Rookie here on the forum. I haven’t leased in a long time, so be gentle
These are the numbers I am getting thrown at me and to be honest, I don’t fee its great, but maybe you will see it differently.
-2022 Kona Limited 1.6 Turbo AWD
-the way I have it built comes to $31K & change
-salesman is telling the Ms.
-3-year 10K miles per year lease
-$3K down (I know, your not supposed to put $ down, but they are not budging)
-$385 per month, which supposedly includes TTL & GAP ins.
-$15 more per month if I want 12K miles per year.
I know I don’t have the MF or the residual #s, but from the information I am giving, is this deal even close to worth getting?
You should go to Edmunds to get the MF, RV and incentives for your zip code. I checked earlier and there are no incentives. However, all the current Hyundai incentives end today so maybe new incentives will start tomorrow or in June.
Talking numbers with the dealer is for finding someone to do your deal, not for finding out what the car should lease for. You want to work out what your deal is before you ever reach out to a dealer.
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.
Read Leasing 101 (EDITORIAL | LEASEHACKR) to understand how to calculate a lease payment and the variables. Monthly payment is an output, not an input!!
Pick a specific vehicle that you want to target
Gather the current MF, RV and incentives from Edmunds forums for your zip code
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?
Plug your numbers into the LH calculator (CALCULATOR | LEASEHACKR), and use a pre-incentive discount similar to what you have seen
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.
Also, Hyundai leases include gap waivers, so there is no need for additional gap coverage. If the dealer is selling you additional gap coverage, you should never darken their doorway again.
Most dealers ask for 2k down, when 3k is asked, it’s trying to mask the payment. (Red Flag)
That car is $29k, OP said their build is $31k which means a ton of aftermarket is on it. (Another Flag)
So that points to me that the dealer is trying to push a lot of profit on this lease. You run away.
And honestly that payment sucks. But I am not going into a price debate, the rest of this deal has enough obvious flags that it’s terrible.
If you can talk someone into paying more OOP upfront, it’ll make the monthly payment more palatable, and it’s the payment that most people fixate on (DAS is a one-time pain, but a higher payment is noticeable every month for the duration of the lease).
How about looking at it this way.
The Dealer has stacked so much extras that they are demanding the 3k to pay for all the fluff. OP said they wouldn’t budge on the 3k (versus trying to increase payment) so that’s probably a profit center.
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