Whenever I see an offer that says this or shows a range, I know they’re bullshitting. The dealer can tell you exactly the cost. They may have to make a contingency statement like “this requires you to qualify for tier 1”, but the estimate stuff is a way for them to get you emotionally attached to the purchase at a lower number and manipulate things in the back end.
I find it particularly amusing when they say something like “your payment will be $350-370” on the offer sheet. Gets you emotionally tied to the $350 number, but then they come in at $365 and say “hey, we were in the range” after you’ve mentally committed to the lease. Never mind that they just pocketed an extra $500.
Definitely an interesting lesson, and I’d not be likely to do business with them again.
In reviewing the estimate before the full write-up, I see where they made themselves some very clever wiggle room: says “0.001” as the MF, without further decimals. I can see how not expressing the full number got me up from Kia’s 0.00100 to the 0.00124 I am paying! It looks like they made back about $570 over the course of the 3 year term, and obviously made me feel like I suckered them into 9% off when it was really the same 7.7% that other dealers would do.
For all of their grousing about how they were “losing money” on this one and they “didn’t want to do it,” I think they did fine for themselves.
The other offer I had, which was shown to me as a full worksheet with stated 0.00100 MF and a 7.6% discount, is expressed in the calculator here. Unfortunately that offer was worked on a hypothetical vehicle he did not have in stock and might not have for a few weeks. It comes down to about a $100 difference over the three year term, I think.
I think you did fine, considering it’s a brand new model coming out. Could you have saved $50/mth if you waited until the rebates flood in? Maybe, but with the current market for Tellurides there’s no saying what will happen with the new Sorento.
Also worth noting resale has never been great on the Sorento, so they are taking a risk on the residual being that high. I bet the resale will be closer to 50%, just based on personal experiences with Kia SUVs.
This, the brand new powertrain, AND the inclusion of a hybrid motor and battery in the equation all made the lease more appealing than a purchase. I don’t think we will want this vehicle 3 years from now, but we will enjoy it while we have it. I could not and still cannot get a straight answer on warranty coverage, either through Kia or this store’s “lifetime of the vehicle” warranty, on the hybrid bits and I suspect the battery will become a headache for future owners. The phrase “internally lubricated parts” is used a lot in their warranties.
Man, I wish these Sorento hybrids came in AWD!!!
They do in Canada, apparently. The plug-in coming later this year will also be AWD.
I agonized over this but decided snow tires will work better than AWD for that use case. I do not fully understand the benefits of AWD for anything but offroading, where it’s still not going to be as capable as a real 4x4. I’ve seen FWD sedans at “offroad” (e.g. washboard or gravel roads) trailheads and hope FWD will not hold us back.
I watched videos of the more powerful 2.5T powertrain lighting up the tires in FWD, and believe the Sorento SX in FWD would be a terrible purchase, but this one is a little more sedate at 1.6T + electric motor. I haven’t experienced torque steer or spinning tires driving … yet. I may also be numb to torque steer, as my last car a long time ago was a first gen Mazdaspeed3.
That’s good to hear. I would be REALLY interested in the Plug-In Hybrid!
Funny. I know TrueCar is all over the place, but this is what it says for me locally for this exact Sorento the OP just leased:
Mine is stickered at $38,525. There are dumb shit accessories “installed” either at the port or by the dealer that drives the MSRP up a bit more: $210 carpeted mats, a $50 cargo net, and $60 wheel locks. Without those, it would be $37,760 - but it’s unclear if you can avoid them.
At least they are actual “things” and not real stupid made-up accessories add ons like “Environmental Protection”, “Interior Protectant” and “Rust Proofing” like I still see being added on to any Kia/Hyundais in my area.
These are very common factory- or port-installed accessories. If they’re part of MSRP, then they’re also residualized. Unlike BS add-ons.
Anyway if your target was $X total lease cost, it doesn’t matter whether they get there with a smaller discount at buyrate MF or a larger discount at markup
Post some pics!
I think you’d almost definitely have got a better deal by waiting 6 months or so (it was the same way with the RAV4 and CRV hybrids too) but you got the car you wanted at the price you were happy with so that’s all that matters.
I’m really interested in the upcoming Hyundai Tucson PHEV but the idea of having to engage with a Hyundai/Kia dealer with a new model to sell doesn’t fill me with joy.
Pictures to come. They text me this morning to apologize for forgetting to detail the car - I was too tired to care by the time I left at 9pm. I need to take it back for the CarPlay TSB, which they said they couldn’t complete without a dongle that Kia is sending them. Hilarious.
I agonized over this but we needed a new car in the next month or so, and with these still so new, it seems like Kia is trying to play their cards close to the chest and see what they can wring out of these - others have commented that Kia wants to see if they have another smash like the Telluride. If I had my druthers I’d have waited until the Sorento PHEV is on lots, but no one knows when that might be.
Maybe in 6 months it would be better but we can’t say for sure. If they adjust residuals it could be more expensive too, even with rebates.
I laughed at the last part. I remember a year ago a Hyundai dealer near me got in the Veloster N and they had it roped off in the showroom. Gag me, it was a $30k hatchback. I can’t imagine the upcharge on it they wanted. Every Hyundai/Kia dealer I’ve dealt with have their issues.
How are these leasing now?
It has likely gotten worse, although the current market is all kinds of bizarre
I think inventory is tight - some dealer emailed me just now to see if I was “still interested” and they have two Sorentos total, both the highest-end SX Prestige, both over MSRP. TrueCar thinks this EX Hybrid is also still over MSRP.
I do like the vehicle quite a bit after 5,000 fuel-efficient road tripping miles.
EDIT:
Here is a broker offering the base-trim S for $20/month less than I leased the EX in January: Drew @ Centennial - June 2021 Kia Lease Offers - (Sorrento Hybrid and Forte)
The S doesn’t have the panoramic sunroof, power liftgate, wireless charging, and smart cruise control - all of which I use frequently.
Likely deluding myself, but I think I got in at the right time.
You absolutely did. Many of us would kill for January’s conditions right now. I couldn’t even get an EX to quote on this forum. It’s borderline insanity out there.
I feel you on this. I’m in Souther California and went for a test drive last week. MSRP was $37,975. The quote they gave me out the door with their made up dealer add-ons was $46,975. I countered to pay $500 above invoice with no dealer add-ons before taxes and doc fees. Haven’t heard from them since lol. I will say, they the availability of the Sorento Hybrids are few and far between where I’m at. They are flying off the lots as soon as they get in.