The Kia Sorento is a midsize SUV that competes with other popular models such as the Toyota Highlander, Honda Pilot, and Ford Explorer.
The 2023 Kia Sorento has a base MSRP of $29,990, which is one of the lowest starting prices in the midsize SUV class.
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How much do Sorentos cost compared to similar models?
here’s a table that lists the starting MSRP for the base models of each of these midsize SUVs:
|Midsize SUV Model||Starting MSRP|
|Hyundai Santa Fe||$28,185|
Note: The prices listed here are based on the manufacturer’s suggested retail price for the base model of each vehicle and are subject to change.
The prices of higher trim levels or models with additional features may be higher. It’s always a good idea to research and compare prices of different models to determine which one is the best fit for your needs and budget.
The price climbs to $35,890 for the midrange EX trim, while fully loaded SX Prestige models can cost up to $43,690.
In comparison, the 2023 Toyota Highlander starts at $35,085, the 2023 Honda Pilot starts at $33,370, and the 2023 Ford Explorer starts at $36,825.
How Much Has the Price Increased Year for Year?
The Kia Sorento has seen a steady increase in price over the years.
In 2023, the base model Sorento has a starting price of $29,990, which is one of the lowest starting prices in the midsize SUV class. However, the price climbs to $43,690 for the top-of-the-line SX-Prestige X-Line trim.
This is a significant increase compared to the 2010 Sorento, which had a starting price of $21,195.
|Year||Sorento Base Model Starting Price||Top-of-the-Line Trim Starting Price|
From 2010 to 2015, the Sorento saw a modest increase in price, with the base model starting at $21,195 and reaching $24,900 in 2015. However, from 2015 to 2020, the price increased more significantly, with the base model starting at $25,990 and reaching $29,290 by 2020.
In 2021, the Sorento underwent a complete redesign, which resulted in a higher starting price of $29,390, and the price has continued to increase in 2022 and 2023.
While the Sorento’s price has increased year for year, it’s important to note that the SUV has also seen significant improvements in features and technology.
For example, the 2023 Sorento now includes a standard wireless phone charger and an 8-way power front passenger seat in the EX trim. Additionally, the Sorento now features a frameless rearview mirror and a 10.25-inch touchscreen display, which was not available in previous models.
Why is the Sorento so expensive to insure?
The Kia Sorento is a midsize SUV that offers a spacious and comfortable interior, a smooth ride, and a range of features that make it a popular choice among families.
However, its popularity and features come with a price tag, as the Sorento is one of the more expensive SUVs to insure.
Here are some reasons why:
- High Repair Costs: The Sorento is a well-built vehicle, but it has a complex design that can make repairs more expensive than other midsize SUVs. For example, the Sorento’s advanced safety features, such as its advanced airbag system and collision avoidance technology, can be costly to repair or replace.
- Expensive Parts: The cost of parts for the Sorento can also be higher than other SUVs. This is because Kia uses high-quality materials and advanced technology in its vehicles, which can drive up the cost of replacement parts.
- Higher Risk: Insurance companies use a variety of factors to determine the cost of insurance for a vehicle, including its safety ratings, theft rates, and accident history. While the Sorento has good safety ratings, it is still considered a higher risk vehicle due to its size and weight. This can result in higher insurance premiums.
Overall, the Sorento’s advanced features, high-quality materials, and larger size make it a more expensive vehicle to insure than other midsize SUVs.
However, it’s important to remember that insurance costs can vary based on a number of factors, including the driver’s age, driving record, and location.
It’s always a good idea to shop around and compare insurance quotes from multiple providers to find the best coverage at the most affordable price.
Why are used Sorento models so expensive?
The Kia Sorento is a popular midsize SUV that has been in production for almost two decades. While it is known for its reliability and durability, it can be quite expensive to purchase a used Sorento.
Here are some reasons why:
1. High Demand:
The Kia Sorento is a popular SUV, and its high demand is one of the reasons why used models can be expensive. Many people want to own a Sorento due to its spacious interior, comfortable ride, and advanced safety features.
As a result, the demand for used Sorento models is high, which drives up the price.
2. Resale Value:
The Kia Sorento has a good resale value, which means that even used models can be quite expensive. The Sorento’s high resale value is due to its reputation for reliability and durability, as well as its advanced features and stylish design.
3. Limited Availability:
While the Kia Sorento is a popular SUV, finding a used model that is in good condition and has low mileage can be a challenge. As a result, when a used Sorento becomes available in the market, it can be quite expensive due to its limited availability.
4. Upgrades and Features:
Many used Sorento models come with upgrades and advanced features, which can add to their cost. For example, a used Sorento with a navigation system, premium sound system, and leather seats will cost more than a basic model without these features.
That said, there are also reports of problems with the Sorento models.
5. Maintenance and Repairs:
Finally, the cost of maintaining and repairing a used Sorento can add to its overall cost. While the Sorento is known for its reliability, it still requires regular maintenance and occasional repairs, which can be expensive.
Overall, the high demand, good resale value, limited availability, upgrades and features, and maintenance and repair costs are some of the reasons why used Sorento models can be expensive.
Does Kia Sorento Tax Credit?
The answer to this question is yes, but it depends on the specific model that you purchase.
The Kia Sorento PHEV (Plug-in Hybrid Electric Vehicle) is eligible for a federal tax credit of up to $6,587.
This tax credit is designed to encourage people to purchase more environmentally friendly vehicles, and the Kia Sorento PHEV certainly fits the bill.
It is important to note that the tax credit is only available for new vehicles that are purchased, not for used vehicles. Additionally, the tax credit is only available for a limited time, so it is important to act quickly if you are interested in taking advantage of this credit.
While the tax credit can certainly help to offset the cost of purchasing a Kia Sorento PHEV, it is important to keep in mind that this SUV is still a bit more expensive than some of its competitors.
However, many people feel that the higher price tag is worth it for the advanced technology and features that the Kia Sorento PHEV offers.
Overall, if you are interested in purchasing a Kia Sorento PHEV, it is definitely worth looking into the federal tax credit to see if you are eligible. With the tax credit, you may be able to save a significant amount of money on your purchase.
How much should you pay for a brand new Kia Sorento?
When purchasing a brand new Kia Sorento, it is important to consider the added costs such as taxes, fees, and optional features.
The out-the-door price for a 2022 Kia Sorento LX trim with options is $32,696, which is based on an Edmunds Suggested Price of $30,508 and $2,188 in taxes and fees.
It is recommended to shop around and compare prices from different dealerships to ensure that you are getting the best deal.
Overall, the price of a brand new Kia Sorento may seem expensive, but it is important to consider the value of the features and technology included in the vehicle. Kia Sorento is a midsize SUV that offers a spacious and comfortable interior, advanced safety features, and modern technology.
Does the Sorento hold its value?
According to Four Wheel Trends, a Kia Sorento depreciates around 55% after the five-year mark, bringing down the resale value to between $15,000 and $16,000.
A Kia Sorento will depreciate 40-45% after 5 years and have a 5-year resale value of around $24,000.
However, Kia models are leaders in the best five-year cost with an expected residual value of about 57% of their original price, according to Kia’s website.
While the resale value of a Kia Sorento may not be as high as some competitors, it holds its value quite well for an affordable vehicle. For example, a Kia Soul with an MSRP of $21,020 will have a resale value of $11,912 after 5 years, according to Edmunds.
It’s important to note that resale value can be influenced by a variety of factors, including the condition of the vehicle, mileage, and location. Additionally, the resale value of a Kia Sorento may vary depending on the model year and trim level.
In conclusion, while the resale value of a Kia Sorento may not be as high as some competitors, it still holds its value quite well for an affordable vehicle.