deal. I currently have a 2019 Kia Sorento EX V6 lease that is going back in September and I think I have a couple thousand dollars worth of equity that I can apply to my new lease. The best deal I have found so far is below. Please let me know what you all think and any recommendations would be GREATLY appreciated.
Lease Payment: $536/mo
Total Due at Signing: $3,536
Purchase Price: $40,023
Term: 48 months
Annual Mileage: 12000
Down Payment: $3,000
Base Payment: $451/mo
APR: 4.6% for 48 mo
Residual Value: $20,658
Est. Amount Financed: $38,624
How much does it cost to finance it?
Do you really want to pay 30K to rent a 38K Kia for 4 years?
The equity on your prior lease has no place in your consideration of a new deal.
Any recommendations on a broker who could help me get the best possible lease deal on a 2023 Kia Sportage SX Prestige AWD Hybrid? Located in NYC metro area.
I’d love to be proven wrong but I don’t think it’ll ever make financial sense to lease this right now.
It’s a brand new model (which looks absolutely fantastic imo!) which is also an in-demand hybrid, with decent reviews, limited inventory and sold by Kia dealers who are notoriously terrible to work with. It has a lot going against a lease - If you’ve decided on this vehicle, I’d use the cash from the equity in your current lease for the downpayment and find the best possible terms to finance it.
this. I can count on one hand the number of vehicles worth leasing rather than purchasing today. And this definitely ain’t one of 'em.
Hey guys, you did give me some really really good advice, but I am still set on leasing. I know it’s not a great market AT ALL, but I am ok with that. Anyways I have a few quick questions for all of you. I just received the following offer from a dealership on a car and wanted to get your thoughts…all they sent me was this deal sheet and they are telling me they can’t send me further details until I come in to the dealership to meet with finance and finalize the deal. The dealer told me that this includes everything (all taxes and fees) and there will be NO surprises. I just find it strange he can’t send me a further breakdown of everything? Is this legit? The dealer is also 45 minutes away from me so I do not want to travel just to be disappointed. I also have a 2019 Kia Sorento EX V6 AWD lease that I am trading in. They are valuing the car at $27,000 and the payoff is $21,206 so all of that equity is being included in the deal. Any advice on whether this is legit and is the dealer being honest? I mean it is signed by the manager! The MSRP on the car is just over $38,500. I think there is a markup as well.
They’re asking you to pay $30,000 to lease a $38k vehicle for 4 years.
You would be insane to consider such a ridiculous notion.
The fact that they won’t give you the details means they’re hiding all the mark ups. The only takeaway you should have from this was that they were kind enough to tell you indirectly to take your business elsewhere.
It can’t be that insane, after all the manager signed it!
I understand. So they don’t want to do business with me? LOL! I mean all that equity I have in the lease wouldn’t be there if this market didn’t going to S***!
No, you don’t want to do business with them.
So if we ignore the $5,800 in equity that you might not have in normal times, you’d be willing to pay $23,300 to lease a $38k SUV for 4-years?
If you want to do the deal regardless if it makes sense or not, then go right ahead.
You’re totally missing the point.
If you want the sportage, find a dealer that’ll order you one at msrp and purchase it. You can still leverage your equity to do so.
Don’t light money on fire leasing one.
Everything about this offer is insanity. Run, run, run away.
Guys this is the situation I am in:
- I do NOT want to buy my current car and have already extended the lease 6 months
- I want a new car and need to be with a car (to get to work, etc…)
- I do not want to own ANY car (technological changes in cars, etc…)
So given these parameters…what would you do? Like should I wait a few months or a year? Are the lease numbers going to get better with time?
Everyone is telling you to ditch the lease and finance, because you’re literally throwing money away. No one here is going to justify leasing this car in this market. You’re asking people who specialize in leases and everyone is telling you to run, that should be a huge red flag.
Everyone has already said that your self-imposed parameters will simply result in you wasting money unnecessarily.
If you are dead set on leasing, look at the forums to try to find another car that isn’t leasing absolutely horribly. But you will not find a good lease deal on a Sportage right now period.
Nobody would’ve predicted 3 yrs ago that the market would look like this right now. No one can predict what the market will look like in the future.
Get over it and purchase instead of lease if you want this vehicle. Purchasing it doesn’t mean you’re stuck with it. It’s just a different application of your money.