Kia Nero EV EX - Anyone here have one yet?

[BryanBusby]

Subscribing to this newsletter. Been considering replacing the wife's forever thirsty Ford Edge with this.

[Mephistopheles Janx]

Originally Posted by BryanBusby

Subscribing to this newsletter. Been considering replacing the wife's forever thirsty Ford Edge with this.

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.

[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.

[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?

[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!