2023 Kia EV6 Lease Deals and Purchase Prices

AccountLocked

Could I get MF and RV on a 36m/10k on:
1. EV6 Wind AWD
2. EV6 GT-Line AWD
ZIP is 85712
Thanks!

Michaell

AccountLocked said:

Could I get MF and RV on a 36m/10k on:
1. EV6 Wind AWD
2. EV6 GT-Line AWD
ZIP is 85712
Thanks!

.00341 MF and 58% RV
.00341 MF and 57% RV
$7500 lease cash

AccountLocked

Michaell said:

AccountLocked said:

Could I get MF and RV on a 36m/10k on:
1. EV6 Wind AWD
2. EV6 GT-Line AWD
ZIP is 85712
Thanks!

.00341 MF and 58% RV
.00341 MF and 57% RV
$7500 lease cash

What about zips 90660 and 85005?

kyfdx

AccountLocked said:

Michaell said:

AccountLocked said:

Could I get MF and RV on a 36m/10k on:
1. EV6 Wind AWD
2. EV6 GT-Line AWD
ZIP is 85712
Thanks!

.00341 MF and 58% RV
.00341 MF and 57% RV
$7500 lease cash

What about zips 90660 and 85005?

Same

TurbinePowered

Possibly dumb question: how volatile are these numbers?
By which I mean do they change quarterly, monthly? Or are they unscheduled at all and just change w/out notice?

If there is a better place to ask that question please let me know!

Michaell

TurbinePowered said:

Possibly dumb question: how volatile are these numbers?

By which I mean do they change quarterly, monthly? Or are they unscheduled at all and just change w/out notice?

If there is a better place to ask that question please let me know!

The programs tend to run one month at a time.

For some reason, the current Kia programs are set to expire on 7/5. But, that doesn't mean they couldn't change before then.

kyfdx

TurbinePowered said:

Possibly dumb question: how volatile are these numbers?

By which I mean do they change quarterly, monthly? Or are they unscheduled at all and just change w/out notice?

If there is a better place to ask that question please let me know!

Kia occasionally runs their programs for two months, which is the case, currently.

AccountLocked

Has anyone found a lease deal where they quote a 0.0034 money factor? Lowest I've seen across a few states is 0.004...

ChadMan_1

I'm getting the 0034 figure in Phoenix. That said, I'm also seeing just a ton of inventory here and it's not moving. I think they have to bring the money factor down if they want to move it.

ChadMan_1

It could be the difference between the "buy" rate and "sell" rate. Dealers are allowed to mark up the rate. You just have to tell them it must be at the "buy" rate.

Volly21

Gr line awd 36/12
Zip code 78504

AccountLocked

ChadMan_1 said:

I'm getting the 0034 figure in Phoenix. That said, I'm also seeing just a ton of inventory here and it's not moving. I think they have to bring the money factor down if they want to move it.

Which dealerships?

Michaell

Volly21 said:

Gr line awd 36/12

Zip code 78504

.00341 MF and 56% residual
$7500 lease cash

sjeed

Hello: Well it’s that time again for a new ride. Looking at a Kia EV6 GT-Line RWD in 94025. What is the current MF, Residual, and Incentive/Lease Cash amounts for a 36/10, and if available a 24/10, lease? Appreciate it and thank you.

Michaell

sjeed said:

Hello: Well it’s that time again for a new ride. Looking at a Kia EV6 GT-Line RWD in 94025. What is the current MF, Residual, and Incentive/Lease Cash amounts for a 36/10, and if available a 24/10, lease? Appreciate it and thank you.

36/10, only
.00341 MF and 58% RV
$7500 lease cash

sjeed

Michaell said:

sjeed said:

Hello: Well it’s that time again for a new ride. Looking at a Kia EV6 GT-Line RWD in 94025. What is the current MF, Residual, and Incentive/Lease Cash amounts for a 36/10, and if available a 24/10, lease? Appreciate it and thank you.

36/10, only
.00341 MF and 58% RV
$7500 lease cash

Thank you for this information/confirmation. Does Kia allow MSDs to lower the MF?

Michaell

sjeed said:

Michaell said:

sjeed said:

Hello: Well it’s that time again for a new ride. Looking at a Kia EV6 GT-Line RWD in 94025. What is the current MF, Residual, and Incentive/Lease Cash amounts for a 36/10, and if available a 24/10, lease? Appreciate it and thank you.

36/10, only
.00341 MF and 58% RV
$7500 lease cash

Thank you for this information/confirmation. Does Kia allow MSDs to lower the MF?

No

AccountLocked

Has anyone recently gotten OTD prices for an EV6 Wind AWD in Arizona or California?

zap798

Hi, could you please share MF/RV for EV6 GT Line AWD in 60521 for a 36/10? Separately, is it right to expect that if the fed hikes in June that MF will increase on 7/5 (or maybe even before)?

Michaell

zap798 said:

Hi, could you please share MF/RV for EV6 GT Line AWD in 60521 for a 36/10? Separately, is it right to expect that if the fed hikes in June that MF will increase on 7/5 (or maybe even before)?

.00341 MF and 57% RV
$7500 lease cash

No guesses or predictions on future programs.

sam_k

@zap798 said:
Hi, could you please share MF/RV for EV6 GT Line AWD in 60521 for a 36/10? Separately, is it right to expect that if the fed hikes in June that MF will increase on 7/5 (or maybe even before)?

I'm not a moderator but the MF you got from the moderator is equivalent to over an 8% interest rate. Other Kia leases have a MF that translates to just over 5%. I'd be shocked if Kia raises it even if the Fed hikes interest rates unless the EV6 still has an inventory shortage.

Michaell

sam_k said:

@zap798 said:

Hi, could you please share MF/RV for EV6 GT Line AWD in 60521 for a 36/10? Separately, is it right to expect that if the fed hikes in June that MF will increase on 7/5 (or maybe even before)?

I'm not a moderator but the MF you got from the moderator is equivalent to over an 8% interest rate. Other Kia leases have a MF that translates to just over 5%. I'd be shocked if Kia raises it even if the Fed hikes interest rates unless the EV6 still has an inventory shortage.

I am the moderator, and I can tell you that nobody - not even the dealer - knows what the future programs look like. Trying to predict the numbers is like trying to time the stock market.

And, there are plenty of lease programs out there where the effective interest rate is higher than 8%.

sam_k

@Michaell said:
I am the moderator, and I can tell you that nobody - not even the dealer - knows what the future programs look like. Trying to predict the numbers is like trying to time the stock market.

And, there are plenty of lease programs out there where the effective interest rate is higher than 8%.

Of course nobody can predict the future programs but you can look at previous economic downturns and what happened in the car market to take an educated guess of where things are headed. If sales fall and inventory levels rise then I expect leases to become less expensive whether that's through lower money factors, lease cash and/or discounts off of MSRP.

Last year automakers didn't need to offer low money factors or other lease incentives because there wasn't much inventory and dealers were able to sell whatever they had at or above MSRP. Now that's changing for some brands. When automakers want to increase sales they tend to offer incentives or promotional financing rates on purchases and leases.

Michaell

sam_k said:

@Michaell said:

I am the moderator, and I can tell you that nobody - not even the dealer - knows what the future programs look like. Trying to predict the numbers is like trying to time the stock market.

And, there are plenty of lease programs out there where the effective interest rate is higher than 8%.

Of course nobody can predict the future programs but you can look at previous economic downturns and what happened in the car market to take an educated guess of where things are headed. If sales fall and inventory levels rise then I expect leases to become less expensive whether that's through lower money factors, lease cash and/or discounts off of MSRP.

Last year automakers didn't need to offer low money factors or other lease incentives because there wasn't much inventory and dealers were able to sell whatever they had at or above MSRP. Now that's changing for some brands. When automakers want to increase sales they tend to offer incentives or promotional financing rates on purchases and leases.

But ... if it costs more for Kia Motors Finance to borrow the money to lend to customers, they will still have to make a profit on that, so I wouldn't expect the MF to drop due to higher inventory or lower demand.

Yes, they can offer incentives, which may happen. I think we've lived with cheap money for so long, nobody knows how to deal with the higher interest rates we've been seeing.

Twowalla

Hi--I'm looking at a Kia EV6 GT-Line AWD in 98105. What is the current MF, Residual, and Incentive/Lease Cash amounts for a 36/10, and if available a 24/10, lease? Thank you!

Michaell

Twowalla said:

Hi--I'm looking at a Kia EV6 GT-Line AWD in 98105. What is the current MF, Residual, and Incentive/Lease Cash amounts for a 36/10, and if available a 24/10, lease? Thank you!

No 24 month term supported

36/10
.00341 MF and 57% RV
$7500 lease cash

v8nmotion

2023 KIA EV6 AWD WIND MODEL 36/10K MF &RV for Zip 98155 Please! Thank you very much

kyfdx

v8nmotion said:

2023 KIA EV6 AWD WIND MODEL 36/10K MF &RV for Zip 98155 Please! Thank you very much

.00341 MF and 58% residual
$7500 lease cash

sam_k

@Michaell said:
But ... if it costs more for Kia Motors Finance to borrow the money to lend to customers, they will still have to make a profit on that, so I wouldn't expect the MF to drop due to higher inventory or lower demand.

Yes, they can offer incentives, which may happen. I think we've lived with cheap money for so long, nobody knows how to deal with the higher interest rates we've been seeing.

I agree that prior to the past year we had cheap money for so long that nobody had to deal with higher interest rates so it will be interesting to see how the manufacturers deal with it. I checked the special financing pages of a few manufacturers and Nissan has 2.99% APR, Honda has 3.9% APR and Toyota has 3.99% APR on some models which are all lower than the current Fed funds rate so it's possible that Kia could do the same.

I've also been watching the MF on the Kia Carnival and recently that's been between 0.00228 and 0.00237 on 36 month leases depending on trim which translates to between 5.5% and 5.7% APR so Kia is currently offering lower MF on other models.

Michaell

sam_k said:

@Michaell said:

But ... if it costs more for Kia Motors Finance to borrow the money to lend to customers, they will still have to make a profit on that, so I wouldn't expect the MF to drop due to higher inventory or lower demand.

Yes, they can offer incentives, which may happen. I think we've lived with cheap money for so long, nobody knows how to deal with the higher interest rates we've been seeing.

I agree that prior to the past year we had cheap money for so long that nobody had to deal with higher interest rates so it will be interesting to see how the manufacturers deal with it. I checked the special financing pages of a few manufacturers and Nissan has 2.99% APR, Honda has 3.9% APR and Toyota has 3.99% APR on some models which are all lower than the current Fed funds rate so it's possible that Kia could do the same.

I've also been watching the MF on the Kia Carnival and recently that's been between 0.00228 and 0.00237 on 36 month leases depending on trim which translates to between 5.5% and 5.7% APR so Kia is currently offering lower MF on other models.

And minivans are less popular than EVs....

The low APRs (I saw a commercial today for one brand at 0%), are for shorter terms (36-48 months)

sam_k

@Michaell said:
And minivans are less popular than EVs....

The low APRs (I saw a commercial today for one brand at 0%), are for shorter terms (36-48 months)

Why are minivans being less popular than EVs relevant to my point? I simply gave an example of a Kia model thay has a lower MF which means they could offer lower MF on the EV6. Regardless, special APRs and inventives are designed to increase demand when supply is higher than demand.

Also, the EV6 competes with the Tesla Model Y and with Tesla lowering prices and being eligible for the $7500 federal tax credit on both leases and purchases (the EV6 only gets it on leases), Kia will have to do something to make the EV6 more price competitive with the Model Y, especially after supply catches up with demand.

Michaell

sam_k said:

@Michaell said:

And minivans are less popular than EVs....

The low APRs (I saw a commercial today for one brand at 0%), are for shorter terms (36-48 months)

Why are minivans being less popular than EVs relevant to my point? I simply gave an example of a Kia model thay has a lower MF which means they could offer lower MF on the EV6. Regardless, special APRs and inventives are designed to increase demand when supply is higher than demand.

Also, the EV6 competes with the Tesla Model Y and with Tesla lowering prices and being eligible for the $7500 federal tax credit on both leases and purchases (the EV6 only gets it on leases), Kia will have to do something to make the EV6 more price competitive with the Model Y, especially after supply catches up with demand.

Less desirable vehicles often have lower MF, which proves your point about supply and demand.

I agree on the second point regarding Tesla. Will be interesting to see how the EV market shakes out when (if?) supply exceeds demand.

Panfilo

Kia EV6 Wind AWD and GT AWD 36/12 MF, RV and incentives please for zip code 6812, Thank you. Do these values typically change on the 1st of each month?

kyfdx

Panfilo said:

Kia EV6 Wind AWD and GT AWD 36/12 MF, RV and incentives please for zip code 6812, Thank you. Do these values typically change on the 1st of each month?

What is your ZIP?

At this point, Kia's May numbers are scheduled to run through June, as well. But, typically, new programs come out, each month.

Panfilo

@kyfdx said:
What is your ZIP?

At this point, Kia's May numbers are scheduled to run through June, as well. But, typically, new programs come out, each month.

Sorry, 68127

Michaell

Panfilo said:

Kia EV6 Wind AWD and GT AWD 36/12 MF, RV and incentives please for zip code 6812, Thank you. Do these values typically change on the 1st of each month?

Panfilo said:

@kyfdx said:

What is your ZIP?

At this point, Kia's May numbers are scheduled to run through June, as well. But, typically, new programs come out, each month.

Sorry, 68127

GT - .00340 and 55%
Wind - .00341 and 57%
$7500 lease cash

swamyb

Is this is a good deal?

Zip code 94539
EV6 GT-Line RWD
Total price - 56000
Lease cash 7500
CCR 10000
Customer down 5k
Drive off 12500
Term 36 months
MF .0038%
Res 58%
Res 32000 (don't know how they based this?)
Monthly 700
tax 70
total 770

If this is not good deal, what number I should give them?

thanks

mard71

I would give them this: 🖕🏼

swamyb

mard71 said:

I would give them this: 🖕🏼

Thanks. That's what I would do, but is it possible to give your opinion on what might the good deal? I am negotiating with many dealers in Bay Area.

mard71

You're most likely not going to get a good deal on the EV6 right now. I believe supply is low and demand is high. That MF is equivalent to a 9.12% interest rate - which is terrible. Residual of 58% or $32k means the MSRP must be around $55,172. How many miles a year lease?

sam_k

@swamyb said:
Is this is a good deal?

Zip code 94539
EV6 GT-Line RWD
Total price - 56000
Lease cash 7500
CCR 10000
Customer down 5k
Drive off 12500
Term 36 months
MF .0038%
Res 58%
Res 32000 (don't know how they based this?)
Monthly 700
tax 70
total 770

If this is not good deal, what number I should give them?

thanks

The following info from your deal is confusing me.

Lease cash 7500
CCR 10000
Customer down 5k
Drive off 12500

CCR is cap cost reduction which is usually the lease cash (i.e. incentives) plus the down payment so I don't understand why the CCR is 10000 and not 12500. Also, I'm not sure how they came up with the drive off amount. It looks like they added the lease cash and down payment together to come up with it. But my understanding is the drive off should be your down payment plus any fees that you're paying up front such as the DMV fees, bank fee, etc.

Regardless, the MF looks slightly marked up based on the postings I've seen here from the moderators and someone else said it's over 9% interest rate. The only number you can typically negotiate in a lease is the selling price also known as the capitalized cost that's used in the lease payment calculation. Of course lately getting prices below MSRP has been difficult the past few years. The residual value is the MSRP multiplied by the residual percentage of 58%. You decide how much you want to put down to make the monthly payment lower. Usually I put zero down and roll the fees into the lease because if the car is totalled or stolen in a lease, you don't get the down payment money back from the insurance payout since you're not the legal owner of the car, the leasing company is.

Michaell

swamyb said:

Is this is a good deal?

Zip code 94539
EV6 GT-Line RWD
Total price - 56000
Lease cash 7500
CCR 10000
Customer down 5k
Drive off 12500
Term 36 months
MF .0038%
Res 58%
Res 32000 (don't know how they based this?)
Monthly 700
tax 70
total 770

If this is not good deal, what number I should give them?

thanks

Find out what the MSRP and the adjusted cap cost is; from that, we can figure out what the payment should be with the base lease programs.

swamyb

mard71 said:

You're most likely not going to get a good deal on the EV6 right now. I believe supply is low and demand is high. That MF is equivalent to a 9.12% interest rate - which is terrible. Residual of 58% or $32k means the MSRP must be around $55,172. How many miles a year lease?

MSRP 54610
10k miles
Total with fees 56350

swamyb

sam_k said:

@swamyb said:

Is this is a good deal?

Zip code 94539

EV6 GT-Line RWD

Total price - 56000

Lease cash 7500

CCR 10000

Customer down 5k

Drive off 12500

Term 36 months

MF .0038%

Res 58%

Res 32000 (don't know how they based this?)

Monthly 700

tax 70

total 770

If this is not good deal, what number I should give them?

thanks

The following info from your deal is confusing me.

Lease cash 7500

CCR 10000

Customer down 5k

Drive off 12500

CCR is cap cost reduction which is usually the lease cash (i.e. incentives) plus the down payment so I don't understand why the CCR is 10000 and not 12500. Also, I'm not sure how they came up with the drive off amount. It looks like they added the lease cash and down payment together to come up with it. But my understanding is the drive off should be your down payment plus any fees that you're paying up front such as the DMV fees, bank fee, etc.

Regardless, the MF looks slightly marked up based on the postings I've seen here from the moderators and someone else said it's over 9% interest rate. The only number you can typically negotiate in a lease is the selling price also known as the capitalized cost that's used in the lease payment calculation. Of course lately getting prices below MSRP has been difficult the past few years. The residual value is the MSRP multiplied by the residual percentage of 58%. You decide how much you want to put down to make the monthly payment lower. Usually I put zero down and roll the fees into the lease because if the car is totalled or stolen in a lease, you don't get the down payment money back from the insurance payout since you're not the legal owner of the car, the leasing company is.

CCR, I believe 7500 + dealer discount of 2500.
Drive off I believe- 7500 (from Kia) + Down payment 5000
Yes, i was thinking a goodwill downpayment of 5k might entice them to give better terms.

swamyb

Michaell said:

swamyb said:

Is this is a good deal?

Zip code 94539
EV6 GT-Line RWD
Total price - 56000
Lease cash 7500
CCR 10000
Customer down 5k
Drive off 12500
Term 36 months
MF .0038%
Res 58%
Res 32000 (don't know how they based this?)
Monthly 700
tax 70
total 770

If this is not good deal, what number I should give them?

thanks

Find out what the MSRP and the adjusted cap cost is; from that, we can figure out what the payment should be with the base lease programs.

MSRP 54610
Total with fees 56350
Adj Cap cost 46314

Michaell

swamyb said:

Michaell said:

swamyb said:

Is this is a good deal?

Zip code 94539
EV6 GT-Line RWD
Total price - 56000
Lease cash 7500
CCR 10000
Customer down 5k
Drive off 12500
Term 36 months
MF .0038%
Res 58%
Res 32000 (don't know how they based this?)
Monthly 700
tax 70
total 770

If this is not good deal, what number I should give them?

thanks

Find out what the MSRP and the adjusted cap cost is; from that, we can figure out what the payment should be with the base lease programs.

MSRP 54610
Total with fees 56350
Adj Cap cost 46314

.00341 MF and 58%
$7500 lease cash

As noted, the MF is marked up from the base rate.

With the prices given, I get $673/mo with the base MF, before tax. $703/mo, pre-tax, with the marked up MF.

swamyb

Michaell said:

swamyb said:

Michaell said:

swamyb said:

Is this is a good deal?

Zip code 94539
EV6 GT-Line RWD
Total price - 56000
Lease cash 7500
CCR 10000
Customer down 5k
Drive off 12500
Term 36 months
MF .0038%
Res 58%
Res 32000 (don't know how they based this?)
Monthly 700
tax 70
total 770

If this is not good deal, what number I should give them?

thanks

Find out what the MSRP and the adjusted cap cost is; from that, we can figure out what the payment should be with the base lease programs.

MSRP 54610
Total with fees 56350
Adj Cap cost 46314

.00341 MF and 58%
$7500 lease cash

As noted, the MF is marked up from the base rate.

With the prices given, I get $673/mo with the base MF, before tax. $703/mo, pre-tax, with the marked up MF.

Thank You. I need to negotiate or look another dealer who can do better.

sam_k

swamyb said:

CCR, I believe 7500 + dealer discount of 2500.
Drive off I believe- 7500 (from Kia) + Down payment 5000
Yes, i was thinking a goodwill downpayment of 5k might entice them to give better terms.

Ok this makes sense with the adj cap cost that you provided.

swamyb said:

MSRP 54610
Total with fees 56350
Adj Cap cost 46314

So $1740 in fees which doesn't sound crazy. The adj cap cost is a little more than $10k off the total which makes sense given the $7500 lease cash plus the $2500 discount off MSRP.

Michaell said:

.00341 MF and 58%
$7500 lease cash

As noted, the MF is marked up from the base rate.

With the prices given, I get $673/mo with the base MF, before tax. $703/mo, pre-tax, with the marked up MF.

Note that Michaell calculated these monthly payments WITHOUT the $5k down payment.

swamyb said:

Thank You. I need to negotiate or look another dealer who can do better.

I'm not sure if you'll find a better discount than $2500 off of MSRP but I'd certainly call around other dealers near you. Make sure you get price quotes for the same trim and watch out for extra fees and dealer add ons. If you can't find a better discount then ask the dealer that gave you the quote to remove the markup from the MF. In other words the MF should be .00341 not .0038.

@Michaell Do you happen to know what the Kia Finance bank fee is on leases? Does it vary by state or zip code?

kyfdx

sam_k said:

swamyb said:

CCR, I believe 7500 + dealer discount of 2500.
Drive off I believe- 7500 (from Kia) + Down payment 5000
Yes, i was thinking a goodwill downpayment of 5k might entice them to give better terms.

Ok this makes sense with the adj cap cost that you provided.

swamyb said:

MSRP 54610
Total with fees 56350
Adj Cap cost 46314

So $1740 in fees which doesn't sound crazy. The adj cap cost is a little more than $10k off the total which makes sense given the $7500 lease cash plus the $2500 discount off MSRP.

Michaell said:

.00341 MF and 58%
$7500 lease cash

As noted, the MF is marked up from the base rate.

With the prices given, I get $673/mo with the base MF, before tax. $703/mo, pre-tax, with the marked up MF.

Note that Michaell calculated these monthly payments WITHOUT the $5k down payment.

swamyb said:

Thank You. I need to negotiate or look another dealer who can do better.

I'm not sure if you'll find a better discount than $2500 off of MSRP but I'd certainly call around other dealers near you. Make sure you get price quotes for the same trim and watch out for extra fees and dealer add ons. If you can't find a better discount then ask the dealer that gave you the quote to remove the markup from the MF. In other words the MF should be .00341 not .0038.

@Michaell Do you happen to know what the Kia Finance bank fee is on leases? Does it vary by state or zip code?

$650 nationwide

ChadMan_1

I am not aware a dealer could give $2500 off MSRP. I'm pretty sure invoice is only about $600 under sticker....anyone else have other insight?