Deal Check - 2024 Kia Sportage EX

Ask the Hackrs Buy/Finance
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1

Looking to lease a 2024 Kia Sportage EX on Long Island. Please let me know if this is a decent deal! I am currently paying $267/mo on a 2021 Kia Seltos and I can’t believe how much prices have gone up!!

'24 Kia Sportage EX - $32,850 MSRP
36 months
10,000 miles
~ $800 DAS (DMV & first month)
$499/mo
Money Factor .00255
Residual value $22,009 67%

They would be taking my '21 Seltos lease back, paying the remaining two payments on it and buying it out, and waiving the disposition fee for it (leased from different dealer). They said $1600 in equity from this car was applied for this deal.

This dealership offers free lifetime oil changes, inspections, and car washes.

2

You need to know how much your Seltos is worth.

3

KBB/Carmax say it’s worth $17-19K and my buyout is about $13,700. But then I’d have to go through the trouble of buying the car, waiting for the title, etc. and then selling it to the dealership, right? I’ve never done that before and maybe that’s a mistake, but I always just turn the car in.

4

Not necessarily. Dealership conglomerates like Autonation, Carshop aka Penske, etc can buy it direct from Kia Finance and give you a check for the equity.

So the prospect of all that equity makes your quote even worse than it initially seemed.

5

Not sure why you want to get out of your current lease unless you’re over miles, wait till the end and/or ask for an extension.

6

Okay so I called them back, they said they’re applying ~$1600 in equity from the Seltos.
Money Factor .00255
Residual value $22,009 67%

7

I didn’t think 2 months was a big deal :pensive:

8

Well in one breath you were saying how much more expensive leases are, yet you’re willing to turn in your current lease that’s over $200/mo cheaper, just wondering what you’re trying to accomplish. If you’re looking for a “deal” look at an EV. And definitely shop your current vehicle around to get the most equity.

1 Like
9

A 24 Sportage EX is $400 in CA with $2k Down (Your $1600+800 is more)

This deal is sorta bad

10

This sounds a lot like you didn’t actually follow the link. What are the actual values from all those sources for your specific VIN?

11

ALGO says $18,200
CarBravo says $16,225
KBB says $17,105 - $19,568

12

Was trying to avoid all of the harrassing phone calls, emails, and texts from these companies :smiling_face_with_tear:

13

Google Voice with forwarding turned off for now
Burner email account

1 Like
14

I need to do all of them? I did 3

ALGO says $18,200
CarBravo says $16,225
KBB says $17,105 - $19,568

15

At the minimum you need to check Autonation, Carshop, etc.

But hey it’s your time and your money. If you don’t want to maximize your equity, that’s your choice.

If this is just a theoretical estimate then it’s useless. Did you get an Instant Cash Offer from them?

16

I sold my car couple months ago to the dealership got quotes and sat in Carmax for 40 minutes. Called dealership and they agreed to beat their offer by $200. Made appointment was in and out in 20 minutes check was fedex in 5 days. Literally about an hour and a half of effort. YMMV with brand or dealer of course.

17

KBB instant cash offer $17,235
AutoNation $16,000
CarShop just gave the KBB range
WeBuyAnyCar $17,555

18

Pick the buyer you want to sell to, and then get that ball rolling.