Automotive

New vs used (Kia Sorento)

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  • May 29th, 2020 9:24 am
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Deal Addict
Jul 23, 2008
1245 posts
338 upvotes
Montréal

New vs used (Kia Sorento)

Hi ! we want to change our Kia Sedona 2009 for a Kia Sorento .
1) We have 6500$ Cash
2) I guess our Sedona could still have a 2000$ value

2 options:

Option A) Buy new (with cashdown and Sedona value) with actual rebate (6 months paid and 0% for up t0 84 months) Sorento lx v6: 488$ per month (tx included) for 72 months (66 months)

Option B) 2017 Sorento Ex (value of 41k when buyed new) , 54 000 km, winter tires on rims, hitch, still almost 2 years of warranty for 23 000$. 6500$ cash, trade the Sedona , put the remaining amount on our heloc (2,95%). 512$/month (all in) for 36 months

What would be your choice ?

Thanks !
5 replies
Deal Fanatic
User avatar
May 8, 2002
5863 posts
2611 upvotes
I would much rather do the latter. Depends how long you can wait as well, because I bet the prices on used vehicles will trend downwards as dealerships have excess inventory sitting on their lots. I've always been a 2-3 years old vs new buyer, so I am a bit biased, but from a purely financial standpoint the latter makes way more sense, and you have a good chunk of the original warranty left to take advantage of.

You'd also have to factor in the extras that you mentioned, as those could easily add up to $1000+ if you had to buy them yourself.

I am also in the exact same market for the exact same vehicle, so I've been watching the prices myself and debating different strategies as well.
Deal Addict
Jul 23, 2008
1245 posts
338 upvotes
Montréal
Thanks, we also are more inclined to go for the Option B. I just saw 2021 Sorento pictures....it looks great. No point of getting a 2020 and paying for 6 years when the newer one will loolks that much better !
Deal Addict
Jul 23, 2008
1245 posts
338 upvotes
Montréal
Anyone else have an opinion on that ?
Member
Jan 2, 2009
226 posts
17 upvotes
Pembroke
Well I am in the same situation. 2017 Sorento SX for 25 000 or get the a new basic one for 32000 I think I will go with the 17
Sr. Member
Oct 24, 2004
829 posts
192 upvotes
Someone said in the Hyundai/ Kia hot deals forum about doing the same thing with option B. I think that's brilliant. Because they have a 5 year warranty and the car depreciate more then any other car manufacturer it only makes sense going that direction. You get a 3 year old the top of the line car within 50k km, 2 years warranty left, put it on your Heloc and pay it off in 36 months.

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