What’s the Process for Trading in a Financed Car? It’s simple to trade in a financed car. Cornerstone Kia gives you enough money to pay off the remainder of the loan and transfers the money to the company holding your existing loan if the amount still outstanding on your loan is less than the value of the car.
In This Article...
Are Kias still worth anything?
We’ll venture the bold assumption that you’ll want to sell your car for as much money as you can. You want to recover as much of the cost of the investment as you can because it was expensive. All cars lose value over time, but some do it more quickly than others.
IntelliChoice calculated the average retained values for a brand’s full model portfolio over a five-year period to find out. These estimates allow us to identify which manufacturers’ vehicles have better depreciation resistance. Let’s talk about the automobile brands that lose value more quickly now that we’ve determined which ones do so the best.
Mini: 50.4 Percent Retained Value
A fairly, well, small percentage of drivers are drawn to Mini automobiles because of its size, which lives up to its name. Models with charming aesthetics and nimble handling, like the retro Cooper, sporty Countryman crossover, or funky Clubman wagon, attract drivers with an eye for fashion and a sense of adventure but, more crucially, who can manage their diminutive dimensions. However, doubts about future worth may put buyers’ first enchantment to rest. The Countryman and Clubman receive a Poor five-year cost of ownership rating from IntelliChoice. Furthermore, we weren’t too impressed by the brand’s recent attempts at electrification. As joyful as Mini’s cars are to look at and drive, the brand’s market position is indicated by its value retention rate of 50.4%.
Mazda: 49.3 Percent Retained Value
Mazda doesn’t compare to other Japanese brands in terms of name recognition, lineup diversity, or value despite producing some of the best-looking and best-driving mainstream cars on the market. Even though the Mazda3 and Miata have sizable fan groups, those and other models may place a greater emphasis on driving characteristics than general utility. The Mazda6 lagged behind rival sedans until it was recently discontinued, while the CX-30 and CX-9 are less adaptable than rival crossovers. Although we usually love driving a Mazda, its value retention rate of 49.3 percent isn’t as high as that of its primary rivals. Possibly the brand’s next, higher-end vehicles will hold their value longer.
Kia: 47.7 Percent Retained Value
Kia has put a lot of effort into keeping up with its rivals in terms of quality, dynamics, and design. Want proof? The Sorento is back and even better than before, the Telluride won our competition for SUV of the Year, and the Optima’s makeover into the K5 gave this sedan new life. However, despite their appeal in other areas, Kia’s automobiles behind with an average value retention rate of 47.7% during a five-year period. Despite its extensive standard warranty and genuinely enticing options, that is the case. Even while we enjoy driving the Telluride and the sporty Stinger, Kia still needs to improve as evidenced by their respective Mediocre and Poor IntelliChoice scores.
Hyundai: 47.1 Percent Retained Value
Hyundai strives to match the reputation for quality and durability of Toyota and Honda, much like its corporate rival Kia. The long-term value proposition of Hyundai doesn’t appear to have been significantly impacted by a lengthy warranty or a group of very regarded experts. Models like the Sonata, Palisade, and Tucson serve as indicators of how far the brand’s products have come. However, Hyundai’s 47.1 retained value % suggests that it needs to do more to earn the trust of customers who value their money.
Volkswagen: 46.9 Percent Retained Value
Volkswagen’s image for quality suffered as a result of the Dieselgate incident, even though the company didn’t have a very strong one to begin with. Volkswagen lacks American and Asian rivals in mass-market appeal, even with more recent models like the Tiguan or Atlas, which only manage Average or Mediocre IntelliChoice value scores depending on trim. A shorter warranty is detrimental to its cause. Volkswagen is planning a number of electric vehicles, which might assist the company’s current 46.9% value retention percentage.
Nissan: 45.6 Percent Retained Value
Nissan has struggled to gain momentum and maintain its competitive position after a high-level organizational restructuring. It is currently working on refreshing its stale lineup. We were impressed by some of those efforts, like the Rogue and Sentra. Others, such as the legendary Z sports vehicle or the Pathfinder, stop at simply spiffing up antiquated platforms and engines. Despite the merits of Nissan’s engineering advancements, only a small percentage of its vehicles receive Good IntelliChoice value scores; the majority are ranked at Average, Mediocre, or Poor in terms of ownership costs. Nissan has a dismal 45.6 percent average value retention over a five-year period.
Buick: 42.3 Percent Retained Value
What does Buick mean today? Buick doesn’t seem to be confident in itself. Due to the brand’s current inventory consisting solely of SUVs, its tradition of opulent vintage sedans has come to an end. All of those models aren’t particularly terrible, but they don’t do much to change the outdated perception of Buick. Additionally, Buick’s uncertain positioning does not help. Does it aim for real luxury to compete with the best in the field, or does it aim for a premium experience at entry-level pricing? We believe Buick requires revival and a more focused course. If and when it occurs, it might improve the lineup’s average value retention, which is 42.3 percent.
Mitsubishi: 41.3 Percent Retained Value
Many of the Mitsubishi vehicles we’ve evaluated are affordable, but not just financially. We’ve encountered subpar engineering and craftsmanship in Mitsubishi cars, which leads to dull driving experiences. The Mirage and Eclipse Cross are among the least expensive options in their respective sectors, which is obvious from their flimsy construction and crude driving characteristics. The previous Outlander’s available electric driving range deserves praise, but the revised three-row SUV falls short of expectations. Mitsubishi’s value retention rate of 41.3% is significantly lower than that of other brands. Every other Mitsubishi has a Mediocre or Poor IntelliChoice ownership rating, leaving just the outdated Outlander Hybrid.
Chrysler: 40.2 Percent Retained Value
Any carmaker would find it challenging to maintain a two-model lineup, especially if those options are designed to compete in some of the least-wanted segments of the market. But Chrysler is going in that direction. Despite having advantages of its own, the 300 sedan and Pacifica minivan just do not appeal to the tastes of contemporary drivers. Only a layer of gradual improvements can hide the 300’s deterioration. Considering that it is a minivan, the Pacifica (and its fleet-only Voyager counterpart) is actually rather decent. Although Chrysler’s future is uncertain, introducing models that are contemporary in design could increase the lineup’s average value retention rate of 40.2%.
Fiat: 39.5 Percent Retained Value
Fiat’s tiny, quirky cars briefly appeared ready to inject some Italian panache into the compact car market. But that period has passed, and it is now clear that Fiats are less attractive than they once were. The 500X subcompact crossover is the only vehicle currently offered by the brand. Its cute design and standard AWD can’t make up for its sloppy driving manners and shoddy construction. Fiat’s abysmal 39.5 percent retention rate is the weakest among major brands because the 500X symbolizes the complete lineup.
What is Kia’s return policy?
You, the prospective buyer of a car, were considered when developing our 3-Day Love It or Exchange It Guarantee policy.
- At Family Kia, you can return new car purchases provided you have:
- Within the first three days after purchase, you can exchange the vehicle if you’ve only traveled less than 300 miles in it.
How does a car buyback operate?
According to the National Highway Traffic Safety Administration, 150,000 faulty vehicles are unintentionally purchased by American consumers each year. These problematic vehicles, sometimes known as “Lemons leave the factory with persistent, irreparable issues that can range from minor and irksome to serious and potentially dangerous. Every automaker, including Honda, General Motors, Ford, Toyota, and others, produces lemons. Defects can result from a wide range of factory-related problems, including as poor materials, problematic components, poor design, and human error. Regardless of the root reason, it is the makers’ responsibility to fix the issue and restore the consumer’s health. Lemon law attorneys have the right to take the company to court to obtain compensation when they don’t fulfill their end of the bargain.
The dealer buying back the vehicle is one possible solution for a lemon car. These “dealer buy back” vehicles are subsequently given “branded titles, which permanently identify them as lemons that a dealer repurchased due to a flaw. The consumer receives a full refund of all payments made for the vehicle when the dealer buys it back, minus a “Based on how long the customer kept the car after returning it to the dealer, a usage fee is computed. In accordance with most state laws, the manufacturer must also pay for any additional expenses you incurred as a result of the vehicle’s flaws. These expenses may include rental car fees, towing fees, phone or mail communications made to the dealership or manufacturer, personal property damage, legal fees if the consumer hires an attorney after learning the manufacturer has also done so, and even lodging if the vehicle breaks down while you are traveling out of town.
I still owe money on my automobile, but may I trade it in?
Even if you still owe money on the loan for the vehicle, you can trade it in. In reality, it’s typical for dealers to handle customers’ previous loans. They’ll get the car’s title directly from the lender after paying off the remaining loan debt on your trade-in.
How does one trade in an unpaid-off vehicle?
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A loan is acceptable when trading in a vehicle. However, proceed with caution and make sure you control the transaction, not the dealer.
You’ll be in one of these two scenarios if you trade in an automobile for which you still owe money:
Your equity is in the positive. You’re in good condition if the value of your car exceeds the balance of your loan. It’s like having money that you can use to buy a new automobile when you have positive equity, which is what it is.
You are in the red financially. You have a negative equity automobile, commonly referred to as being “upside-down” or “underwater on your car loan,” if the value of your vehicle is less than the amount you still owe. You must pay the difference between the loan debt and the trade-in value when trading in an automobile with negative equity. You have three options for paying it off: cash, another loan, orand this is not advisedrolling the balance into a new auto loan.
We’ll demonstrate how to respond in each of these circumstances. But first, some background information.
How durable are Kias typically?
People used to love to despise Kia as a brand. Although Kia is now known for producing high-quality cars like the Telluride, the South Korean carmaker has had a difficult past. You may have be aware that Kia has turned the corner and is now one of the most well-known brands on the international market.
There are undoubtedly plenty of Kia models available if you’re interested in purchasing one. However, some individuals may still remember Kia’s previous reputation for being unreliable, leading them to wonder: How long do Kias last?
In this article, we’ll examine the typical lifespan of Kia automobiles. How many miles should your Kia last? Is it a dependable, enduring brand? Which Kias have the longest lifespan and are the most dependable? These inquiries and others will be addressed.
How Far and Long Can You Drive a Kia?
What’s the real scoop on how long Kias last? Kia vehicles are predicted to last up to 200,000 kilometers when driven responsibly. Owners that provided their Kias with the necessary TLC report that they were able to get 200,000 to 250,000 miles out of them and keep them on the road for ten years or longer.
Of course, each driver’s experience with car longevity will be different (pardon the pun). Numerous elements, such as ownership maintenance and driving conditions, have an impact on longevity.
While the more modern Kia lines can clock 200,000+ miles on the odometer, the earlier Kias from around 20 years ago won’t win any medals for dependability.
These figures are competitive with brands like Honda and Toyota. For instance, Reader’s Digest claims that the Kia Rio subcompact sedan can reach 250,000 miles, while J.D. Power rates its dependability well.
You can always be sure that you got the greatest value possible since CoPilot scans your neighborhood and notifies you if there is a better deal on a comparable vehicle nearby. The best approach to purchase a car is through the CoPilot app.
Kias Reliability Ratings
The general reliability of a vehicle is one of the most important variables affecting its longevity. This raises the issue, are Kias trustworthy? How durable are Kias?
In a nutshell: Kia is a trustworthy company. Please, though, don’t take our word for it; instead, let us direct you to the professionals.
Kia has a reliability score that is above average. Although Kia first gained a reputation for being unreliable when it entered the American market, the South Korean manufacturer has since gotten its act together and is now one of the most dependable companies.
It currently ranks as the third most reliable car brand on the market with a RepairPal dependability rating of 4.0 out of 5.0. Only Honda and Acura, two businesses renowned for their legendary dependability, can surpass Kia.
With a low yearly repair cost of $474 as opposed to the country’s average of $652 for all models, Kia also received top marks for cost of ownership. Kia vehicles stay on the road longer than many brands thanks to 0.2 times as many unscheduled maintenance visits per year and a 10% likelihood of significant repairs.
Which Kias are the Most Reliable?
Kia sells premium automobiles for reasonable pricing. Like many automakers, Kia has some models that are better engineered than others. A vehicle has a better probability of remaining on the road and traveling farther if it is more dependable. Some of the most dependable Kias that will last you a long time are listed below:
Kia Rio
As basic a mode of transportation as you can find is the Kia Rio. The Rio won’t blow anyone away, but it provides adequate comfort, usefulness, and acceptable fuel efficiency at a fair price. The base Rio models are quite basic, but the higher trims are fully equipped cars that do the job admirably.
The Kia Rio will last you for a very long time with the right care and maintenance thanks to the combination of Kia’s top-tier guarantee and excellent safety ratings. As previously noted, some Rio owners asserted that their tiny car had logged 250,000 miles.
A quick check of RepairPal reveals that the Rio ranks 6th out of 21 subcompact cars with a dependability rating of 4.5 out of 5.0.
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Kia Soul
The boxy sheet metal Kia Soul is a big-hearted vehicle that usually draws attention. The Soul, however, is more than simply a quirky SUV since it has great utility, great fuel economy, and a ton of contemporary technology. Although many individuals find the base trim to be a little too basic, the Soul’s low price is undoubtedly its biggest selling point.
The Kia Soul requires proper care and maintenance, just like any other vehicle. The Soul may travel up to 200,000 miles and even more if you give it the proper care. The Soul will reward you with 1013 years of dependable service if you maintain your oil changes and dealership servicing.
Kia Sportage
The Kia Sportage belongs in the classy subcompact SUV category. If you’re searching for a chic and versatile suburban SUV, the Sportage is a good choice. It’s not just one of the more visually appealing subcompact SUVs on the market; it’s also lavishly furnished with contemporary features and cutting-edge safety technologies. The Sportage is an SUV that will last even though it doesn’t have a powerful performance.
Again, assuming the Sportage is well-maintained, it should have no issue reaching 200,000 miles or more. Many Sportage owners with more over 200,000 miles on the odometer can be found if you visit some well-known automotive forums. Kia offers 5-year/60,000-mile standard and 10-year/100,000-mile powertrain warranties, so you can drive more miles with greater confidence.
According to RepairPal, the Sportage is ranked sixth out of 26 compact SUVs with a dependability rating of 4.0 out of 5.0.
Make Your Kias Last
How durable are Kias? Actually, as the owner, it will also depend on you. It would be beneficial if you drove carefully and responsibly, in addition to adhering to your routine maintenance plan and taking care of repair concerns as soon as they arise.
You might not be particularly knowledgeable about your car’s brakes unless you’re a mechanic or a super-committed auto enthusiast. How much time do they usually last? How frequently should brakes be replaced? We have solutions.
Get a Curated List of the Best Used Cars Near You
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Just seeking for more recent models? The search engine for virtually new vehicles is CoPilot Compare. only observe recentfive years or lessautos with little mileage. The greatest place to look for off-lease, early trade-in, and CPO vehicles is CoPilot Compare.
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