Kia Nero EV EX - Anyone here have one yet?

[Mephistopheles Janx]

I'm not fond of Kia. Up until recently I have heard nothing but a series of horror stories about this brand. I vowed long ago to never ever ever ever ever ever ever ever ever ever ever ever ever ever ever ever ever ever ever ever ever ever ever ever ever ever ever ever ever ever ever ever ever ever ever ever ever ever ever ever ever ever ever ever ever ever ever ever ever ever ever ever ever buy a Kia.

THAT SAID

I am in need of a vehicle and I may as well get an electric one because I pay .097 per kwh for electricity and I like the sound of traveling 230 miles for $8. All my research has lead me to...



While I would *NEVER* pay $40k for a Kia... they do have an offer where I can lease this vehicle for 36 months at $270 a month w/15k per year mile allowance. Between the monthly payments, fuel costs, and insurance we are essentially breaking even.

Most everyone I know that has purchased a Kia in the last 3-4 years has been really happy with them. It seems like Hyundai took renewed interest in their "off brand" label and decided to pump out some decent vehicles as of late.

Anyone here have one yet?

/why a lease? Because this is my first ev and this is the first ev Kia has made. Looking before leaping.

[wutamess]

Originally Posted by Mephistopheles Janx

Well feel free to ask anything because I worked the numbers around some more and found this to be ridiculously interesting. Gonna go get it, hopefully tomorrow, but probably on Monday.

If I put down $5k my payment would be $270. If I put down $7k my payment goes down to $210. I then do the math.

My payment goes down by $60 per month and 60*36 = 2,160. By putting down an extra $2k up front, I get it all back by the end of the lease plus another $160... AND I pay less per month.

This is ridiculous. Same if I go even harder on the down payment.... I get ALL the money back (over the life of the lease) plus a bit more AND a lower monthly payment.

How do you get all the $ back?

[Mephistopheles Janx]

Originally Posted by wutamess

How do you get all the $ back?

All the down payment money above the $3500 required at signing.

So, if I put down $5k total as my down payment at 15k miles per year my monthly payment comes out to $270 per month.

If I put down $7k ($2k more) total as my down payment at 15k miles per year my monthly payment comes out to $210 per month. That is a $60 per month difference.

The lease is for 36 months. So:

$60 x 36 months = $2,160 (+ $160 to me)

By putting down an additional $2k to begin with I will have saved, over the course of the lease, $2,160, which is a measly $160+ to me, but knowing that I "get" the $2k back over the course of the lease AND my monthly payments are lower is nice.

[burt]

I've watched Kia go from a total shit box to top of the board in reliability during my career. But I expected it. Toyota and Honda did the same.

[wutamess]

Originally Posted by Mephistopheles Janx

All the down payment money above the $3500 required at signing.

So, if I put down $5k total as my down payment at 15k miles per year my monthly payment comes out to $270 per month.

If I put down $7k ($2k more) total as my down payment at 15k miles per year my monthly payment comes out to $210 per month. That is a $60 per month difference.

The lease is for 36 months. So:

$60 x 36 months = $2,160 (+ $160 to me)

By putting down an additional $2k to begin with I will have saved, over the course of the lease, $2,160, which is a measly $160+ to me, but knowing that I "get" the $2k back over the course of the lease AND my monthly payments are lower is nice.

So you're not getting it back. You're just paying in advance?

Trying to clarify as I'm currently looking for my daughter who's going away in a couple of months and I'm sick of her asking me for gas money at $40-50 pop.

Nothing's reimbursing you, right? You're just paying a larger down payment and telling yourself, you're getting that money back?

So for instance, if you paid off the entire lease amount up front. You'd physically get nothing back right?

What about the tax write-off as well? Is there any?

[wutamess]

Would a lease be a good option for a college student @ 15k miles/year?

[Garcia Bronco]

I've never understood leasing vehicles. I am 47 and just bought my 3rd vehicle in my life. This is Toyota household too. I would also never buy a something called Nero, but whatever floats your boat though. I don't plan on buying another car in my life unless there is a reliable off-road 4WD EV SUV that can go 700 to 1000 miles per charge.

[Mephistopheles Janx]

Originally Posted by wutamess

So you're not getting it back. You're just paying in advance?

Trying to clarify as I'm currently looking for my daughter who's going away in a couple of months and I'm sick of her asking me for gas money at $40-50 pop.

Nothing's reimbursing you, right? You're just paying a larger down payment and telling yourself, you're getting that money back?

So for instance, if you paid off the entire lease amount up front. You'd physically get nothing back right?

You are correct... no one is reimbursing me any money. Perhaps I misspoke when I said get back.

I've never had a lease before so I really see it as "throwing away money" because I'm never going to own the car. The car this is replacing is 12 years old and we bought it new for $21k. It cost us $1,700 a year for that car (not including interest and the such).

With this car I will be, essentially, putting out $14,560 for a vehicle I will only own for 3 years. Considerably more expensive than our previous one from a bird's eye view of things.

So, my concern in this was that my putting down a larger down payment in order to get a lower car payment would result in me "throwing away" that additional money. Instead... by putting a greater amount down I'm paying less per month and saving a pittance on the price overall.

Basically I was just happy that the extra down payment wasn't just going to go *poof.

Perhaps this is just a well known thing or I just suck at math and came to an obvious conclusion late in life ... I don't know, I've never leased a car before.

What about the tax write-off as well? Is there any?

I'm not an accountant so I don't know how it would apply to your situation but...

https://www.keepertax.com/posts/car-lease-tax-write-off

[wutamess]

Originally Posted by Mephistopheles Janx

You are correct... no one is reimbursing me any money. Perhaps I misspoke when I said get back.

I've never had a lease before so I really see it as "throwing away money" because I'm never going to own the car. The car this is replacing is 12 years old and we bought it new for $21k. It cost us $1,700 a year for that car (not including interest and the such).

With this car I will be, essentially, putting out $14,560 for a vehicle I will only own for 3 years. Considerably more expensive than our previous one from a bird's eye view of things.

So, my concern in this was that my putting down a larger down payment in order to get a lower car payment would result in me "throwing away" that additional money. Instead... by putting a greater amount down I'm paying less per month and saving a pittance on the price overall.

Basically I was just happy that the extra down payment wasn't just going to go *poof.

Perhaps this is just a well known thing or I just suck at math and came to an obvious conclusion late in life ... I don't know, I've never leased a car before.



I'm not an accountant so I don't know how it would apply to your situation but...

https://www.keepertax.com/posts/car-lease-tax-write-off

I've been reading that leasing is a horrible idea for college students (well anyone for that matter) BUT if I can keep her on the road in something that is fully warrantied and doesn't have problems throughout her studies and she doesn't hit me up for gas money but maybe 3-4 times a year, I'd be happy to pay $3-400/ month.

Didn't think of the option until you just brought it up here. Thanks!

[wutamess]

Well I was asking about the tax deduction for electric vehicles. This wouldn't qualify?

[Mephistopheles Janx]

Originally Posted by Garcia Bronco

I've never understood leasing vehicles. I am 47 and just bought my 3rd vehicle in my life. This is Toyota household too. I would also never buy a something called Nero, but whatever floats your boat though. I don't plan on buying another car in my life unless there is a reliable off-road 4WD EV SUV that can go 700 to 1000 miles per charge.

TBH, I would typically agree with you other than the fact that we are, basically going to be driving this car for the same amount of money that we were spending on a 12 year old car *JUST* in gas and maintenance.

We fill that thing up about 6-7 times per month at around $50-$60 per fill up. That is between $350 and $385 per month in gasoline ALONE.

$210 - monthly payment
$50 - electricity
$18 - per month increase in insurance

Dunno about you but $278 per month for a vehicle to travel in sounds like a FAR better option than $370 for just gas on our ancient 4 banger.

/**** me I wish Suzuki were still in the US. that Grand Vitara we bought all those years ago is STILL running like a ****ing top even if it isn't as efficient as newer vehicles are.

[Capt_Von_Trapp]

Originally Posted by Garcia Bronco

I've never understood leasing vehicles..

Typically lower monthly payments.

Some people like to drive a new car every few years.

Some people don’t like dealing with long term maintenance/upkeep on a vehicle.

[Mephistopheles Janx]

Originally Posted by wutamess

Well I was asking about the tax deduction for electric vehicles. This wouldn't qualify?

Ah, no... because you do not actually own the vehicle but the leasing company does. The nice this about the Niro specifically is that they are knocking $8,900 off the sticker price to get the lease to this price. You have to have banging credit tho.

[scho63]

These are much cheaper

[Mephistopheles Janx]

Originally Posted by scho63

These are much cheaper

I would 100% commute on a bike if it weren't for the fact I work on my farm. The wife, though, cannot travel 64 miles per day to and from work on one of those bad boys.

[DaFace]

Originally Posted by Mephistopheles Janx

Ah, no... because you do not actually own the vehicle but the leasing company does. The nice this about the Niro specifically is that they are knocking $8,900 off the sticker price to get the lease to this price. You have to have banging credit tho.

Note that you'd get $7500 of that yourself if you purchased it. That's just the federal tax credit that they're claiming on your behalf.