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Kia Optima Lease Questions

425 messages,  Last post on Apr 11, 2013 at 2:49 PM

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What is this discussion about? Kia Optima, Car Buying, Car Leasing, Sedan

    

Messages Page 15 of 44

#133 of 425 Re: Question- Why lease? [ap19] by Car_man HOST

Mar 04, 2012 (10:29 am)

Replying to: ap19 (Feb 23, 2012 7:44 am)
Good question ap19. Purchasing a new vehicle and driving it into the ground is probably the cheapest form of transportation. Consumers who want to get a new car every several years can often do quite well leasing. It all depends upon how attractive the lease program is on the vehicle that you want.
 
The lease program for the 2012 Kia Optima isn't bad right now. The specific terms of the program vary by trim level, but let's take a look at the current program for the LX. A 36-month, 12,000 mile per year lease of this car has a money factor of .00068 and a residual value of 58%. That is a very solid residual value. It means that the depreciation portion of your car's monthly lease payment will be fairly low.
 
A money factor of .00068 is equivalent to an interest rate of 1.63%. Again that is very attractive.
 
Plus there is a $1,000 cash incentive on leases of this car right now.
 
So to sum things up, if you like to get a new vehicle every three years or so, leasing an Optima makes sense. If you plan to hang onto your vehicle for longer than that, then just finance or pay cash for your car.
 
Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum

#134 of 425 Re: Additional $1000 lease incentive [shand32783] by Car_man HOST

Mar 04, 2012 (10:31 am)

Replying to: shand32783 (Feb 23, 2012 11:53 am)
Hi Shane. Yes, the $1,000 competitive cash and the $1,000 cash incentive on leases can indeed be combined for a total of $2,000. Kia doesn't advertise the cash incentives that it is providing on leases, but it definitely exists.
 
Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum

#135 of 425 Re: 2012 EX w/ Premium [rp8] by Car_man HOST

Mar 04, 2012 (10:32 am)

Replying to: rp8 (Mar 04, 2012 5:21 am)
Hi rp8. Yes, Kia is indeed still providing a $1,000 cash incentive on leases of the 2012 Optima in March.
 
Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum

#136 of 425 Re: Question- Why lease? [Car_man] by haggard

Mar 04, 2012 (11:17 am)

Replying to: Car_man (Mar 04, 2012 10:29 am)
The MF appears to have dropped drastically (I believe it was .00092 in Feb). Also, you indicate KIA is supporting 36 month term. Are they still supporting 39 month as well, or is this a change?
 
I was unable to get my deal done in February, absolutely have to buy something in March. Could you please post the MF and residual for an Optima EX with 15K miles/year?
 
Thanks again, Car_man

#137 of 425 Residual and Money Factor for Optima SX by johngettler

Mar 04, 2012 (12:43 pm)

Hi Car_man,
 
You're generous access to "hidden" lease incentives has helped me through 3 car leases, and now it will be a 4th. Now that the March incentives are out, could you please provide the current Money Factor and Residual for an Optima SX for 36 months, and 15K a year. Thanks so much!
 
John Gettler

#138 of 425 Re: Residual and Money Factor for Optima SX [johngettler] by johngettler

Mar 05, 2012 (9:47 am)

Replying to: johngettler (Mar 04, 2012 12:43 pm)
Oh, and it there *anything* like a link or file you can share with us that *proves* the $1,000 lease cash promotion exists from Kia for March? I think I might have some dealers who might not know about it or play dumb. Thanks Car_man.

#139 of 425 leasing a 2012 optima (not the current lx offer) by chadecoen

Mar 05, 2012 (4:17 pm)

Hello everyone,
  Thank you for all the wonderful info I have been trying to absorb. I have read a couple of posts about lease numbers for the st models. My wife really likes the blue one and as far as I can tell it is only available in the upper models. So, this got me thinking.....I like the LX lease offer but if I hammer out my best price on a ST, and still use a trade for $2-3K down, does anyone think I can get anywhere close to the current LX lease offer of $189/mth? How much more are we talking?
 
Is there a calculator somewhere I can use to get a monthly payment? Truecar lists a "target" price for the one we want at $25,783.00. Is there a way to take that number deduct the $1K (or more?) rebate/incentive, buy some more miles, and get a monthly payment range? The trade is an old forenza so I think it qualifies for competitors incentive?
 
I can't tell what they are "selling" the lx car for to get to the monthly payment they are advertising?
 
I am rambling on here, can anyone follow what I am trying to do? Love that blue color!
 
Thanks,
 
Chad

#140 of 425 Re: leasing a 2012 optima (not the current lx offer) [chadecoen] by bostonben

Mar 05, 2012 (7:28 pm)

Replying to: chadecoen (Mar 05, 2012 4:17 pm)
I assume you are talking about an Optima SX.
 
The Truecar numbers have been off when I was price shopping last month. Here's the best February offer I received (no negotiation, via email only):
 
$30,470 - MSRP
$27,793 - Sale Price
-$1,000 - Competitive Bonus since you have the Honda Civic
- $500 - If you finance through Kia
$26,293 + tax, title, registration and doc fee.
 
To lease the same car, here are the details:
 
With just your normal upfronts due at signing, which totals $1,343.84, the payment comes to $285.03 + tax.
 
For your example, I am assuming the MSRP is $27,250 and I would assume the selling price to about 24,800 if all incentives are the same this month. I am not sure the extra $500 is around so I will leave it out for the calculation. This puts your target selling price at 23,800.
 
Based on February's numbers MF 0.00090 and Residual of 53%, here is what your lease looks like with 0 down and just the upfronts due at signing (bank fee, doc fee, rmv, title): $274/mo. + tax
 
$2K down (not advised) will get you to $221/mo. + tax.

#141 of 425 Re: leasing a 2012 optima (not the current lx offer) [bostonben] by chadecoen

Mar 05, 2012 (8:12 pm)

Replying to: bostonben (Mar 05, 2012 7:28 pm)
Yes, yes, sorry, I meant "sx" not "st". oops!
 
Anyway, I think someone a few posts up mentioned the MF was .00068 right now?
 
I also thought I also read that the residual was 58%?
 
I will need more miles and prolly buy them up front.
 
I found some instructions for calculating a lease...does this sound right?
 
$25,000.00 Optima SX (Can I even get one for this price? for less?)
-$ 3,000.00 Trade
-$ 1,000.00 competitor money
-----------------
$21,000.00 cap cost?
 
$27,250.00 (MSRP) x 58% = $15,805.00 Residual Value
 
$21,000.00 - 15,805.00 = $5,195.00 Depreciation
 
$5,195.00 / 36 months = 144.31
 
$21,000.00 + $15,805 = $36,805.00 x .00068 = $25.03
 
$144.31 + $25.03 = 169.34 + tax/month
 
$169.34 + tax a month for this hot rod? What the heck am I doing wrong here? I must have something wrong. Too cheap. It is even less than the LX lease offer being advertised right now. I have no idea if they will sell one that cheap or if I should be asking for more off but I have no problem sitting at the dealer ALL day long trying to get there. Well, I do need a few more miles than the standard 12K a year so that will cost me a little more. Anyone know what miles cost up front from Kia? Is any of this making sense? What am I doing wrong here?
 
Thanks,
Chad

#142 of 425 Re: leasing a 2012 optima (not the current lx offer) [chadecoen] by haggard

Mar 05, 2012 (9:49 pm)

Replying to: chadecoen (Mar 05, 2012 8:12 pm)
Hi Chad -
 
The money factors change (usually higher) at each trim level. The residuals change (usually lower) at each higher trim level and mileage. You are using LX numbers at 12/miles per year.
 
Take the trade and incentives out of the deal until you have negotiated your best price. You can get the invoice amount on the car you want here at Edmunds, and then apply rebates and trade allowance.
 
The mechanics of the deal aren't all that complicated. I've found it is more about finding a dealer who needs your business/if you are in an area with competition, etc.
 
And, don't believe everything you read here. Anyone can post anything. Some post deals that have the dealer going $2k past their holdback "just to earn your business". Those folks usually can't post the details, say they will come back and do so, and then we never hear from them again.
 
I still believe a good deal can be had, and will continue to try and get one. But, don't believe it when they tell you they got a BRAND NEW, IN DEMAND $30K car for $20K. Just can't happen.
 
Good luck.
 
Haggard

Messages Page 15 of 44

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