Last post on Apr 11, 2013 at 2:49 PM
You are in the Prices Paid - Buying & Leasing Experiences
What is this discussion about?
Kia Optima, Car Buying, Car Leasing, Sedan
#140 of 425 Re: leasing a 2012 optima (not the current lx offer) [chadecoen]
Mar 05, 2012 (7:28 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]
Mar 05, 2012 (8:12 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?
#142 of 425 Re: leasing a 2012 optima (not the current lx offer) [chadecoen]
Mar 05, 2012 (9:49 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.
#143 of 425 Re: leasing a 2012 optima (not the current lx offer) [haggard]
Mar 06, 2012 (7:47 am)
That is what I was trying to do. Negotiate the car down to $25K and start deducting stuff from there.
Do you have the SX model's lease numbers? On a 15K miles/year lease? What if I need 20K miles a year? Can buy them up front?
I am really trying to figure out what the numbers should look like before the dealer starts throwing them around. Once I am comfortable with all the numbers I can go in confidant that I will not get hosed!
#144 of 425 Re: leasing a 2012 optima (not the current lx offer) [chadecoen]
Mar 06, 2012 (8:52 am)
Well, Edmunds says the invoice on the SX (with no options) is $25,510 including destination. Then, of course, there will be fees to add in ($595 acquisition fee, docs and any other dealer fees).
If you go back a ways in this thread, you will see where someone did buy the extra miles up front. I think it worked out to be the same price as what you would pay at lease end for going over. So maybe just wait until you have to pay at the end, in case you don't use them? A matter of personal preference, I suppose.
As for the MF and residuals, I'm afraid that is above my paygrade. Car_man is THE MAN that provides the relevant MF and residuals based on the trim levell/term/mileage. I'm sure he will respond to your request soon.
Please let us know how you make out?
#145 of 425 Leasing EX Turbo or SX
Mar 09, 2012 (8:20 am)
Can I get the current money factor and residual for an EX Turbo and SX? Leasing very soon, lowest miles for the residual they have (is there less than 12k?) I only drive about 7k a year. Base or Base+Premium is what I'm looking at but I dont think that effects the residual %. Thanks!
#146 of 425 Re: Residual and Money Factor for Optima SX [johngettler]
Mar 09, 2012 (6:50 pm)
Car_man, is the $1000 Optima lease incentive not listed on the kia.com website special offers section because it is only a hidden "Kia to Dealer" promotion?
#147 of 425 Re: Leasing EX Turbo or SX [vampregen]
Mar 09, 2012 (9:01 pm)
Sorry, I don't have that info. The hosts of this thread provide the lease rate info each month. I was just offering a fellow shopper what I've learned here so far, so he/she didn't have to start from scratch.
I'm just another guy trying to get a decent lease deal in an area with little dealer competition. Once thought I had landed a great deal 100 miles away, didn't pan out. Now, I am back to square one, basically.
Still hoping to get the March MF and residual for an EX (no options) 36 months with 15K miles myself.
#148 of 425 Re: Leasing EX Turbo or SX [haggard]
Mar 10, 2012 (2:28 pm)
We just leased a Rio. There is $500 lease cash on it. It makes sense for there to be $1000 on the Optima. In trying to find all the paticulars on the Rio I'm almost positive that I did see the money on the Optima also.