2016Electric
Posts: 137
Joined: Thu Sep 17, 2015 4:05 am
Location: Toronto, Ontario

End of lease vehicles

Sun Dec 24, 2017 12:06 pm

Hi all,

Been a while since I've posted here. Still have the '16 Soul EV... so far, so good. Still crap for fast chargers in Ontario too, overall (almost any they have put in are insanely expensive to use, and the locations are often of questionable use).

Anyhow..

I'm wondering how many here have reached the end of their lease, and faced a return or buyout decision?

If so, how did Kia treat you? Were they firm on buyout price?

I'm wondering what is happening to the end of lease vehicles... are they going to auto auction, same as an ICE lease return would (in Ontario)... or is something else happening to them? If they are going to audition and then used car lots, does anyone know what the vehicles are fetching in terms of pricing? I haven't seen any used ones, and the gov't is still providing massive subsidies for new vehicle purchases. Surely this would affect the local used market...?

Much has changed since this vehicle came out, at least here in Ontario. More options now, i.e. the Bolt EV, and soon a longer range Leaf, from what I hear... should this not decimate the value of a used Soul EV with a measly (and degraded) 27 kWh battery (and probably half expired EV system warranty). The battery packs in the Soul EV are crazy (ripoff) expensive! (I think something like $15k USD last I checked). Gee, almost like Kia doesn't want people replacing their batteries. Hmm.

tractioninc
Posts: 202
Joined: Fri May 08, 2015 6:53 am
Location: Atlanta, GA USA

Re: End of lease vehicles

Mon Dec 25, 2017 12:00 am

I've got three and a half months to go on my lease. I intended to discuss my lease-end options when I visited the Kia dealership last week, but after pouring over the new Stinger GT and taking it for a test drive I ran out of time to ask. I'll post again when I find out more.

PS - In case you're wondering, the Stinger is a terrific car to drive and a whole new direction for Kia.
Kia Soul EV+, Porsche 928

KiaForbs
Posts: 17
Joined: Sat Dec 09, 2017 10:11 am

Re: End of lease vehicles

Wed Dec 27, 2017 9:56 am

Leases are the same all around.

1) Return the car and pay all the issues they find with it
2) Get the car Pre inspected and fix all the issues (That are cheaper to fix) before you return it. <---this is the best thing to do
3) Buy the car for the residual
4) Trade the car in for another Kia, you will save Disposition fee...and that's about it (Not withstanding all the deals you get from the dealer on the new car)
5) Get it appraised at Carmax and if the value is higher than the residual, sell it to them and keep the difference.

Return to “Buying a Kia Soul EV”