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2020 Kia Soul EX
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Discussion Starter · #1 ·
I’ve only had my 2020 Soul EX for a little over a year now. I got it used with only 400 miles at a Volkswagen dealership for $16,500 right before the market went crazy !(now has 18,500 miles) I owe $14k on my loan still but it’s worth $21k with the market right now. I live in central PA with sometimes crazy winters and there being a lot of hills where I live I’ve wanted something with 4WD. My Soul has done amazing in the snow ! But I just want that peace of mind as I drive. I also must mention I got it when I was 18 with barely any credit so the interest on my loan is pretty high. So it would be nice now that I have built my credit and I have positive equity on my loan to trade it in. I’ve looked into refinancing but it wouldn’t make sense now that the car is worth so much more than it was when I got it ! I don’t know what to do, any help ?
Tire Wheel Car Vehicle Hood
 

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Did a dealer actually offer you 21k? If so that would be a no brainer and trade it in. Not a fan of the new Sportage but it is a lot more car than the Seltos also a lot more money. You can get a decent AWD Seltos for just a few thousand more than the Soul and if you got a lower interest rate you probably actually lower or stay with same payment
 

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I’ve only had my 2020 Soul EX for a little over a year now. I got it used with only 400 miles at a Volkswagen dealership for $16,500 right before the market went crazy !(now has 18,500 miles) I owe $14k on my loan still but it’s worth $21k with the market right now. I live in central PA with sometimes crazy winters and there being a lot of hills where I live I’ve wanted something with 4WD. My Soul has done amazing in the snow ! But I just want that peace of mind as I drive. I also must mention I got it when I was 18 with barely any credit so the interest on my loan is pretty high. So it would be nice now that I have built my credit and I have positive equity on my loan to trade it in. I’ve looked into refinancing but it wouldn’t make sense now that the car is worth so much more than it was when I got it ! I don’t know what to do, any help ? View attachment 140172
That’s a nice looking car at a bargain price. The EX is the top line loaded with accessories. Was it on the recall list for oil piston rings? I’m familiar with PA hills since I did a lot of work, driving from Cleveland, for Heinz and other companies. I am now in Northern MI where I traded in my 2020 S Kia Soul since I didn’t trust the engine even after passing a test. I now drive a 2022 Kia Soul EX with snow tires. The snow tires are very effective here, but i don’t have the hills like PA. Prior to the Kias I had four wheel drive cars and felt uncomfortable about the Kia in winter driving. With the Michelin tires I’m very happy with their winter performance. And with the gas prices I’m not driving around in the summer with an 800 pound transfer case. But “peace of mind” is important and if you could swing it financially.I’d go for the 4wd. If not, get the snows and go. You’ve already have “done amazing in the snow”.
 

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Not quite understanding how its higher than expected resale is a problem with refinancing.

And with how fancy the 2024 Seltos looks, I changed my mind about buying a current year:

If you like your Soul, why not trade it in for a '23 GT Line w/ Tech package, nice fully loaded upgrade and you can get better financing. Throw on some cheap Soul takeoffs with winter tires, or if it has to be AWD I would go Sportage over the Soul. Only issue is the 2.5 really seems underpowered for a vehicle as heavy as the Sportage, so if you can swing it I'd get the Sportage Hybrid EX and just plan to keep it for at least 10 years.
 

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Former owner 2016 Kia Soul + Clear White 2.0 L GDI
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@iamcharlesm — If your Soul did well in the snow and you’re happy, I’d keep it. If you went with a newer, bigger vehicle, your gas expenditures would go up, your insurance would go up, and in the end, have a vehicle that would decline in value faster than your Soul. You would also have a larger loan, albeit at a lower interest rate. I’d concentrate on getting your Soul paid off. The used car market is totally abnormal right now. This bubble will burst leaving a bunch of folks in a whole world of hurt. Best place to be in that case is a fully paid off car—you don’t want to be in your early 20s and have a car that is worth much less than you owe. As soon as you sign papers on a new car, the value typically starts to drop in a normal economy.

Again, what has happened with your Soul (increasing in value) is not typical and is unsustainable. In the future either prices will fall or the present inflation rate for all goods and services will continue to increase making the price higher but masking the fact that the value has actually decreased due to the dollars lower buying power.

Not sure where you are financially, but it would be prudent to take a look at some Dave Ramsey videos or books. Unlike what Congress thinks, debt is not your friend.
 

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2022 LX with Tech Package
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I like the 23 Sportage Hybrid AWD. I would want to go for that. Trade it for a 23 Soul EX and may be just get a brand new soul with more features.

I personally am waiting for 23 Hyundai Tuscon and see what the line up looks like. (Hybrid).

Thanks!
 

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I personally am waiting for 23 Hyundai Tuscon and see what the line up looks like. (Hybrid).
Hyundai already released their MY changes for 23, no change for the Tucson.
If you went with a newer, bigger vehicle, your gas expenditures would go up, your insurance would go up, and in the end, have a vehicle that would decline in value faster than your Soul.
Sportage hybrid should be better fuel economy. Insurance you'd have to get a quote, like i was surprised that a WRX has higher insurance than a Corvette. Apparently WRX attracts highschool drifter wannabes whereas Corvettes come with complementary AARP memberships and so demo wise are way safer and so cheaper insurance.
 

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Is it official? I mean is it on Hyundai website?
Yes, just some minor options shuffling on trims like the 10.25" infotainment is now on XRT, N Line, and Limited and the base trim now gets adaptive cruise control: https://www.hyundainews.com/en-us/releases/3587

Models included in this guide are:

2023 Palisade – Product Enhancement
2023 Santa Fe (ICE, HEV, PHEV) – Carry-over Model
2023 Tucson (ICE, HEV, PHEV) – Carry-over Model
2023 Kona (ICE, EV) – Carry-over Model
2023 Santa Cruz – Carry-over Model
2023 Venue – Carry-over Model
2023 NEXO Hydrogen Fuel Cell Electric Vehicle – Carry-over Model
2023 IONIQ 5 – Carry-over Model
2023 Elantra (ICE, HEV) – Carry-over Model
2023 Elantra N – Carry-over Model
2023 Sonata (ICE, HEV) – Carry-over Model
2023 Sonata N Line – Carry-over Model

IONIQ HEV and PHEV – Discontinued due to a significantly expanded electrified lineup with the Elantra HEV, Sonata HEV, IONIQ 5, Kona Electric, Tucson HEV & PHEV, Santa Fe HEV & PHEV and NEXO. The IONIQ sub-brand launched with the IONIQ 5 and the next model in the lineup, IONIQ 6, was revealed globally on June 28.

Accent – Discontinued due to an expanded SUV lineup that includes Venue. Venue now serves as the entry-level model for the Hyundai brand. Sedans remain an important part of the lineup and Hyundai continues to offer Elantra and Sonata.

Veloster N – Discontinued due to new N Brand model expansion of Elantra N and Kona N.
 

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2020 Kia Soul EX
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Discussion Starter · #12 ·
That’s a nice looking car at a bargain price. The EX is the top line loaded with accessories. Was it on the recall list for oil piston rings? I’m familiar with PA hills since I did a lot of work, driving from Cleveland, for Heinz and other companies. I am now in Northern MI where I traded in my 2020 S Kia Soul since I didn’t trust the engine even after passing a test. I now drive a 2022 Kia Soul EX with snow tires. The snow tires are very effective here, but i don’t have the hills like PA. Prior to the Kias I had four wheel drive cars and felt uncomfortable about the Kia in winter driving. With the Michelin tires I’m very happy with their winter performance. And with the gas prices I’m not driving around in the summer with an 800 pound transfer case. But “peace of mind” is important and if you could swing it financially.I’d go for the 4wd. If not, get the snows and go. You’ve already have “done amazing in the snow”.
i got the recall done right away and definitely considering the 2023 Sportage SX Prestige ! as it seems like the most for the overall value. but will definitely consider keeping my Soul also. thank you !
 

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Discussion Starter · #13 ·
Did a dealer actually offer you 21k? If so that would be a no brainer and trade it in. Not a fan of the new Sportage but it is a lot more car than the Seltos also a lot more money. You can get a decent AWD Seltos for just a few thousand more than the Soul and if you got a lower interest rate you probably actually lower or stay with same payment
they offered $20,500 and were super interested! also test drove the 2023 Seltos Nightfall Edition and the 2023 Sportage X-Pro. i liked the Seltos but fell in love with the Sportage the second i left the lot. been looking and for the price and the features the Sportage SX Prestige w/AWD is the best buy! (or ill just keep the Soul)
 

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Discussion Starter · #14 ·
@iamcharlesm — If your Soul did well in the snow and you’re happy, I’d keep it. If you went with a newer, bigger vehicle, your gas expenditures would go up, your insurance would go up, and in the end, have a vehicle that would decline in value faster than your Soul. You would also have a larger loan, albeit at a lower interest rate. I’d concentrate on getting your Soul paid off. The used car market is totally abnormal right now. This bubble will burst leaving a bunch of folks in a whole world of hurt. Best place to be in that case is a fully paid off car—you don’t want to be in your early 20s and have a car that is worth much less than you owe. As soon as you sign papers on a new car, the value typically starts to drop in a normal economy.

Again, what has happened with your Soul (increasing in value) is not typical and is unsustainable. In the future either prices will fall or the present inflation rate for all goods and services will continue to increase making the price higher but masking the fact that the value has actually decreased due to the dollars lower buying power.

Not sure where you are financially, but it would be prudent to take a look at some Dave Ramsey videos or books. Unlike what Congress thinks, debt is not your friend.
I have money to put down and I have really good credit considering i had almost none when I got my Soul. I’ve calculated multiple different APRs and my payment wouldn’t be much higher (highest being around $60) with my trade in having around $6k-$7k positive equity on my loan also. plus my insurance would drop by $40 (higher now because I had a brand new car by myself at 18 with only 2 years of driving experience) with the hills and roads i drive on here i get around 25mpg in my Soul which is expected from the Sportage also. with Sportage SX Prestige I built it came out around $38k. with my trade in and money down I’d be paying around $26k w/other expenses needed. I’ve put a ton of thought into this. I may only be 20 but I made the best decision ever when I got my Soul completely by myself (my parents almost killed me) and i truly think this is the next best step for me.
 

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I have money to put down and I have really good credit considering i had almost none when I got my Soul. I’ve calculated multiple different APRs and my payment wouldn’t be much higher (highest being around $60) with my trade in having around $6k-$7k positive equity on my loan also. plus my insurance would drop by $40 (higher now because I had a brand new car by myself at 18 with only 2 years of driving experience) with the hills and roads i drive on here i get around 25mpg in my Soul which is expected from the Sportage also. with Sportage SX Prestige I built it came out around $38k. with my trade in and money down I’d be paying around $26k w/other expenses needed. I’ve put a ton of thought into this. I may only be 20 but I made the best decision ever when I got my Soul completely by myself (my parents almost killed me) and i truly think this is the next best step for me.
After reading this again it seems to me you’ve made your decision. Congratulations on your financial decisions all on your own, particularly at your young age, and to have made a decent profit on your used Soul. Now leverage that money to make a down payment on a Sportage. Interests are rising along with inflationary price increases so don’t wait much longer to act. AWD vehicles prices could be more negotiable.mid summer. I’m very familiar with your hills and as good as your Soul is in winter there’s going to be those hills that will challenge a non AWD drive car. Let your financial acuities put your mind at ease when facing the prospect of negotiating your Alpine milieu this coming winter.
 

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I have money to put down and I have really good credit considering i had almost none when I got my Soul. I’ve calculated multiple different APRs and my payment wouldn’t be much higher (highest being around $60) with my trade in having around $6k-$7k positive equity on my loan also. plus my insurance would drop by $40 (higher now because I had a brand new car by myself at 18 with only 2 years of driving experience) with the hills and roads i drive on here i get around 25mpg in my Soul which is expected from the Sportage also. with Sportage SX Prestige I built it came out around $38k. with my trade in and money down I’d be paying around $26k w/other expenses needed. I’ve put a ton of thought into this. I may only be 20 but I made the best decision ever when I got my Soul completely by myself (my parents almost killed me) and i truly think this is the next best step for me.
I'd just make sure you test the hybrid and NA back to back, and also take a peak at the sister vehicle Tucson as it rides a bit different with a firmer suspension. Also the PHEV version of the Sportage should be available for order, and if you're paying enough taxes to qualify you might be able to pick one up cheaper than the hybrid, but with the advantage of 82MPGe after a quick 2-hour charge at home w/ a 30+ mile EV only range if desired w/ 260hp combined. Because the naturally aspirated Sportage is going to feel quite slow even compared to your Soul since it has a lower power to weight ratio.
 

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BWDZ75, I've been keeping my eye on the Sportage over the years; any comments on why you are not a fan of the latest release? Quality or mechanical issues??
 

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BWDZ75, I've been keeping my eye on the Sportage over the years; any comments on why you are not a fan of the latest release? Quality or mechanical issues??
Not me. I am not familiar with the Sportage. Someone else posted that it may not be as peppy since it has the same engine as the Kia Soul with the added weight of AWD. If prices are close I’d choose the AWD since you are the one with the hills?
 

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Not me. I am not familiar with the Sportage. Someone else posted that it may not be as peppy since it has the same engine as the Kia Soul with the added weight of AWD. If prices are close I’d choose the AWD since you are the one with the hills?
The Sportage used to have the 2.4L engine, but the 2023 has the new 2.5L as the only engine. It’s always had a bigger engine than the Soul, but the Seltos uses the same engine and transmission as the Soul.
 
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I have money to put down and I have really good credit considering i had almost none when I got my Soul. I’ve calculated multiple different APRs and my payment wouldn’t be much higher (highest being around $60) with my trade in having around $6k-$7k positive equity on my loan also. plus my insurance would drop by $40 (higher now because I had a brand new car by myself at 18 with only 2 years of driving experience) with the hills and roads i drive on here i get around 25mpg in my Soul which is expected from the Sportage also. with Sportage SX Prestige I built it came out around $38k. with my trade in and money down I’d be paying around $26k w/other expenses needed. I’ve put a ton of thought into this. I may only be 20 but I made the best decision ever when I got my Soul completely by myself (my parents almost killed me) and i truly think this is the next best step for me.
I think you have the new car bug. You noted that the Soul navigated the snowing winters without any problem, but you want the Sportage because the AWD will give you peace of mind--what does that really mean? As far as being the next best step, essentially trading a loan from $14K to $26K (while making minimal progress in paying off the original note in over 12 months) does not make financial sense. Yes you will have a more expensive vehicle, but if and when this current market normalizes, this more expensive vehicle will actually depreciate and will most likely consume the feeding frenzy induced appreciation that your Soul has enjoyed.

It may make better financial sense to use the extra money that you have earmarked for a downpayment and put that to decrease your existing loan (hopefully you do not have an early payment penalty loan). Not sure how much your car loan rate is, but you may want to find a different bank credit union to see how much you can lower your rate and calculate if it makes financial sense. If you do have extra income (an extra job will help expedite if your time allows) I'd throw it at the loan and get out of debt.

A general rule of thumb is that your target price of a vehicle (new or used) should not exceed 35% of your annual income. If that applies to your situation then from a pure financial sense, you're fine. But my feeling is that if you have an income of $57,000-$108,000 you wouldn't really have to deal with loans, you could save up a few months and pay cash.

Now disengaging fun killing sage advice spewing curmudgeon mode.
 
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