I am looking at a 2023 Kia Niro EV Wind with Preserve Package. Through Xcel my Energy company I have a $5500 rebate available and thru a state program for trade ins I have a $6000 rebate available for a total of $11500. Since I saw Kia was offering some sort of manufacturer incentive for the Federal Tax Credit I decided to follow up with some dealerships.
My end goal is a buyout. Is there an ideal way I should try to leverage these rebate to that end? Or would I benefit from changing my thinking now that leasing is on the table vs financing? Thanks!
Lease it, wait 30 days to fund, buy it.
Very common practice
Though why do you want to buy it?
I have always been a buy and maintain car owner. So no particular reason other than that is what I am familiar with. Also I may put a lot of miles on it.
Reading here I see the reasons why leasing is advantageous. But in the world of leasing I am less familiar how to maximize this rebate money. I assume getting it to capital cost reduction is what I want. But I am wondering if there are other strategies. Thanks!
Yes there are a few ways, but RIGHT NOW, the best strategies with a Kia EV is Lease one that gives the 7500 and then buy if if the MF is bad.
The car you picked doesn’t have 7500 so it’s not the ‘best path’. An Ioniq 5 with $7500 and free charging and a free charger is the best path.
Gas cars have multiple paths.
Thanks! Right now I am seeing Kia offer this:
It looks similar to the Ioniq deal I terms, but the Ioniq MSRP is higher, net capitalized cost is lower and so is residual value. Total monthly payments are $2500 more for the Niro over the Ioniq. I guess I am unclear on what the $2500 residual value support is doing on the Kia. But understand you are pointing me in the right direction!
$269/month 36 Months
$4,499 Due at Signing for Qualified Lessees. Includes $7,500 EV Lease Bonus.
($5,000 as a cap cost reduction and $2,500 of residual value support).
Closed-end lease based on new 2023 Niro EV (Model #V1242) subject to credit approval, dealer participation, and vehicle availability. Offer shown based on $4,499 due at lease signing including $269 first monthly payment, $3,580 capitalized cost reduction, $650 acquisition fee, plus tax, title, license and registration fees, dealer conveyance fee, processing fee or optional service fee and any emission testing charge. No security deposit required. $7,500 EV Lease Bonus not available for cash. Application of $7,500 EV Lease Bonus includes $5,000 capitalized cost reduction and $2,500 of residual value support.An additional $361.25 of residual value support will be provided by Kia America, Inc. for a total of $2,861.25 of residual value support. Application of $5,000 capitalized cost reduction results in net capitalized cost of $32,295. Offer shown total lease payments are $13,914. Actual payments may vary. Purchase option at lease-end for offer shown of residual value of $28,203.75. Lessee is responsible for insurance, maintenance, repairs, $.20 per mile over 10,000 miles/year, excess wear, and a $400 termination fee*. Lease offer applies to Niro EV (MSRP $40,875, includes freight, and excludes taxes, title, license, additional options and retailer charges). Actual prices set by dealer.Must take delivery from retail stock by 10/31/2023. Dealer contribution may vary and could affect actual lease payment. See dealer for warranty and lease details or go to kia.com.
use a broker and save money over this.
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