I’m planning on trying to sell my leases 2017 Kia Niro. I’ve been leasing it since this past April. I talked with the Kia financial department and my payout is right around $19,000. According to KBB that’s about the same price suggested for a private sale. Would trying to sell be my best bet and then do the payout? Or would it be better to trade it in at another dealership? I’m planning on getting a cheaper used car. I really don’t need to be making the payments that I am right now.
how much is your payment on the Niro ?
By the time you factor in repairs on a used car, it might be a wash and then you’re better off staying in the Niro.
Generally speaking, unless you got some amazing deal on your lease, you will not be able to get out after 1 year or less of leasing.
It’s around $220 a month. I know that’s pretty cheap already.
Did you pay fees and such up front or was it $220 sign and drive?
It was $1,000 down. Also they waived the free oil change service.
Ok so even if you sold the car for for the payout value, you are still eating a $1k loss.
Edit: Also, to your question re:dealers, you are likely not going to get private sale value from them.
Yeah I pretty much knew I would be eating that loss. I guess there’s really no way around that even I did lease till the end.
$220/mo is a very low payment for a car. If you can swing it, I would suggest you keep that car given you will lose the $1000 and have a cheap payment. Cheap used cars come with problems and costly repairs.
Plus you wouldn’t be getting 50 mpg on a used car, unless you buy a used Prius.
Very true. I’ve tried calculating the difference in the gas money I save now versus a used car with the lower payment.