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According to Cars Direct, Kia is already offering a discount for the Seltos.

Customers looking to lease can get up nearly $3,000 off the model.

The all-new Kia Seltos is shaping up to be a pretty good deal ahead of the Presidents' Day holiday. According to a bulletin sent to dealers, Kia's newest SUV is already eligible for a nearly $3,000 discount in some cases. Based on our analysis, the best deals appear to be when leasing instead of buying.

The 2021 Seltos S is currently listed at $199 for 39 months with $2,699 due at signing. This equates to an effective cost of $268/month and is based on an allowance of 12,000 miles a year. Interestingly, Kia is managing to offer the lower-spec LX trim with all-wheel-drive for the exact same price when leasing.

While that may not come as a surprise given that both styles technically have the same MSRP, Kia is taking special steps to achieve the same lease price.

For example, Kia is offering a larger discount on the S in an apparent effort to offset a higher residual value for the all-wheel-drive LX. The S benefits from a $2,100 incentive, compared to just $1,900 for the LX. The biggest discount is a $2,900 incentive on 24-month leases for the front-wheel-drive Seltos S.

Next to a Kia Soul, the Seltos could be a smart upgrade. The 2020 Soul LX is listed at $189 for 39 months with $2,699 at signing ($258/month). That makes the Seltos just $10 more to lease despite having an MSRP that's over $3,000 higher. Sadly, those planning to buy may be disappointed by their choices.

Kia isn't offering any incentives for buying the Seltos apart from low-interest financing starting at 0.9% APR for 48 months. 60 and 72-month options are also available at 1.9% and 3.9% APR, respectively. For the money, leasing appears to offer the most potential savings for consumers based on current offers.

We consider the Seltos a surprisingly good deal given that it's an all-new vehicle. In fact, our analysis finds that it already has one of the cheapest leases on a subcompact SUV, just $15 more expensive than the smaller, older, and slightly less-powerful 2019 Honda HR-V ($268 vs. $253).

Consumers cross-shopping the Seltos against the new Hyundai Venue will probably find the Seltos to be a much better deal. Initial leases for the Venue made it more expensive than a nearly $27,000 Santa Fe. Perhaps it should come as no surprise that Hyundai quietly axed Venue leases a month ago.
 
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