I reside in Florida Palm Beach County, Delray Beach. I have a lease currently that is due to mature May 18, 2023. The current lease does have equity, its a 2020 Kia Soul S with 21000 miles and is clean throughout. I know the car has equity and would like to apply it to a new lease and want to see if I’m getting a good deal. The buyout on the current lease is $12,626.00 I was also offered a $550 rebate and $16.500 for the Trade.
the terms are as follows: MSRP $22,235.00 36/10/$$269.33 monthly Residual Value at end $13,341.00
Paying $13,500 to rent a $22k vehicle for 3 years, seems like an awful lot.
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Thank you for replying. I felt that was not a great deal at all, I added the payments for 36 months with the residual value at the end of the term and it added to more than the MSRP and nowhere do I see the rebate or trade reflecting in that price, the dealership stated I did not take Doc fees and Tag, Title and Reg fees into consideration, which would of made it worse. Do you know of any good deals available??
2023 Kia Forte LXS
MSRP 21693
Residual 61%
MF .00233
Rebate 800
Trade not incl (2020 Kia Soul S 21K miles)
$2154 Due at Signing with trade equity
pymnt 200 monthly
Is this a good deal??
Whats the selling price? How much trade equity?
$20,842 Lease Price
Trade $4000
Doesn’t sound like a good deal.
Maybe, consider finance this car.
In FL, when you purchase a car and use lease trade in the same transaction, then you will get sales tax advantage. Eg… New Car purchase price is $20,800 and trade is $16,500, then you would be paying the FL sales tax for $4300.
If you finance this car with your trade credit, put $0 down @5% APR then your monthly payment would be $283 if the loan term is 60 months.
Plus you will have the clear title and you would have flexibility to sell this car to anyone.
I just looked up the potential resell value for 2020 Kia Soul S with 21k miles with average condition. If you were not left at Kia dealer’s mercy, then you would able to sell this car around $19 to $20k to open market easily. Basically Kia dealer is ripping you off by giving you less $3500 for the trade-in value.
In your case, you should not lease these cars, but rather finance.
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What is the Kia Incentive $800 for
Nobody knows how to answer something with no context. Maybe post a link or a screenshot
I hate being that guy (ok I don’t really hate it), but why not just buy out your existing 2020? Clearly it’s not a bad price if it’s worry more than the buyout price.
With a 100k powertrain warranty, your cost to own it over the next 3 years are highly likely to be less than the cost to lease a new one.
Just something to consider.
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That, or finance something like a Corolla.
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