2020 Kia Forte LXS with 21,550 miles. Residual Value is $10,862 and with NY taxes the lease buyout is about $11,6xx. Dealer only wants to give me $13,6xx if I return the lease and get into another lease. Giving me the story that the used market is somewhat normalizing and that it costs them $3000 in getting the car ready for sale and then they have to make a profit too. However, everywhere I look I see my car’s value is from 15-17k. Carvana “supposedly” wants to give me $16,7xx.
I do like the car as I need something to get me from Point A to Point B and I do feel as if I have very good equity with the car. Part of me feels as if I should buy it out and keep it, but another part says I should pursue the equity to put towards another lease. What do you guys think?
Additionally, if I do keep the car and buy it out what banks are the best for financing with excellent credit.
The reason you don’t have any feedback is because you basically ‘threw the kitchen sink of all thoughts’ into your question.
I like the car
I can make some money
What do I get if I make money
What financing should I get if I decide to just buy the car.
Dealers are lowballing me.
No mention of your current financial state, the state of the car, the mileage, etc
No one can pick the option you want to use. Only you can. But unless you have a lot of money to burn, just keep the car. After you decide then someone can guide you on the next steps.
Sorry for formulating too many thoughts into my question. I just had alot on the mind when putting this together.
Nonetheless, the car mileage is stated 21,xxx. The state of the car is in excellent shape (except for a small line of chipped paint from a branch). My current financial situation is pretty good as I could afford to buy it out/finance it (whichever).
Lease ended yesterday, but I extended it 6 months to give me time to shop around.
These dealers are insane. Telling me we will match your ad, but only to show up and its $200 more than the ad plus they take all the equity in the car and I still have to put a down payment (aside from taxes and fees).
Since you have 10 yr warranty on this car, unless there is something seriously wrong with it, just buy out and keep it.
But since you extended for 6 months. You can hold off until then. More deals will show up in 2023 compared to 2022. I also don’t know if Kia reduces RV (Making the car cheaper to buy) on extensions but don’t count on it.
I was trying to get into a Forte GT Line for $268 with $918 down. Then utilize my equity in the lease (about $3200) to knock it down anywhere from $178-$208. However, that went sideways when the dealer through a $5,000 markup over MSRP and said since we only have the GT-Line Premium we’ll get you as close as we can. $268 is not near $492 lol.
Think I will wait a month or two (by President’s Day) to see if any decent deals come out.
You know what I hate about these 10 year warranties? When I take it to a dealer they tell me there is a possibility we have to charge you a labor fee to diagnose if the problem has nothing to do with the warranty. I understand wear and tear things, but god forbid its an engine or electrical problem then its basically trying to recreate the problem which may not always go your way.
Dealer website. The first dealer said they dont have anymore GT-Lines available so I went to a second dealer who said yeah sure we’ll match it come one down and then when I arrive it’s a GT Line Premium. SMH. A $1500 difference in MSRP yet a $200+ difference in monthly price.
Buy it out. It is cheap, PLUS, even if you decide to trade/sell it, you are better off having the title in hand because most places won’t buy out a Kiayundai lease. You don’t need to tie yourself to another of the same brand AND you can sell to the highest bidder, thereby separating the deals, which is usually the best route anyway.
Honestly, if you are going to just get another Forte, why switch?
As for warranty stuff, they say that but it almost never happens unless you really do have a problem that can’t be replicated. Because I always fear this excuse myself, I often will video the issue before I even bring it in.
Thinking of financing the buyout. Let the dealer handle all the paperwork including DMV and then once that is done I’d buy the car out completely in full with early prepayment. I dont want to deal with the hassle of paperwork and DMV.
Afterwards depending on the market I keep the car unless a crazy deal becomes available and I still have equity being that the inflation bubble hasnt bursted.
Great point on #1
Considered switching for the short term payments instead of dishing out $11k. Dealing with the problem 3 years later.
Great point on videotaping!
Wait what do you mean tack on thousands?? Financing a lease means I pay whatever 2-8% APR they charge. Makes 1-3payments and once my docs are in hand I terminate early and pay full (no prepayment penalty in NYS).
