2020 Hyundai Ioniq EV - Maryland

Signed Deals & Tips
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Year, Make, Model, and Trim: 2020 Hyundai Ioniq EV Limited - Intense Blue
MSRP: $39,570
Purchase Price: $36,075
Monthly Payment: $277
Drive-Off Amount: 1st pmt, DMV, Dealer Fee + Taxes ($277 + $279 + $500 + $1,115 = $2,171)
Months: 39
Annual Mileage: 10k
MF: 0.00201
Residual: 46%
Incentives: $11,000 Lease Cash, $400 College Grad, $250 BonusDrive to receive later
Region: Mid-Atlantic
Leasehackr Score: 10.9 years
Leasehackr Calculator Link: Link

Well, leasing in Maryland is never fun, given sales tax on FULL sales price of lease, but I think I did ok here. The 39-month MF is awful, but the extra $1,750 in lease cash more than offsets it, and I think the lower RV may help the lease equity equation near lease-end time.

I ended up rolling all inceptions, fees, and MD sales tax into the monthly payment (totaling $329), so my drive off was only 1st payment. To get the LH calculator to adjust taxes correctly for the trade-in, I had to divide the $241 negative equity of my trade between a negative down payment and a untaxed incentive.

It was weird that they processed my lease return as a trade-in rather than as a 1-month early lease turn-in, because it had NO lease equity at all. No matter, I got to skip the last $351 payment on my Sonata, paid no lease turn-in fees or damage fees, and gained $1,079 worth of sales tax savings, all for a -$241 negative equity cost. Given the $3,495 discount off MSRP, (-8.8%), I think I hacked a solid lease offer. Based on @sirk98’s thread, there was possibly $5-600 more to squeeze, but as it was, no other regional dealer would touch this offer.

If I lived in NJ, everything would be a whole different story! (But then I’d have to live in NJ! :scream::grin:)

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Lol :slight_smile:

Enjoy the ride! I think I just had the right dealer at the right time. Never seen anyone go as deep as they did for me. Your deal looks solid!

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Hey! NJ is a nice place to live. Our property taxes, however, are insane.

You got a great deal, definitely a money-loser for the dealer. We’re doing this deal in NJ at $289/mo with $1000 DAS before the no-tax and $4250 rebate. You’ve got my lowest price beat by a few hundred.

Of course if you lived in the great state of NJ your deal would be $5365 less, but I imagine one year of property taxes would more than make up for the difference. Enjoy the car and welcome to the EV lifestyle!

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Yeah, thanks! Honestly, parts of NJ are pretty beautiful, you don’t audition the state properly with just what is visible from the NJ Turnpike.

Wild how all-in NJ is going with the EV / Solar build-out. I took my son college visiting up there, only to find a solar panel on EVERY. SINGLE. FREAKING. telephone pole. Guess that has to get funded somehow!

The car is REALLY nice for the price. Of course, I’d probably love a Tesla Model Y, but I like paying less than half as much for quite a bit more than half the value. The Hyundai Ioniq EV gee-whiz features are pretty amazing, and most are rather well-thought out. (My personal favorite is the “idiot” warning when you’re sitting at a traffic light, not moving, then the car in front of your moves forward after the green light, leaving you obliviously sitting there like a chump.)

With gas as cheap as it is, I’m not gaining the full value of 133MPGe; my electricity cost equivalent to a gallon of gas is more like 72 miles’ worth of gas with this car, but it’s still nice to have a simplified design. The 2017 Sonata Hybrid PHEV I turned in did not transition well between gas/EV mode in the rain; it constantly stuttered while hunting for traction when accelerating from a stop. Even worse on ice. And its trunk space was laughable.

The only notable downside for a car enthusiast is the lack of potent top-end power at highway speeds; all the zip is concentrated to make most of the grins appear at lower speeds. I’d heartily recommend it for any two-car household that already has a “road-trip” car, as 170-190 miles of range is quite sufficient for 95% of our daily needs.

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Will you get the MD state subsidy on this car?

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No, it hasn’t been funded in over a year, (although they still took applications), but the application window closed with MD’s fiscal year-end as of 6/30/2020. No applications will be taken, as the program is no longer available.

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I’m a Maryland resident, too. Could you tell me where you got this deal? I’m interested in leasing an Ioniq EV as well. TIA.

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Check your PM

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Can you send me as well ?