[KoupCake]

Greetings all!

New to the boards (incase you missed the thread title) and just wanted to say "hello".

I'm in the market for my first car as a young 28-year-old and it seems that the stars have aligned because I'm on a tight budget but looking for a great deal and it seems the Koup is right up my alley.

Now, I'm leaning towards the EX over the SX because first off I'm a tall guy. 6'4" to be exact. And when I was in the showroom this week and sat in the model they had there (SX w/ "Appearance Package") the sunroof was almost on top of my head so I'm going to have to steer clear of the SX since it only comes with one.

Second of all, I'm not too concerned about the performance upgrades the SX has over the EX (Engine, suspension, etc.) since I've never really been about that stuff and also because I need the extra spending room to cover the Automatic transmission.

I've also priced the EX on Kia's website and the MSRP on the site matches what the salesman gave me on a printout which is $19,695. Including a "Delivery & Destination" charge of $1,455.00 which totals $21,150.00.

Here's the audience participation part of the post!

- Since I want to Finance this, is the Estimated Monthly Payment of $366.48 (2.9% at 48 months. And yes, I used the "include taxes" option) an accurate number or are there hidden fees?
- Is removing the sunroof going to give me noticeably more headroom or should I lower my expectations and pursue another model?
- Is "Future Financing" a tool to lure people in who can't realistically afford a vehicle or a genuine deal? And what the heck is it exactly?

Your input is greatly appreciated and I'll see you all on the boards!

Cheers!

 

[JSINCERE]

Hey, u getting raped on the delivery and destination charge...that should be 695. an ex should be below 20K. dont pay anymore for that....i got an SX for 22K with a monthly plan of 323....so i am sure u can do better than that....they want to sell it to u, so u gotta make them work it for u

 

[KoupCake]

Thanks! Perhaps I should mention that I'm in Canada though.

 

[[email protected]]

I would recommend that you take it for another test drive or two first. You are a tall person and that might be a deciding factor. The last thing you want to do is hit your head on the roof when you hit a bump in the road. That being said - if you feel like there is sufficient room, then perhaps you can pay a visit to two Kia dealers to see what they are offering and get some comparisons.

 

[KiaTech]

There will be at least one more fee in there to finance that the website won't tell you about - the 'document fee'. Our dealership (and I believe all Alberta dealers) charge $499 for this, and they charge it to everyone. Each province likely has it's own version of this, but they are all the same idea.

Future value is also called 60/84 financing, or a 'balloon loan'. Basically it's like leasing, but for longer, and without a mileage or wear penalty at the end. Basically they finance the car over 7 years, and you commit to paying for five of them. After the five years is up, you either trade the car in still owing two years payments on it, or you get a loan to cover the remainder or pay it out in cash if you've got that kind of dough. It's been around for a long time, and is quite a popular option for keeping your payment lower, especially if you plan on trading in between the 3-5 year mark. Usually the black book on the car will be about what you'll still owe, so it's is flush for a trade value. Trading before the three year mark can get you 'upside down' though, with negative equity.

And yeah... test drive it a few times for headroom. I am 6'2"... and I am snug in my SX but have had to say 'no' to a lot of cars/trim packages in my day for your same reasons.

 

[apecio]

that price seems a little on the high side. I'm from Toronto and I paid for my SX sedan around that price range... but i paid cash... maybe that and the fact that I was the first one in ontario to get one had something to do with it. Anyway... i agree with the rest... test drive them atleast a nother 2 -3 times all the trims and go to different dealerships... you'd be surprised how competative they are... if you are in the toronto area... msg me I can probably help you out in getting the price lower.

 

[KoupCake]

There will be at least one more fee in there to finance that the website won't tell you about - the 'document fee'. Our dealership (and I believe all Alberta dealers) charge $499 for this, and they charge it to everyone. Each province likely has it's own version of this, but they are all the same idea.

Future value is also called 60/84 financing, or a 'balloon loan'. Basically it's like leasing, but for longer, and without a mileage or wear penalty at the end. Basically they finance the car over 7 years, and you commit to paying for five of them. After the five years is up, you either trade the car in still owing two years payments on it, or you get a loan to cover the remainder or pay it out in cash if you've got that kind of dough. It's been around for a long time, and is quite a popular option for keeping your payment lower, especially if you plan on trading in between the 3-5 year mark. Usually the black book on the car will be about what you'll still owe, so it's is flush for a trade value. Trading before the three year mark can get you 'upside down' though, with negative equity.

And yeah... test drive it a few times for headroom. I am 6'2"... and I am snug in my SX but have had to say 'no' to a lot of cars/trim packages in my day for your same reasons.

Thanks for the info!

So, unless I’m willing to pay out the 8k or get another Kia, I’d be better off simply financing then? The price difference is only $50 a month from what I can see.

The strings attached to Future Financing turn me off in a lot of ways:

1) Owning any car for 5+ years seems a little excessive
2) Owing $8,000 on a $20,000 car after 5 years of already paying is a little nuts.
3) Anything can happen during your term and the thought of “negative equity” if something happens in the first 3 years isn’t appealing. At all.

Sorry if I sound like I’m venting but I’m really not. Just trying to get my facts straight.

 

[apecio]

KoupCake... nice name btw

The most important thing that will help you make your decision in terms of how to pay for your car is what you plan on doing in the near/distant future and what kind of a car owner you have been, for ex. 1 - 3 years or 3 - 5 or 5 - 8. If you are in the first 2 categories the Future Value is not you... it will only hurt you in the end. I'm the type of guy who keeps his cars long... 5 - 8 but i'm also the type that pays cash for the cars... i find it has the best amount of savings. However, in the past what I had done was gone to my bank and got either a line of credit or a car loan from them... and paid the dealership cash/certified cheque... get the best bang for buck. The beauty of the bank loan over a dealership loan is u will more than likely have less strings attached and its much more convenient... not to mention 99% of them are open loans... dump as much as you can at the start to lower interest.

 

[KoupCake]

KoupCake... nice name btw

The most important thing that will help you make your decision in terms of how to pay for your car is what you plan on doing in the near/distant future and what kind of a car owner you have been, for ex. 1 - 3 years or 3 - 5 or 5 - 8. If you are in the first 2 categories the Future Value is not you... it will only hurt you in the end. I'm the type of guy who keeps his cars long... 5 - 8 but i'm also the type that pays cash for the cars... i find it has the best amount of savings. However, in the past what I had done was gone to my bank and got either a line of credit or a car loan from them... and paid the dealership cash/certified cheque... get the best bang for buck. The beauty of the bank loan over a dealership loan is u will more than likely have less strings attached and its much more convenient... not to mention 99% of them are open loans... dump as much as you can at the start to lower interest.

Thanks! Yeah, I deliberated a long time on the most masculine and imposing name I could think of.

I'm not considering buying this car because I'd like to keep my payments as low as possible and the re-sale value is pretty low on Kia's from what I've heard/read.

 

[apecio]

The resale value is increasing though... give it a few more years.