I’m currently in a 36 month lease, with 17 months to go and have the itch to trade in my car and get a newer, shinier car.
Details Current lease is a 2020 Kia Niro EV Premium that I picked up in August 2021. This car had been sitting on the lot for a LOONG time so the dealer just wanted it gone to make room for the 2022 models that were coming. I got the $7500 Lease Cash from KMF plus the dealer threw another $7500 on the hood for a total of $15k off MSRP on a $47k price. Obviously I can’t expect to get that again in the current market…but…
I’m itching for a 2023 Kia EV6 Wind RWD. A similar situation is in front of me where a dealer has had one on the lot for 165 days and seems like they would be willing to negotiate with me on it. KMF really isn’t offering any real discounts right now so I’m going to have to deal with the dealer if I want any more off the price.
Lease Buyout on my Niro EV is sitting at around $29,500 right now. I got a buy quote from Carmax of $29,500…but they can’t buy it because of the lease. The car has 25k miles on it (15k/per lease) and looks brand new because I have babied the poop out of it. I actually want to trade it in and use any equity to lower the price on the EV6 but I’m really not sure if the trade-in value would be the same as the buyout value.
My ask of the community is to help me understand if it is possible to trade in a leased car with the above details, 17 months early, and get enough of a trade-in value for it to cover the buyout or lower my payment on the new car. The equity calculations confuse me so any help or guidance is greatly appreciated.
Have you asked the Kia dealer that has the 165 day 2023 Kia EV6 Wind RWD on the lot what they will do to get you out of your Niro and into that EV6 Wind?
I would like to get a plan in my head before I go to the dealership. I agree that working with the dealer is probably the best course of action, especially since KMF will pass along a loyalty discount waiving the lease end fees.
You’ll have to trust me on this one…I don’t want to give away the dealership for fear that it might get sniped before I get to it this week. As for damage or something, I guess I’ll have to check that out when I go talk to them.
It must be a 2022 that they have listed incorrectly as a 2023 then. I believe the 2023s started hitting showrooms in November 2022 in limited quantities. I’m calling the dealership in the morning to ask about it and talk about hte trade in of my Niro EV. I really want to get the EV6 but to be honest there is no “compelling event” in my life that requires me to make the move. I’m just itching for a new ride but want to avoid taking a bath on the Niro if at all possible.
Rumor is Kia will be offering $7500 cap reduction on EV leases like Hyundai but unsure when. Lots of EV6s sitting on lots around the country. I know Kia is currently offering $1800-$2500 off EV6 leases as I was offered that on a GT a month ago.
Genesis just started offering $7500 cap reduction on GV60s too. I’d be patient and wait for Kia to pass through the entire $7500.
