A Kia Sportage Lease: Everything You Need To Know
Kia Sportage by Makizox — CC-BY-SA-4.0
The Kia Sportage is a good compact SUV that slots nicely between the three-row Sorento and the smaller Seltos. From its upscale cabin and refined driving quality, the Sportage manages to hang out with segment all-stars like the Honda CR-V, Mazda CX-5, and Subaru Forester.
If you’re looking to get behind the wheel of this compact SUV, one of the best ways is to get a Kia Sportage lease.
For today’s guide, we’ll walk you through the things you need to know about a Kia Sportage lease. We’ll highlight the ways how leasing is different from financing and what you can expect from getting a lease from Kia.
10 Differences Between Leasing and Buying
Understanding the differences between leasing and buying will help improve your overall experience.
Ownership
The main difference between leasing and buying a Kia Sportage is ownership. When you purchase a car, you get to keep the vehicle and can do anything you want with it. With a Kia Sportage lease, you’re essentially ‘renting’ the SUV from the dealer, albeit for a longer time frame than a standard car rental.
Monthly Payments
One of the popular reasons why people choose to lease is the lower monthly payments. Typically, lease customers benefit from approximately 30% lower monthly payments. After all, you’re only paying for the vehicle’s depreciation while it’s under your care rather than its full value.
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Upfront Costs
When car buying, you’ll likely need to put a down payment of as much as 10% to get good financing rates. Meanwhile, leasing a Sportage requires less down payment and even no down payment in some cases. This adds a certain level of flexibility, especially on a tight budget.
Length of Ownership
With a car purchase, you can keep the vehicle for as long as you want and drive it until the wheels fall off. On the other hand, the term “ownership” very loosely applies to leasing since you’re technically renting. The typical lease duration is 24 to 48 months - you can return the vehicle early, but you’ll incur exorbitant termination fees.
Vehicle Return or Sale
Once you’re done with your auto loan payments, the car is yours and free to do as you please. Of course, it’s also all up to you if you wish to sell or trade-in the vehicle. With a Kia Sportage lease, parting with your vehicle is much easier. Once you’ve settled your contract, you can simply drive over to the dealership, hand them the keys, and walk away.
Mileage
When you buy a car, you can drive as much as you want without worrying about incurring penalties. You don’t have that luxury with a car lease. As part of the agreement, you’re only allowed a certain number of miles per year, ranging from 10,000 to 15,000 miles. Exceeding the set limit will cost you a lot in mileage overage fees which are charged on a per-mile basis.
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Wear and Tear/Maintenance
With a standard auto loan, you can be rough with your ride, and no one will bat an eye. On the other hand, leasing isn’t the best choice if you can’t take good care of the car. Remember, you’re only renting that Sportage from the dealer, so they want you to keep that SUV in good condition so they can sell it in the future.
Minor scratches and dents are fine, but any damage outside the agreed-upon normal wear and tear will cost you extra.
Repair
Most of the time, the Sportage you’re leasing will still be covered by Kia’s manufacturer warranty since lease terms are short. Thus, you may not have to pay out of pocket for major repairs.
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Customization
If you buy, you’re more than welcome to add accessories and install modifications to your car - whether they’re temporary or permanent. With a Kia Sportage lease, the SUV must be returned in its original condition. So if you like blinging out your cars with mods like custom grilles or 20-inch rims, you’re out of luck. Mods and accessories can be installed as long as they’re removable.
End of term
Both financing and leasing have a set amount of time periods where you’re making monthly payments. Once you’ve paid off your car loans, that’s about the end of it - no more payments to worry about. With leasing, you may have to pay extra for things like mileage overage and excessive wear and tear charges.
What to Expect When Leasing a Kia Sportage?
When you lease the Kia Sportage, expect to have a bit of a hard time finding the best deals or general availability. The Kia Sportage is a fairly popular model, even within the competitive compact SUV market. Therefore, it’s fair to expect that you’re not going to run into an abundance of lease offers and deals for this particular SUV.
For instance, the official Kia website offers four leasing deals that only extend to the LX trim (both FWD and AWD). One offer for a 2022 Sportage LX Front-Wheel Drive (FWD) states that you pay $199 per month for 36 months. However, you have to keep in mind that there’s a $3,499 due at signing, which includes the first-month payment, acquisition fee, capitalized cost reduction, and 10,000 annual miles limitation. For this deal, military service members can get an additional $400 off.
Kia Sportage lease deals and offers may vary based on location, so it’s always advised that you check with your local Kia dealership. Most of these deals and offers can change monthly, so it’s always best to check which offers are available before signing.
One good tip is to use the Kia Payment Calculator to have a general idea of how many monthly payments you need to make based on several factors like lease duration, credit score, down payment, and more. Also, always try to negotiate the Sportage’s purchase price as if you’re buying it because it can further reduce the monthly payments.
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