Last post on Sep 01, 2013 at 7:55 AM
You are in the Prices Paid - Buying & Leasing Experiences
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Kia Optima, Car Buying, Car Leasing, Sedan
Jul 28, 2013 (12:08 pm)
Get the residual value and money factor from the dealer and post them.
#449 of 457 August MF and Residual Optima SX
Aug 01, 2013 (9:27 pm)
Can you give me the August MF and residual for both the Optima SX w/ Tech Pkg/Prem Touring Pkg and the Optima SX Limited. 15,000 miles/yr and 36 mo. Top tier credit. Thanks.
#450 of 457 Please help. August MF and Residual Optima SX
Aug 13, 2013 (8:42 am)
Does anyone know the August MF and residual for both the Optima SX w/ Tech Pkg/Prem Touring Pkg and the Optima SX Limited. 15,000 miles/yr and 36 mo. I really need to get lease the car by the end of the month. Thanks.
#451 of 457 Re: Please help. August MF and Residual Optima SX [rlbjr2]
Aug 14, 2013 (7:30 am)
I don't have this data but did lease an Optima in January. Great car! Your dealer should be able to provide you with these numbers and then you can work a lease from there. If you are in the Philadelphia area, I'd highly recommend my dealer.
#452 of 457 2013 Optima SXL lease
Aug 28, 2013 (5:59 am)
Just leased a white 2013 Optima SXL. MSRP $35,500 (the dealer had additional add-ons of $1249). I negotiated the car to invoice, I did not pay the $1249 add-ons and received $2,900 in rebates ($400 recent college graduate and $1000 competive lease are a part of that - wife received her masters last year and she has a new lincoln). The 36mo/12K miles lease was residual 57% and MF of around .001 I cant remember exact MF) I paid aquisition fee, dealer fee and first month up front and have a monthly of $380. Great driving car but turbo/front wheel drive takes a bit to get used to. Last three cars were 5 series BMW and I must say I am pleased with this car.
#453 of 457 Re: 2013 KIA OPTIMA Ex - Lsing Offer [trofie]
Aug 30, 2013 (12:27 am)
OK. I know they don't teach math much these days. But let's look at the math. First, forget the residual value stuff. Who knows what the market will be in three years for a used Kia. Besides, it doesn't matter.
I used the sign & drive zero down number.
Here's the math calculation: $358 x 35 payments = $12,530.
Here's the question you must ask yourself: Would you pay $12, 530 to drive a Kia 36,000 miles (max)? Then have to give it back, in nearly spotless condition? And if you go over by just 1,000 miles, you have to cough up another $200?
Any scrapes, scuffs, stains, cigarette burns, whatever, will cost you extra when you bring it back (or you have to pay to fix it before you bring it in). If you are down on your luck three years from now, and don't have the $16,000 in cash to buy it out, your car is gone. And even worse, if you turn it back in an are over on the miles or there is some sort of UN-repaired damage and you are broke, the collectors will be all over you. And if you are down on your luck, nobody will finance you, either. Insurance on any new car is expensive those first three years, so don't forget to add that on.
Put another way, that will be the most expensive 36,000 miles you ever drove. And if life is sort of rocky three years from now, you will have no car to drive on top of all that. If you are money challenged (why else would you be considering this "deal"?), buy yourself a boring, low-mileage Buick LeSabre for $6,000, and drive it until it drops. You can finance it for three years at your local bank and have payments about half of what the Kia lease is. The cars are boring, but they run forever, are easy to maintain, and are cheap to insure. If life is good in three years, you can sell the LeSabre for $3,000 and buy something else that you like better and can afford; if life is not so good, you can keep driving your PAID FOR LeSabre.
I haven't had a car payment of any type in over 15 years. I buy good used cars/trucks that are five to ten years old, and drive them tell their socks fall off. (I bet you didn't know that cars had socks? They are under the CV boots.) As a rule of thumb, a five year old car with 60,000 miles at full retail price is about half what it cost new. Sometimes you can find a better deal.
#454 of 457 lease vs buy
Aug 30, 2013 (6:22 am)
Your post has to do with leasing in general not just a Kia lease. A lease almost always NOT the cheapest way to have a car. One exception is for someone using their car for business purposes. The tax deductions are much more favorable on a lease than when financing. As you said, buying a used car and driving it into the ground is absolutely the least expensive way to own a car. The problem is that most people want to drive a new car every 3-5 yrs. The only problem with your method is that repair bills can add up very quickly.
#455 of 457 Re: lease vs buy [rlbjr2]
by kyfdx@Edmunds HOST
Aug 31, 2013 (4:15 am)
Well.. the other problem is you get to drive a $6000 LeSabre...
#456 of 457 Re: lease vs buy [kyfdx@Edmunds]
Sep 01, 2013 (7:45 am)
Fair enough, an old LeSabre isn't too very exciting.
Yet, for a person who is short on cash, it is a FAR better option in the long term. Say what you will, but the LeSabre is roomy and reliable, and even turns in great gas mileage for a full-size V-6 car. If you find one driven by the proverbial little old lady, with low miles that go with little old lady cars, you can get yourself a great value. I saw an ad for a 2004 Lesabre, leather interior, factory chrome wheels, and only 35,000 miles -- $9,000 (and it could be had for $7,500). That $26,000 KIA will lose $7,500 in the first year.
I work in the financial business (insurance) and I see people all the time who are financially jammed up because of car payment situations. These folks stretched themselves to the limit, then the first hiccup that happens they are in a mess. Sometimes they buy the new car, and get a shock when they find out what the insurance will cost when they call the next day to add it onto their policy. It isn't unusual for a young (under 25) driver to have well over a $200/month car insurance premium -- a combination effect of age, having full coverage, and surcharges for a brand new car.
#457 of 457 Re: lease vs buy [rlbjr2]
Sep 01, 2013 (7:55 am)
True, if you pick an unreliable car, the repair bills can be ugly. Especially if the car happens to be a foreign make, like a BMW. I used the LeSabre in my suggestion as it tends to be a good car overall. One does need to exercise prudence when buying a used car, but the advantage of waiting until a particular model is 10 years old is that there will be a well-established reputation for how well a car holds up (both mechanically and cosmetically). LeSabres also have the more-than-average chance of getting to live in a garage during most of its first-owner time, which means less weather/sun fatigue compared to say, a Kia Optima. I've not seen too many 10-year old Kia's that I would consider buying, based on condition alone.
You are also correct about the fact that leases are seldom a good deal for the everyday consumer of cars, regardless of what kind of car it is. I would say there are very few cars that I would be willing to pay $12,000 for the privileged of driving 36,000 miles . . . maybe a Bentley?