A Kia Sorento Lease: Everything You Need To Know
Sorento by Makizox — CC-BY-SA-4.0
The saturated SUV segment continues to be a cutthroat market, so any model that manages to stand out must be doing something right - you can say that about the mid-size SUV Kia Sorento. With the combination of handsome looks, good features, and reasonable pricing, the Sorento hits the “just right” mark for most people.
In view of this, the Kia Sorento SUV continues to climb in popularity and is considered a compelling substitute for its larger sibling, the Kia Telluride.
If you’re looking to get a Kia Sorento lease, you’ve come to the right place. For today’s post, we have a Kia Sorento lease guide that you should read before heading down to your friendly dealer.
Kia Sorento Lease: How It Works
Think of a Kia Sorento lease like you’re renting an apartment where you make monthly payments in exchange for temporary use of the vehicle. True enough, a car lease is basically a contract between you and the lessor (usually the car dealership). Instead of making payments to own the car, you’re paying the dealership to drive it for a specified period - usually 24 to 48 months.
When you enter a lease agreement, you’re also agreeing to several conditions set by the dealer, which may include things like:
- Lease term aka duration of the lease
- Number of miles you can drive per year
- Penalties for excess mileage
- Maintenance requirements
- Monthly payments and how they’re calculated
- Penalties for missing a monthly payment
- What happens when you terminate the lease early
Depending on the dealership, you may be given end-of-lease options that include the ability to purchase the vehicle, extend the lease, or sign a new lease for a different car.
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Advantages of Leasing a Car
Many people believe that leasing just doesn’t make sense. However, thanks to the improving lease regulations and deals from manufacturers, leasing became a legitimate option for people who want to get behind the wheel. Here are some of the most well-known advantages of getting a car lease:
Lower monthly payments
If you can’t afford to get a standard car loan due to the higher monthly payments, a Kia Sorento lease may help ease the burden. One of the hallmark qualities of leasing is that the monthly payment is considerably less compared to a conventional auto loan. As a result, some people even lease a more luxurious model that otherwise they can’t afford.
Drive a new car every few years
Driving a new car with that unmistakable new-car smell doesn’t get old. If you love the feeling of driving a new car now and then, leasing may just be for you. Car leases usually last two to four years which are a lot shorter than car loans. Thus, when your lease is up in a few years, you can simply return the car and lease a new one.
Plus, you can lease the latest and greatest Sorento models with cutting-edge features and tech without worrying about more expensive monthly payments.
Worry-free repair and maintenance
One of the worst aspects of car ownership is the unforeseen repair and maintenance expenses. When you lease a new Kia Sorento, it should have an active warranty that lasts for at least three years - your new leased car should be protected under manufacturer warranty. Most of the repair and maintenance are likely covered - that’s one less thing to worry about.
No resale worries
Are you the kind of person who’s not thrilled with reselling a car? If so, you’ll be glad to know that with a Kia Sorento lease, you don’t have to deal with the hassles of reselling. At the end of the lease, you can simply settle your fees, return the vehicle, and walk away. No need to negotiate, haggle, or deal with low-ball offers.
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Disadvantages of Leasing a Car
Of course, getting a lease on a Kia Sorento has its fair share of caveats.
No car ownership
Your monthly lease payments go into vehicle rental - not into building equity and eventually ownership as with conventional car loans. For that reason, you can’t lease if you’re looking to own the car unless one of your end-of-lease options allows you to purchase the vehicle.
Limited mileage
If you’re a frequent driver, it doesn’t make sense for you to lease due to the mileage limitations. Dealerships set mileage caps to minimize wear and tear and preserve the car’s value. In general, the mileage restrictions range from 10,000 to 15,000 miles per year. Exceeding the allotted miles will get you some hefty penalties.
No customization
Since you’re only renting the Sorento, you’re not allowed to make any permanent modifications to your SUV. All mods and accessories must be temporary and have to be removed as you turn in the vehicle at the end of the lease.
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Kia Sorento Lease: What’s Negotiable?
The key part of getting the best deals on your Sorento lease is the negotiation. Below are some parts of a lease offer that you can negotiate.
- Agreed-upon value of the vehicle: Just like how you can negotiate the price of a car when buying it, you can do the same with a lease. The car’s agreed-upon value is the primary component of the gross capitalized cost - the lower the agreed-upon value, the lower your monthly payments are.
- Capitalized cost reduction: This is like your down payment in a car sale. The more money you put in to reduce the cap cost, the lower your monthly payments. Make sure you ask how the cap cost reductions will affect your monthly payments.
- Length of lease: Most leases go for 24, 36, or 48 months. However, some dealers let you negotiate a lease for any number of months in between. Just keep in mind that the longer the lease, the lower the vehicle’s residual value (value at the end of the lease) will be, which means you’ll pay more in depreciation cost.
- Mileage allowance: The common annual mileage caps are 10,000 miles, 12,000 miles, or 15,000 miles. But then again, you can negotiate for any mileage limit. High mileage leases are available, but they can significantly increase your monthly payments.
When weighing whether you should get a Kia Sorento lease or purchase via financing, consider your driving habits and personal preferences.
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