I have a 2022 Kia Sorento S Hybrid (37k miles - excellent condition). Got a bad deal on it (during COVID, huge markup, lack of knowledge, etc.) and I don’t want to make the same mistakes again.
I currently pay 681/month on my Sorento, payoff of $27k, worth $22k. I plan on paying less than what I currently pay for my new EV6.
I want to trade-in my Sorento and get a 2024 EV6 GT-Line AWD.
Here’s the first offer I got:
MSRP: $59445,00 - $17400 rebate = 47618 (with taxes and fees rolled over) Residual value: $26751 Money factor: 0.00141 12k miles/year Monthly payments: $680 (including trade-in my car with negative equity of $3.684) - dealer offered $22k
Zero dollar drive-off.
Tomorrow I am going to another dealer. This one refused to give me anything in writing, HUGE RED FLAG.
Any thoughts on this deal so I know how to approach the next dealer?
I live in MD, Chevy Chase.
When does your current lease end, and what is your motivation for ending early? Why not wait it out so you don’t have to roll negative equity in? It’s not like the leases on EV6s are good enough where you’re saving meaningful amounts of money.
Assuming your lease is up soon since its a 22, why not just wait it out and hand the keys back? No sense paying for negative equity this far into the lease.
They likely don’t want to put it in writing bc they assume you’ll just take it to the next dealer to beat.
Then the last thing you should do is…
Move to a strategy of making offers.
Plug the following into the LH calculator after MSRP of the vehicle you’re looking at:
Selling price based on % pre-incentive discount found by searching Shared Deals and Marketplace sections of this forum.
RV, MF and incentives (lease cash) from Rate Findr. Add any extra rebates you qualify for (college grad, etc) under incentives.
DMV fees and taxes based on your state’s official website.
Make offers via email. You shouldn’t need to step foot in the dealer without a agreed upon deal ready to sign.
How do the broker deals compare in the Marketplace ?
