Hello,
I’m new to leasing and I was wondering if anyone could please help me evaluate an offer.
I want to trade in a 2020 Kia Soul S that I am currently leasing for a 2024 Kia Soul S in the same color. My credit score is > 800.
My current car:
- Model: 2020 Kia Soul S (red)
- Mileage: 12,800
- Buyout Quote: $11,887.97
- Residual Value: $11,569.22
The new car (numbers from the dealer):
- Model: 2024 Kia Soul S (red)
- MSRP/Retail: $24,305.00
- Rebate: $500.00
- Dealer Price: $23,805.00
- Residual Value: $15,312.15
- Trade Allowance: $14,500.00
- Acq. Fee: $650.00
- Registration and Title Fee: $135.00
- Proc/Doc Fee: $475.00
- Monthly payment: $291.82
- Paid by Customer (Down / Total Drive-Away Cost): $1,250.00
- Selling Price: $23,805.00
- Taxes included.
- Gross Capitalized Cost: $24,415.01
- Adjusted Capitalized Cost: $21,793.66
- Money Factor: .00255
- End-of-Lease Fees, Disposition fee: $400
I plugged the numbers into the leasehackr calculator, but I suspect that I may have made some errors. This is because the numbers provided by the dealer, e.g., Gross Capitalized Cost and Adjusted Capitalized Cost don’t quite match up with my own calculations.
I would appreciate it if someone could help me evaluate the offer and possibly double-check the dealer’s numbers.
Thank you for your help in advance!