2023 Kia Sportage EX Money Factor & Residual please help!

SammyCCSammyCC Member Posts: 14
edited March 2023 in Kia
Hello forum members. I have been living out of the country for years and now I'm settling down, looking to lease a car. I've been doing a lot of research and I am told to get help here. Can someone please share with me money factor and residual value for 24month/10K? Zip code 90010. Thank you!!
Tagged:

Comments

  • MichaellMichaell Moderator Posts: 238,679
    SammyCC said:

    Hello forum members. I have been living out of the country for years and now I'm settling down, looking to lease a car. I've been doing a lot of research and I am told to get help here. Can someone please share with me money factor and residual value for 24month/10K? Zip code 90010. Thank you!!

    FWD or AWD?

    Edmunds Price Checker
    Edmunds Lease Calculator
    Did you get a good deal? Be sure to come back and let us know! Post a pic of your new purchase or lease!


    MODERATOR

    2015 Subaru Outback 3.6R / 2014 MINI Countryman S ALL4

  • SammyCCSammyCC Member Posts: 14
    FWD
  • MichaellMichaell Moderator Posts: 238,679
    SammyCC said:

    Hello forum members. I have been living out of the country for years and now I'm settling down, looking to lease a car. I've been doing a lot of research and I am told to get help here. Can someone please share with me money factor and residual value for 24month/10K? Zip code 90010. Thank you!!

    SammyCC said:

    FWD

    .00224 MF and 74% residual

    Edmunds Price Checker
    Edmunds Lease Calculator
    Did you get a good deal? Be sure to come back and let us know! Post a pic of your new purchase or lease!


    MODERATOR

    2015 Subaru Outback 3.6R / 2014 MINI Countryman S ALL4

  • SammyCCSammyCC Member Posts: 14
    Thank you so much Michaell!!
  • SammyCCSammyCC Member Posts: 14
    Someone, please help me evaluate this quote I received today. The math doesn't seem to make sense when I add up.

    This is the formula I am using and for zero downpayment, my monthly payment total should be $439 but the lease quote is $643.98. Where are they upcharging me? Are they marking up money factor?

    Payment = ((Capitalized Cost - Residual Value) / Number of Months) + ((Capitalized Cost + Residual Value) * Money Factor)

    24 months lease quote for Sportage EX w/ $29,835 MSRP

    24 months, 10k miles, w/$0 Down @ $643.98 monthly
    24 months, 10k miles, w/$2500 Down @ $529.85 monthly
    24 month, 10k miles, w/$5000 Down @ $415.70 monthly

    Base Residual 74%
    Money Factor: 0.00224
  • MichaellMichaell Moderator Posts: 238,679
    SammyCC said:

    Someone, please help me evaluate this quote I received today. The math doesn't seem to make sense when I add up.

    This is the formula I am using and for zero downpayment, my monthly payment total should be $439 but the lease quote is $643.98. Where are they upcharging me? Are they marking up money factor?

    Payment = ((Capitalized Cost - Residual Value) / Number of Months) + ((Capitalized Cost + Residual Value) * Money Factor)

    24 months lease quote for Sportage EX w/ $29,835 MSRP

    24 months, 10k miles, w/$0 Down @ $643.98 monthly
    24 months, 10k miles, w/$2500 Down @ $529.85 monthly
    24 month, 10k miles, w/$5000 Down @ $415.70 monthly

    Base Residual 74%
    Money Factor: 0.00224

    What is the selling price?
    What is the adjusted cap cost?

    Without those numbers, we can't give you much feedback on the quote.

    With the $0 down quote, all fees and such are being rolled into the lease payment.

    Edmunds Price Checker
    Edmunds Lease Calculator
    Did you get a good deal? Be sure to come back and let us know! Post a pic of your new purchase or lease!


    MODERATOR

    2015 Subaru Outback 3.6R / 2014 MINI Countryman S ALL4

  • SammyCCSammyCC Member Posts: 14
    So here is the latest quote I received from a different dealer on EX gas for 24 month lease. I think this is horrible deal. I'm better off buying something else for this price. The dealer told me that Sportages are in high demand so the cars are selling before they even get to the dealer. I recently got a 2022 Mercedes GLA 250 lease quote for similar monthly payment with $4000 down.
    This is a bad deal right?
    MSRP $29,935
    Cap cost: $35,610
    Down: $3,000
    Residual 73%
    MF .0022
    Monthly payment: $575
  • MichaellMichaell Moderator Posts: 238,679
    SammyCC said:

    So here is the latest quote I received from a different dealer on EX gas for 24 month lease. I think this is horrible deal. I'm better off buying something else for this price. The dealer told me that Sportages are in high demand so the cars are selling before they even get to the dealer. I recently got a 2022 Mercedes GLA 250 lease quote for similar monthly payment with $4000 down.
    This is a bad deal right?
    MSRP $29,935
    Cap cost: $35,610
    Down: $3,000
    Residual 73%
    MF .0022
    Monthly payment: $575

    When the cap cost is $6K over the MSRP, it's going to be a bad lease deal.

    Edmunds Price Checker
    Edmunds Lease Calculator
    Did you get a good deal? Be sure to come back and let us know! Post a pic of your new purchase or lease!


    MODERATOR

    2015 Subaru Outback 3.6R / 2014 MINI Countryman S ALL4

  • SammyCCSammyCC Member Posts: 14

    Thank you. Is it unreasonable to expect discount off of MSRP? I guess this might be possible with less popular models. I'm looking to lease based off of slightly lower than MSRP but this seems impossible with a popular model. Maybe I need to expand my search to other models.

  • MichaellMichaell Moderator Posts: 238,679
    SammyCC said:

    Thank you. Is it unreasonable to expect discount off of MSRP? I guess this might be possible with less popular models. I'm looking to lease based off of slightly lower than MSRP but this seems impossible with a popular model. Maybe I need to expand my search to other models.

    Use the Price Checker link, below, for help with expected pricing.

    Being flexible on the model can only help.

    Edmunds Price Checker
    Edmunds Lease Calculator
    Did you get a good deal? Be sure to come back and let us know! Post a pic of your new purchase or lease!


    MODERATOR

    2015 Subaru Outback 3.6R / 2014 MINI Countryman S ALL4

  • SammyCCSammyCC Member Posts: 14
    Thank you. I'm going to expand my search to Kia Seltos and maybe Hyundai Tucson.
  • AlemoeAlemoe Member Posts: 2
    edited March 2023
    Hello, Looking for the MF & RV for a Kia Sportage 2023 FWD zip 33015...36mo/12k and 48mo/12k. Thank you!!
  • MichaellMichaell Moderator Posts: 238,679
    Alemoe said:

    Hello, Looking for the MF & RV for a Kia Sportage 2023 FWD zip 33015...36mo/12k and 48mo/12k. Thank you!!

    Please repost into our primary 2023 Sportage thread

    Edmunds Price Checker
    Edmunds Lease Calculator
    Did you get a good deal? Be sure to come back and let us know! Post a pic of your new purchase or lease!


    MODERATOR

    2015 Subaru Outback 3.6R / 2014 MINI Countryman S ALL4

This discussion has been closed.