Hello, I’m in Massachusetts, and currently trying to trade in my car (Nissan Altima FWD 2019) to get a new Compact SUV.
Don’t know much about cars honestly, but I was looking at Toyota RAV4, Kia (Sorrento or Sportage), Hyundai Tuscon or similar.
I believe I’m getting back around $14,800 for the nissan altima, and my budget is around $33000 - 35000 out the door for the new car.
What option would someone recommend to go with?
I know RAV4’s are reliable, but after I went to see, the Kia looks aesthetically pleasing. (Just not sure how good or bad they are, thus I’m here.) I’m yet to go see the Hyundais.
I know quite a few people with modern Hyundai & Kia products (they are mechanically often identical) and they’re happy with them. If aesthetics are important to you then mechanically there’s nothing that’s a deal breaker on a Sportage, Sorento or Tucson.
That being said your total cost of ownership will be lowest on the RAV4, specifically the Prime or hybrids, mainly due to how well they retain value.
A hybrid you’d buy on day one and a Prime you’d lease to capture the lease cash before buying/refinancing on day ~30.
That is an awfully high MSRP. Does that have add-ons? Do you qualify for the $1500 incentive I see advertised? Says bonus cash but I haven’t done the work to see what it means.
Not nearly enough of a discount to make it a good deal. Why are you putting down over $14K when financing rate is 1.9%? You should keep the money in a high yield savings account and use the interest to fund you higher car payment.
The $1500 offer might be there, but the APR is 5.5% for that one.
Only addon it seems to have is the Panoramic Sunroof package on the base model. I think on the wind sticker it also said Carpeted Floor Mats, Cargo Net, Wheel Locks etc along with the Paint.
The Panoramic Sunroof Package is $1300
Paint: $495
Floor Mats: $225
Carpet Cargo Mat w/Seatback Protection: $120
Cargo net: $60
Wheel Locks: $75
Go back a few steps. What segment are you buying in? Why pay the premium for a Sorento (3-row) if you only need a 2-row like a RAV4 or Sportage or Tucson?
I debated on that. I test drove both Sorento and Sportage. I loved both, but after looking and driving I realized Sorento might be of better use in the long term as my family grows. (I know its silly)
Sorry, didn’t realize this was a purchase (should’ve read the title of the thread!).
Have you reached out to brokers? I don’t know if that’s a competitive discount for a Sorento, but agree that, in isolation, it seems rather unimpressive.
That’s exactly my next step in the next couple days. Call other Kia’s to see what can they offer based on the current offer. So far I’ve just filled out the Credit Application form with them, but haven’t really finalized the deal.Thought I’d ask the experts here before rushing to any decisions.
$2K off- $2,500 off is solid on a Kia finance. 1.9% apr is good through manufacturer, better than the $1500 rebate with a higher APR. Go shop your Nissan on Carmax carvana etc and go get paper offers for the best number you can get. Ask dealer to beat by few hundred, not as a trade in but as a purchase
Take that money as cashiers check put it in 3% savings account make payments from there
So you’re saying $2K - $2.5K more off on the current deal or from the MSRP?
I did get a quote from Carvana they offered me $14,800. (This dealership is offering 14500)
SO I should instead ask them to purchase my Altima? What about the Sales Tax savings on that?
It does sound smart to just put that money in the savings account and pay from there.
But would it be pretty much breakeven per below?
$14,800 in a 3% high-yield savings account over 5 years would be about $2300
If I don’t trade-in, then I’d pay the 6.25% sales tax on the MSRP of the vehicle which would be around $2500 (for $40,240 MSRP)
