Been reading a lot of useful information on this forum and learned a few things! Thanks very much!
Have done a couple leases before but this one is the first one that I understand the numbers behind the payment. Numbers are not as good as others you see on this forum but I think I did quite alright.
2019 Kia Sorento SX w/ Touring Package
Closest I could get to matching this on the calculator is by using Zero Drive off.
Selling Price: Not sure, negotiated lease payment - seems like $41,181 so ~11% off MSRP
Monthly Payment: $439
Cash Due at Signing: 1st month + $200 = $639
Incentives: $6860 lease cash + $1000 bonus lease cash = $7860
Annual Mileage: 10k
Leasehackr Score: 9.2years
Wow, while you say you now understand what’s behind the numbers, doesn’t sound like you absorbed the process from Leasing 101.
Contract should show the sale price.
I think it’s important to know how the lease payment is calculated and what factors impact it. But at the end of the day it was easier for me to talk in terms of the lease payment because there is less room for dealerships and salesmen to play around when you talk about monthly payments. When you talk about sales price, they can still tack on fees, downpayments, etc thus making your payments higher than expected.
I always found it easier to compare offer from different dealerships as monthly payments.
Also I noticed that dealerships prefer to talk about payments and I am okay with that. When they use that as a tool to rip you off is when I call them out on how the lease number is calculated - which most of the salesmen don’t even understand themselves.
That’s right, its actually $41,257.46
It’s been discussed so before here at length - discussing payment is easier for you and for the dealership. Dealership can sneak anything they want and play with all the numbers how they want to get to the payment you need. All the while customer isn’t getting the lowest price. One dealership gave you “ok” sale price and no junk fee and the other gave you stellar sale price but added bogus “nitrogen air” etc. Both quotes will have same monthly payment and thus in eyes of the customer equal leaving $ on the table.
Hmm, thats a good way of putting it. Seems like my numbers checked out this time since the contract selling price is very close to when I thought I might be based on backing out the payment.
But something I can keep in mind for the next one!