Kia Announces EV9 Lease "Deals" - but how good are they?

[forbs]

@Kapazza

be in monthly payment for 2 years in the lease prior to buying out. Won’t I get hit with full sales tax again on the buyout one way or anothe

You are hit for the sales tax on the Depreciated value…well unless you are in Texas where you prepaid the whole thing.

[forbs]

@moodyhank

ven if the 3rd party dealer paid them the payoff plus tax,

No, the DEALER will get the tax refund money…and they will thank you for it, by not contacting you…hehe

Legally they are supposed to give you the tax money back.

[Kapazza]

@forbs

You are hit for the sales tax on the Depreciated value…well unless you are in Texas where you prepaid the whole thing.

So this website is wrong: Sales Tax on Lease Buyout Florida

…or maybe it’s just unclear. Specifically this part "Let’s say you’re buying out a leased car in Florida that costs $20,000 and has $5,000 in remaining lease payments. To calculate the sales tax, you would add those two numbers together to get a total of $25,000. Then, you would multiply that by 6%, which comes out to $1,500. So, in this example, you’d have to pay $1,500 in sales tax to buy out the leased car. That’s a lotta dough, but hey, at least you get to keep the car.

That’s how sales tax is calculated on lease buyouts in Florida. It can be a bit confusing, but hopefully, this explanation helped you understand it better."

I think they’re saying the buyout costs $20,000 (not the car cost) and they’re trying to buy out the lease early so they had $5,000 left in payments…so those payments already have sales tax wrapped in them in Florida, which is why I’m assuming you’d be getting taxed on something that was already taxed.

[mllcb42]

There aren’t “remaining lease payments” on a buyout and a lease buyout isnt the residual value plus remaining lease payments.

[Zenek]

@Rick707

Edit- I think the best plan would be to take a 24 month 1 pay lease (lowest money factor) and see how it fares in the market before buying the rest of the vehicle. This thing could be ugly in depreciation and that way the bank takes the risk instead of you

FYI .
Just as an example: 2023 Ioniq5 sel awd with 500 miles on odo , 1 month old, msrp $52k. Based on many online dealers ( carvana carmax etc.) is worth $38k.
My $0.02. Expect the worse.

[max_g]

That applies to ICEV with big rebates as well. Short term ownership is usually the most expensive kind.

If anyone’s going to get one of these, they should be looking at 5-6 year ownership.

[Akram_Knefati]

Not sure buying EVs is the way to go. They are overpriced, especially if its short term ownership. Lease for 2, 3, 4 years and return it. Those RVs are high for a reason.

If you were to lease an EV9 for say 3 years and decide to buy it out now or later for 40-45k, is it really worth that much?

I bet in 3 years you can buy a used ev9 for less.

[itswulfy]

@Kapazza

@forbs

You are hit for the sales tax on the Depreciated value…well unless you are in Texas where you prepaid the whole thing.

So this website is wrong: Sales Tax on Lease Buyout Florida

…or maybe it’s just unclear. Specifically this part "Let’s say you’re buying out a leased car in Florida that costs $20,000 and has $5,000 in remaining lease payments. To calculate the sales tax, you would add those two numbers together to get a total of $25,000. Then, you would multiply that by 6%, which comes out to $1,500. So, in this example, you’d have to pay $1,500 in sales tax to buy out the leased car. That’s a lotta dough, but hey, at least you get to keep the car.

That’s how sales tax is calculated on lease buyouts in Florida. It can be a bit confusing, but hopefully, this explanation helped you understand it better."

I think they’re saying the buyout costs $20,000 (not the car cost) and they’re trying to buy out the lease early so they had $5,000 left in payments…so those payments already have sales tax wrapped in them in Florida, which is why I’m assuming you’d be getting taxed on something that was already taxed.

So did you ever go through with the lease? I am a Florida buyer that is looking into the EV9 and Im trying to decide if leasing is worth it over the Financing options.

[Kapazza]

@itswulfy

So did you ever go through with the lease? I am a Florida buyer that is looking into the EV9 and Im trying to decide if leasing is worth it over the Financing options.

Nope. Canceled my reservation (still waiting for my $750 back though). Lease numbers sucked - if you really want this vehicle, expect to be in the upper $800, lower $900 for the Wind trim.

Sticking with our trusty and paid off 2015 Honda Pilot until we can get a comparable EV under $50k.