Should I Buy a New or Runout Kia Sorento?
After taking into account all your great advice earlier, we are now looking at buying ourselves a Kia Sorento Platinum. We test drove the current model and were very impressed. For some reason I prefer the styling of the 2015 Kia Sorento over the 2015 Hyundai Santa Fe. We are now wondering whether to haggle for a good discount on a 2014 Kia Sorento or hang out for the new 2015 Kia Sorento. Is it likely the 2015 model will have a significant cost increase? Do you have any idea of how far away the 2015 Kia Sorento release date is? The fresh styling of the 2015 Kia Sorento is appealing but so is the price of the 2014 model.
We will be sure to run the pricing through your brokerage.
Kia is saying the first quarter of 2015 for the update on the Sorento.
It's worth remembering that the Kia Sorento and Hyundai Santa Fe are virtually clones - it sounds like you get that. (Kia and Hyundai are different brands owned by the same company. They share R&D resources. Because it is cheaper to design on vehicle for two brands, the economically rational way to develop large SUVs - or any other vehicle - is to develop the same major components and then style them differently for each brand. These major components include major body panels, structural architecture, computer systems and software, powertrains and suspensions. These major components are then handed to each brand to differentiate through detail design and styling changes.)
2014 Hyundai Santa Fe
2015 Hyundai Santa Fe
2014 Kia Sorento
2015 Kia Sorento
I’d suggest the 2015 Kia Sorento update trajectory would closely match the recent 2015 Hyundai Santa Fe update. In Santa Fe’s case, there was a slight price increase - in the case of Highlander it was up from $49,990rrp to $53,240rrp - a hike of 6.5 per cent. (But you get autonomous reverse parking and an auto tailgate, and sundry tweaks…) Kia Australia provided the images of the 2015 Kia Sorento you see above, via a dedicated media information website. Those pictures include one that depicts the auto tailgate feature (botton left) and also an advanced 360-degree external camera system (next to bottom left) but no clues yet on automated reverse parking.
Your options are:
- Buy the 2014 Kia Sorento now. See how you go talking down the price. Kia Sorento sales were down about 12 per cent in 2014 - so you might do okay.
- Wait until the 2015 Kia Sorento release is imminent and negotiate a larger deal on the 2014 model in run-out mode.
- Wait until the 2015 Kia Sorento lobs and pay a higher price.
- Wait until 2015 Kia Sorento sales have stabilised in sales and attempt to negotiate a larger discount. (This will be at least six months from now).
If you purchase the 2014 model Kia Sorento, just be aware that the discount up front till be offset to a degree by the fact that it will be perceived as an older vehicle at trade-in time. If we assumed owning the 'old' model added a year's worth of depreciation, then you'd want to get at least four per cent off the vehicle to compensate for this. (I just looked at Kia Sorento Platinum from 2011 and 2012: the retained values today are 66.7% and 70.0% respectively.) Four per cent at the $50,000 price point means getting an additional $2000 off, just for buying the runout model. More than this, and you're likely to be in front at trade-in time.
I'll get you back in touch with the brokerage to discuss. Whichever option you choose, this is the way to get the lowest price, and they make car buying painless. Unlike the dealer the brokerage works for you.
Thank you for visiting www.AutoExpert.com.au. If I can be of any other assistance, please let me know.