Hello
I’m in Charlotte NC. Got this deal from one of the local Kia Dealers.
2020 Niro EX
MSRP $34695
Sale Price $33000
Rebate $6743
Residual 53%
Money Factor .0015
36/12000
$400 Due at signing
$343.32/mo
Any Good?
It is practically impossible for us to tell you what a “good” monthly payment is for your specific lease as lease programs are highly dependent on region, personal qualifications, tax rates, etc.
We always recommend the following method before you ever contact a dealership. If you do all of the work up front, you’ll have a stress free dealer experience and set yourself for success.
- Read Leasing 101 (Blog | LEASEHACKR) to understand how to calculate a lease payment and the variables. Monthly payment is an output, not an input!!
- Pick a specific vehicle that you want to target
- Gather the current MF, RV and incentives from Edmunds forums for your zip code
- Research the LH marketplace and other deals that have been made recently on your vehicle - what was their pre-incentive discount? How did their lease terms differ?
- Plug your numbers into the LH calculator, and use a pre-incentive discount similar to what you have seen
- Create a target deal, this is what you’re trying to negotiate to. You can try different terms, selling price discount, etc. and see how your monthly payment is affected. It is also possible that different trims of your vehicle may have different MF and RV (i.e. this is very common with GM), so make sure that you look into that. Come up with a set of inputs that give you the output that you want - your desired monthly payment.
With a target price determined, you now have a deal to pursue and compare dealer offers against. More importantly, you have a solid foundation to work from.
1 Like
Include the msrp in the post. The dealer discount is too small. Verify rebates, RV, and MF with Edmund’s. MF seems high. What’s the $1037 fee?
Thanks
The MF on Edmonds is .00128 MF and 56% residual
$5443 lease cash as of Oct 20. Not sure of the zip.
The MSRP is $34695
There’s no point looking at outdated Edmunds info
You need to ask for the info for your zip as of this month
1 Like
Not really.
From a quick look you got the ‘Kia base deal’ without much dealer contribution.
And the money factor looks marked up. Typical Kia MF is 0.011X so the 0.015 looks marked up.
What Trim? LXS, EX, EX Premium?
Sorry…
EX trim
Ty
Here is what I just received from a local dealer on the same car/trim:
MF: .0011 RV: 53%
Vehicle ad on Cargurus’ website: Link
I noticed on Cargurus this car has been on their lot for 314 days!!!
It’s caused by the inflated Money Factor.
And 1 year on the lot and all you are getting is $1600 off and a high MF. Walk away. They are making the discount back in the MF
What is buy rate here? Without knowing what the actual buy rate is, even if Kia is normally a bit lower, it’s hard to say if it’s due to that.
If you’re asking that question, it’s time to step away from talking to dealers and do some homework first.
Specific lease as lease programs are highly dependent on region, personal qualifications, tax rates, etc.
We always recommend the following method before you ever contact a dealership. If you do all of the work up front, you’ll have a stress free dealer experience and set yourself for success.
- Read Leasing 101 (EDITORIAL | LEASEHACKR) to understand how to calculate a lease payment and the variables. Monthly payment is an output, not an input!!
- Pick a specific vehicle that you want to target
- Gather the current MF, RV and incentives from Edmunds forums for your zip code
- Research the LH marketplace and other deals that have been made recently on your vehicle - what was their pre-incentive discount? How did their lease terms differ?
- Plug your numbers into the LH calculator, and use a pre-incentive discount similar to what you have seen
- Create a target deal, this is what you’re trying to negotiate to. You can try different terms, selling price discount, etc. and see how your monthly payment is affected. It is also possible that different trims of your vehicle may have different MF and RV (i.e. this is very common with GM), so make sure that you look into that. Come up with a set of inputs that give you the output that you want - your desired monthly payment.
With a target price determined, you now have a deal to pursue and compare dealer offers against. More importantly, you have a solid foundation to work from.
Ok lets approach it from a different direction
In SoCal that car the EX PHEV is about $250/m or $290 without the $1500 CVRP. ($400 down)
Not sure if OP had any special rebates, but he can still do better I think. (Or find a different car like the EV which is on fire for discounts)
Probably. I’m not passing any judgement on the quality of the deal. Just saying that blaming the quality of the deal on a marked up mf without even knowing if it’s marked up may not tell the right story.
the money rate is .0015
Is that buy rate or what the dealer is charging?
No one has posted to edmunds and asked for numbers for NC that I can see. Forbs is right that at least in other areas, .0011 is showing up for the PHEV EX.
How does that compare to the target deal you hopefully together after the first reply to your post?
Ask on Edmunds for the money factor but that deal reduces $1800 but the payment only goes down $30?
Where did the other $800 go?