2021 Hyundai Sonata Hybrid Limited

Hello Hackrs,

Lease newbie here :slight_smile: I was able to negotiate the below offer on a new 2021 Sonata Hybrid LTD. Dealer has added tear and tear insurance separately for $895, which brings the monthly payments to $344 (otherwise, $315). $0 down payment. Please review and provide feedback if this deal could be improved.

Thanks for your time.

Year, Make, Model, and Trim:2021 Hyundai Sonata Hybrid Limited
MSRP: $36,794
Selling Price:~$31,400
Monthly Payment: $344
Drive-Off Amount: $1,800
Months:36
Annual Mileage:10,000
MF:0.00103
Residual:60%
Incentives:$2,750 (Rebate)
Region: CA NorthCal
Leasehackr Score:8.6 years
Leasehackr Calculator Link.

Hefty discount. Isn’t tax levied on monthly?

Yes, should be on monthly for CA.

Selling price here is also with the incentives included.
They need to be separated out to properly compare.

We always recommend the following method before you ever contact a dealership. If you do all of the work up front, you’ll have a stress free dealer experience and set yourself for success.

  1. Read Leasing 101 (Blog | LEASEHACKR) to understand how to calculate a lease payment and the variables. Monthly payment is an output, not an input!!
  2. Pick a specific vehicle that you want to target
  3. Gather the current MF, RV and incentives from Edmunds forums for your zip code
  4. Research the LH marketplace and other deals that have been made recently on your vehicle - what was their pre-incentive discount? How did their lease terms differ?
  5. Plug your numbers into the LH calculator (CALCULATOR | LEASEHACKR), and use a pre-incentive discount similar to what you have seen
  6. Create a target deal, this is what you’re trying to negotiate to. You can try different terms, selling price discount, etc. and see how your monthly payment is affected. It is also possible that different trims of your vehicle may have different MF and RV (i.e. this is very common with GM), so make sure that you look into that. Come up with a set of inputs that give you the output that you want - your desired monthly payment.

With a target price determined, you now have a deal to pursue and compare dealer offers against. More importantly, you have a solid foundation to work from.

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On paper the discount looks strong, but as others have pointed out, they are including the $2750 incentive from Hyundai in the discount. You should be looking for a better discount from the dealer and then add in the incentive from Hyundai. Also- the $1800 drive off, make sure the dealer is applying that as drive offs (tax, dmv, acquisition fee etc) and not a down payment.

Verify the MF as well, that seems high but could be a California rate. It is .000730 in Florida for example.

It doesn’t matter how it’s applied. $1800 das is $1800 das.

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A down payment of $1800 is different than DAS of $1800 is what I mean.

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I think what he’s saying is that DAS is simply pre-paying part of the lease/government taxes/dealer fees prior to delivery), (it doesn’t matter what you call it).

Personally, I wouldn’t pay even 1 dollar on delivery for a lease, (unless it’s a one-pay).

I say roll everything into the 35 monthly payments remaining due.

If the car is totaled on the way home or two weeks later you won’t be out anything, (the GAP will cover it all).

This is correct, but note that unless the MF is 0, there is a non-zero cost for “insuring” this risk, in the form of higher finance charges over the term of the lease.

There is a limit to how much this insurance is worth relative to the microscopic risk of the type of loss you describe.

How much this is worth varies dramatically from person to person. I happen to be deathly allergic to finance charges, and am more likely to roll the dice than others.

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