Not just the domestics
Here, we tend to spend much of our time going over the incentive programs of the domestic manufacturers. But while Ford, GM and Chrysler have been hit harder by the sales downturn than Korean manufacturer Kia, its yearly sales are down by 4% year over year and, more tellingly, April sales were down a dismal (for the company) 15% year over year.
May incentives
For the month of May, Kia has maintained fairly high incentives as a percentage of MSRP (window sticker price) on its entire lineup of vehicles – from the base Rio to the top of the line Borrego.
Customer cash incentives during the month of May for 2008 models are as follows:
Customer cash incentives for May for 2009 models are, for the most part, nearly as aggressive as those for 2008 models and are as follows:
Finance rates
Kia is also offering special financing for the most qualified buyers in lieu of customer cash (or with less customer cash, depending on the model. The following 2008 models qualify for $1,000 in cash and 0% financing for up to 48 months, 1.5% financing for 60 months and 4.5% financing for 72 months: Sorento, Sedona, Amanti, Rondo and Optima. The 2008 Sportage qualifies for the same rates with $700 in bonus cash, while the 2008 and 2009 model Spectra qualifies for the same rates with no bonus cash.
The 2008 Rio qualifies for $500 in bonus cash and 60 month financing of 4.5% (up to 48 months is 3.5% and 72 month financing is 7.5%). The 2009 Sportage qualifies for the same rates with $1,500 in bonus cash, while the 2009 Optima also shares the rate schedule with $500 in bonus cash.
The 2009 Borrego, meanwhile, qualifies for $1,000 in bonus cash and 0% financing for 60 months with 1.9% financing for 72 months.
Finally, the 2010 Soul has a special low APR schedule of 0% for up to 36 months, 1.9% for 48 months, 2.9% for 60 months and 5.9% for 72 months.
The Bottom Line
Although Kia is currently not offering the same customer protection plan as Ford, GM and even its sister company, Hyundai, its warranties are some of the best in the industry.
