Deal Check: 2021 Kia Sorento S

Ask the Hackrs
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1

Hey all, I haven’t signed yet and would like opinions on the deal. For the nice interior, the size, and the MSRP that’s lower than other brands with as nice of an interior, it seems like a good choice for me. My concern with this deal is that it’s a low % off MSRP. Other makers seem to lease better.

Year, Make, Model, and Trim: 2021 Kia Sorento S AWD w/ Sunroof
MSRP: $36480
Selling Price: $34108 - 6.5% off
Monthly Payment: $405.83
Drive-Off Amount: $0
Months: 36
Annual Mileage: 12k
MF: 0.00112
Residual: $23712 (66%)
Incentives:
Region: SoCal
Leasehackr Score: 8 years
Leasehackr Calculator Link: https://bit.ly/3rrcnXH

2

What did Edmunds give you for rv/mf/incentives?

Be sure to check out the article in the leasing101 section as to how leases are calculated to see why it isn’t just selling price-residual/36.

3

Please read the article on this site “How to calculate payments.” You’re missing all the costs beyond (selling price less RV) that is inherent to every lease.

4

Gotcha, thanks for the redirect to that article.

According to the edmunds forum here, I’m getting the expected MF/incentives/rv: 2021 Kia Sorento Lease Deals and Prices — Car Forums at Edmunds.com

Reading through the “how to calculate payments” article, I see that my lease payment can be broken down into:
Monthly depreciation: (34108 - 23712)/36 = $288.77
Monthly finance charge: (34108 + 23712)*0.00112 = $64.76
Monthly payment of up front fees: $405.83 - ($288.77 + $64.76) = $52.30

This means I’m paying $52.30 * 36 = $1,882.80 in fees which sounds a bit high too, but could be normal if Kia has high transport fee.

5

There are multiple fees that go into things. Transportation is included in the msrp, so it isn’t one of them.

6

Ok thanks for the clarification. Do you have any opinion on whether this is a good deal?

7

$400 a month for a mid tier Kia Sorento. Run!!! So many other cars out there. You may benefit from a broker, there’s multiple listed in the market place.

8

If I were you-I would look at @Cody_Carter 's selection of Highlander Hybrid’s $310-$400+ much much better vehicle for the same or even cheaper $$$ but much higher MSRP and built quality

https://retracauto.com/blog/inventory/2021-highlander-hybrid-le-fwd-2-5l-4-cyl-hybrid-6960/

Sign up and take a look what he has available

2 Likes
9

Will check that out!

10

Are you all saying the sorento is a poor vehicle aware it’s a completely brand new vehicle for 21 and not the sorento of yesteryear?

11

@cosullivan66 If you are not set on the 2021 Sorento maybe check other 2020 2/3 row SUV.
This model just came out as well as 2021 SantaFe I would guess it will be hard to get a bigger discount on those models. Under $400 range or less you would be able to get
2020 MDX Base / Honda Passport / Subaru / Rav 4 and Maybe a Volvo.