Kia Lease $ vs leasebacks $ ~19 p/mo (WA)

Ask the Hackrs
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1

Washington State
Kia Sportage S with S AWD Nightfall Edition Package & Carpet Floor Mats
MSRP= 30,965
Sale = 27,500
Lease Rebate = 1,000
Cash Down = 1,000
Residual = 61%
MF = .00125
Sales Tax = 10%
Monthly = 323.94 with tax

leasehackr = $284 with tax

What am I missing?

2

Can you post a link to your lease calculator?

3

I selected “share your numbers” but I must be doing something wrong. Grrr

4

Sharing the numbers copies a link to your calculator. You need to paste the link into your post.

5

Thanks

6

Your DAS amount in the calculator is ~$2100. How much is the dealer DAS?

7

Thank you for 101 lesson on posting/sharing numbers and assistance with lease $ difference.

8

Changed it to $1000 drive off per your quote.

Still $6 a month off, but this is much closer.

9

If we assume the dealer DAS is $1000 and adjust the lease incentive to be taxable, the calculator is off by about $130 DAS, which probably comes down to a difference in dealer fees, etc

10

Also, where in the Seattle metro are you? There are a bunch of surcharges on leases, so typically tax on leases runs 10.3 - 10.5%.

11

Ok, thank you for clarifying.
I’m new to this, so if I read the calculator correctly a score of 8.6 years is good and I should proceed with the lease; correct?

12

Regarding DAS, is it best to put zero $ down if you can afford the higher payment per month?

13

Tukwila, WA 98168

14

The calculator score is irrelevant and doesn’t tell you much about if it’s a good deal or not. Your best way of determining if it’s a good deal or not is by comparing against other deals once you’ve normalizing for pre-incentive discount.

1 Like
15

OK - 10% sales tax in Tukwila for normal sales, but there is a .3% surcharge on vehicle purchases. So your effective rate is 10.3%. Updated your calculator and moved your incentive to be taxable (because all rebates are in WA with very few exceptions).

As @mllcb42, to determine if it is a good deal is to compare your pre-incentive sale price making sure you’re not getting a marked up MF. You can confirm MF and residual on Edmunds.

I don’t know the Kia market well enough to say if this is good or not.

16

Thank you both for all your help.

Changing to 10.3% and changing incentives to taxable helped.

Much appreciated.