Deal Check: 2023 Kia EV6 Wind AWD with Tech Pkg

[lorne17]

I wanted to check if this is a good deal. My first lease. It’s a 2033 Lia Wind AWD with Tech Package - Interstellar Gray.

MSRP: $55,920
Discount: $3,800
Kia Rebate: $7,500
Adjusted Price: $44,620
Taxable Fees (estimated): $650
Doc Fee: $699
Tax: $647.19
Non-Tax Fee: $256.20
Balance $46,872.39

I’m trading in my car valued at $8,500

It’s for a 24 month, 15,000 mile/year lease.
Money Factor: 0.00124 (that’s only 2.976% right?)
Residual Value: $34,112
Cap Cost: $38,671

They said it’s $300/month after I negotiated with several different dealerships.

Thoughts? I’ve been watching a lot of videos and reading here on the forums. So learning a lot but what to check if this is good to move forward or not?

[trism]

@lorne17

I’m trading in my car valued at $8,500

Is that what it’s actually worth?

List of places to sell or value your car online

For the quickest results: Copy your VIN to your clipboard and just paste it into each site. Quicker than plate lookup. Enter “I own the vehicle” where applicable — you don’t need to get into the details of your lease payoff or loan balance until you’ve eventually chosen one entity to sell to. Use a Google Voice or some other device you can turn off at will. Otherwise your real phone will be bombarded initially. In alphabetical order: Buyer Name Direct Link Review Link AutoCo…

[lorne17]

Thanks for the suggestion. I have 98k miles and some mechanical issues so $8500 was pretty fair. I’ll check some of those in the list you gave.

I’m about to head to the dealership, what do you think of the lease terms/numbers? Want to make sure I’m making a good move!

[trism]

@lorne17

what do you think of the lease terms/numbers?

If your trade is actually worth $900, this may be a stellar deal.

If it’s worth $13,000, this is likely horrific.

That’s why I started with the trade.

It’s easy to play a shell game with numbers between dealer discount and trade valuation.

[joeblogs]

You should get $5k from the state on your taxes too, I would suggest you don’t use the equity towards the lease, set that money aside to make the monthies.

[max_g]

@lorne17

I’m about to head to the dealership

Don’t. You haven’t done enough of the prep work regarding either the new car or the trade, and will most likely leave money on the table for either or both.

[lorne17]

So I ended up pulling the trigger. My other car had maintenance issues and needed repairs. $8500 was a good value for that car. I got $3800 of MSRP plus $8000 in rebates. Got my monthly to $286/month for 24 months. Only down payment was my car since I didn’t want to try to sell it on 3rd party.

I’m happy with the deal I got!

Thanks all for the help and feedback.