Deal Check - Kia EV6 GT [CA]

Hey Guys, Im ready to sign a lease deal I’ve been hunting for. Here’s the deal attached. The catcher is the dealership is offering my $2,000 in positive equity (which is the most offered in my area and they are allowing me to pull out as cash) on a trade in which is part of the reason I feel a little pressured to take this lease deal. My golden number is $350-370 post-tax payments, but this offer currently stands at around $420.

MSRP: $63,195
Current MSRP Discount sits at $7,000
59% Residual
MF .00006
Taxed Incentives: $13,200

California Tax and registration fees definitely threw me off but I wanted your opinions on the deal!

I was thinking my options are
a) Take the deal and roll some of the positive equity to offset the registration fees
b) Take the deal with $0 DAS
c) Decline the deal and play the waiting game to see if other contacted dealerships will offer deeper discounts (I’m thinking I may lose the trade in equity if I go through with another dealership)

My goal with this lease was to exit my current one w/ a payment of $591/mo and reduce payments which either option allows. Just wanted your guys’ opinion on what you would do in my situation. Thanks!

Lease Deal

Why not get in Ioniq 5 which has lesser payments?
The GT is 0.00003 so they marked it up to pay for your $2000 positive equity.

The GT is a nice car, but it’s not a ‘lets get cheaper payments’ it’s a ‘lets go really fast’ car.

What’s the term? Wind seems like a better 36/10 trim for RV, the same MF and only a tiny dip in rebate value at a lower msrp.

Wind and GT are nowhere near the same car.
Wind is 250 HP car, GT is 550. Apples and oranges comparison.

Why not walk, payments are $0. :crazy_face:

It’s funny how people will come here and ask, what do you think of the deal on this car I want and then the replies are why don’t you get this other car instead.

Term is at 24mo/12k mile. I’m mainly interested in the GT as its still a sporty daily alternative with cheaper payments to my current lease which is also a sporty hatchback.

When the car other posters are recommending shares the same platform and engine/motor with the OP’s preferred car, I think it’s a fair question to ask respectfully.

Some people are shopping the deal, some people are shopping the car. We don’t know unless we ask.

Got it. My suggestion would be applying the equity towards the lease vs pocketing it then. You can push for a bigger discount but they will probably reduce your equity.

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Thanks for your input!

This may be a dumb question, but if I apply equity to the lease, would this be considered very similar, if not the same, as putting a down payment on the new lease?

For the dealer, giving you more equity in your car comes out of their bottom line on the deal the same way discounting the car does. It’s just another tool for you to utilize. You can use it as CCR or to just pay your drive off fees. Does that $350-$370 monthly payment assume sign and drive? If not, factor in the fees over 24 months and you’re basically at $400ish anyway.

I’m working on a deal myself with a lease trade that where some dealers are giving me avg equity values and discounts, another is giving me almost no discount but a massive equity value that compensates for it.

Edit: and to add, you can pocket the money if you think you’ll have better uses for it, I personally just consider it a happy upside in a lease that helps me get a better overall deal on the next car.

The dealer marked up the MF to make your ‘equity’

So you really didn’t get any equity you got a cash advance on your lease.

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I’m currently matching Edmunds provided MF and the dealership provided numbers. Also at that low, its a difference of 3$ which isn’t enough for me to throw away the equity and other values.

Both Deals assume $0 DAS. Thank you again for the explanation!

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A .00003 mf markup would add about $180 in total rent charge over the life of the lease.

I would trade $180 in rent charge for $2000 in trade equity every single day of the week.