2023 Hyundai Ioniq 6 SEL AWD - $2550 Cash, $405 monthly incl tax. 24m/12k yr

So, this took several weeks of back and forth with many different dealers and some frustrations.

I actually negotiated a similarly aggressive deal on RWD SEL but 3 cars sold under me before I could drive to sign the lease. Leasehackr has a great comparative resource so thanks to everyone who contribute to this awesome community!

Ultimately, because I couldn’t find a dealer with a 2023 SEL RWD in inventory with the color I wanted and that was willing to come close to my numbers, I went back to one of the dealers that was great to work with and got to my numbers on the RWD one but sold it before I came to sign.

I was able to find an AWD in their inventory with higher MSRP but applying the same % discounts and MF we were able to close a deal. I strongly recommend that dealer. They are BS free, communicate quickly, and willing to make deals. I had so many other dealers tell me “we can beat any deal” and waste my time with ridiculously high numbers.

This, along with some of other deals published by other members here prove that there are good deals to be made and dealers that are still great to work with and really want to sell cars.

Since many ppl asked and it’s getting repetitive in private replies -
The deal was Hyundai Inland Empire. It’s actually on the lease contract so you can view it.

I got similarly aggressive pricing from Hyundai Tustin and Hyundai Temecula on RWD SEL but the cars sold before I managed to get there ($49.2k base MSRP) after that they only had higher $52k MSRP RWD SELs which I didn’t feel was justified to pursue considering the the $53.2k base of AWD SEL.

I also got a decent deal ($3500 off MSRP) from Hyundai in Carslbad for RWD SEL ($49.7k) but they wouldn’t comp all of the add-ons (protection crap…) so I decided not to go with that one.

some of my tips:

  1. Don’t be afraid to look at dealers within ~2 hours drive (but don’t do out of state leases, these are a huge hassle in CA registration, etc.)
  2. Go to local dealers, test drive the cars you’re considering and walk away.
  3. Negotiate the deal via phone/email/text. Don’t waste your time sitting in a dealership with first pencils, and crap.
  4. Make sure you have clear, in writing offer of total out of pocket at signing including all taxes, fees, reg. and first month’s payment. Dealers love to use “down payment” and what’s included in that varies by dealer. Make sure you get a clear in writing term, (24 months, 12000 miles annually).
    Make sure you have the monthly payment inclusive of taxes. Give the dealer your zip and they can calculate it for you.
  5. Don’t run any credit checks with anyone until you have a hard-numbers offer that you’re willing to close on.
  6. When you have a deal you like - move fast. Get the credit app done and drive to the dealer to close the deal as soon as you can.
  7. Don’t get frustated. It’s work to get a good deal, sometimes you win, sometimes you lose (waste time). Remeber - you only need to succeed once to get the car you want for the price you’re aiming for.
  8. Don’t be afraid to walk away from a deal. If you don’t want “protection packages” or there’s some other ridiculous last second add-ons and fees, just walk away. If you get a written clear confirmation of hard numbers - that’s what you’re willing to close on. Anything else is a “bait and switch”.
  9. Use the forum and other tools here as resources to understand what’s possible.
  10. Dealers will only try to maximize their profits. They will tell your they’re losing money on the car. 99% of the time it’s a lie. Many of the discounts/incentives actually come from the bank/finance company.

Good luck hunting!

9 Likes

Congrats! Is it $5000 dealer discount from MSRP?

Nicely done Itai !

Did you conisder doing Onepay for the deal?

I’d love to hear more about this one. I’m looking for the same car asap.

Congrats, is this one pay? Did you try doing one pay?

It wasn’t one pay. $2550 total out of pocket at signing and 23 monthly payments of $405.
Considering the 3.26% APR (with excellent credit, no MSDs) it didn’t make any sense to do onepay. I can make about ~5% APR in a high yield savings so doing this mix made the most sense to me.
I have a $5k equity on my current lease (2021 Mazda 3 2.5s ) and selling it privately so I wind up with $2.5k in my pocket, essentially paying $0 for the Ioniq, and just making a $405 monthly. The gas savings (I can charge at home at $0.15KWh) and have free charging at work (+ the 2y free electrify america) mean I’m saving $150+ per month so it’s a no brainer for me.

The deal reflects 9% discount off MSRP or $4973 which is really great on an Ioniq 6. To be fair, this was a lot of work and some frustrations because I initially aimed at the RWD model got good deal on these too but they were sold under me. But the dealer I got the car with was one the best I have ever worked with. Super fast and transparent communications, flawless experience coming to sign for the car. a true 5-star experience (which is rare for Hyundai dealers… believe me, I probably tried negotiating with 15 different ones in a 200 mile radius).

This deal comes out to an effective $494 monthly - to put in perspective, if you qualify for the $7500 EV tax credit, you can get a Model 3 for $377 effective monthly (36m/12k lease) and $500 on Model 3 LR without any negotiations or work so I can see why I have yet to see a single Ioniq 6 outside of dealer lots.

Also, note that for now the $2000 CA credit is gone but it wouldn’t apply for a 24m lease anyways.
If it gets reinstated - a Model 3 would even better deal so if you’re after an equivalent EV and want to save the most money - go with a Model 3. You could do a 36m lease on an Ioniq 6 but the mf would be signficanty higher and the residual much lower which makes it less attrective. Only if the $2000 CA tax was certain would it make sense to do the 36m lease (but Tesla would still be a much better deal).

2 Likes

Is that HMF or US bank lease? So-cal or Nor-cal?
Now that Hyundai is giving 7500 customer cash on ioniq 6 as well, I think this is likely US Bank and that is how you get lower MF.

I think 3.26% APR is with HMF.

That’s not how math works. You pay 3.26% not only on total monthly pays but on residual (64% of the car). What 3.25% or 5% is irrelevant, you should look at % reduction and lease to residual ratio.
In your case, we are looking at roughly (5k * 2year * money market rate) * (1-your marginal tax rate) vs (40k * rate reduction * 2 year).

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Hmm that’s over my head :slight_smile: Not a finance major. I used a onepay vs lease pay calculator and it said onepay would have been ~$520 less in total. However, if I understand onepay, I would have needed to add GAP insurance, and I’d still have to pay an a lot more money upfront which I couldn’t invest and make 5% yearly (so about $260 interest earned per $5k invested over 2 years).
This is way out of my area of expertise but it seems to me that when lease MF is lower than my saving’s yield, onepay doesn’t make a huge impact but I might be quite wrong. I can totally see how onepay would make perfect sense if the lease interest rate would have been 5% or higher.

I don’t think that’s true.

Not sure which calculator you used but on the Ioniq’s the onepay typically saves you around $2,500.

The reason for it is, as @mendor explained, you pay interest not just on your payments that you haven’t paid yet but also on the residual, which in this case is over $30k.
So basically, by paying $10k upfront you are saving 3.3% interest on over $40k. So more like 3.3% on 4 times the amount “invested” in this case, which is closer to 13.2% (tax free).

And the return on investment is even greater than that, as your average amount invested would be around $5k (First month $10k and last few months close to nothing) so it’s actually closer to a 26% return per year!

Since many ppl asked and it’s getting repetitive in private replies -
The deal was Hyundai Inland Empire. It’s actually on the lease contract so you can view it.

I got similarly aggressive pricing from Hyundai Tustin and Hyundai Temecula on RWD SEL but the cars sold before I managed to get there ($49.2k base MSRP) after that they only had higher $52k MSRP RWD SELs which I didn’t feel was justified to pursue considering the the $53.2k base of AWD SEL.

I also got a decent deal ($3500 off MSRP) from Hyundai in Carslbad for RWD SEL ($49.7k) but they wouldn’t comp all of the add-ons (protection crap…) so I decided not to go with that one.

@Josh100 - I had an error on that calculator. Anyways, my entire rent charge on this deal is $2438. So let’s assume mf for 1-pay would have gone down from 0.00136 (3.26% APR) to 0.00025 (0.6% APR) - rent charge would have been $406, and I would have needed to pay ~$9640 out of pocket instead of $2550.

So we’re talking about saving $2032 in rent charge over 2 years with paying additional $7090 out of pocket at signing and losing inventment yield of ~ $375 - so net saving of ~$1660 (if there’s no need to purchase additional GAP insurance, which I think is required with 1-pay deals). That’s not $2500 savings but that’s still worthwhile. I just haven’t considered that route. Next lease deal :slight_smile:

Why would you assume your rent charge would be .00025 and not 0.00001? Onepay lowers the MF by .0014. So in your case you would essentially not have a rent charge, thereby saving you $2,400.

And in case you’re wondering if it actually lowers it to 0.00001, I did a onepay 2 month ago and the rent charge was $18.32.

Going to try to get something close to this in Tennessee in the next couple weeks. Ive preliminarily reached out to the dealers in my area and the numbers are not looking great. I have gotten some pretty insane offers to finance though. Gonna go in person to a couple this week.

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As far as I saw on the published Hyundai deals ppl got 0.7% APR on onepay so I used 0.6% in the calculation.
I dunno how much it would have lowered it on this specific deal. In any case, I’m quite happy with this deal. Got a great car, great discount, great rate. I’ll look into the difference doing onepay next time I do a lease deal.

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My calculations on a quote I got yesterday on the same vehicle:
https://leasehackr.com/calculator?make=&miles=12000&msrp=52895&sales_price=36095&months=36&mf=.00272&msd=0&dp=0&dealer_fee=1199.00&acq_fee=0&disp_fee=0&taxed_inc=0&untaxed_inc=0&rebate=0&resP=44&gov_fee=764.50&sales_tax=7&demo_mileage=0&memo= A%20dealer%20gave%20me%20this%20quote%20yesterday%20on%20a%20*2023*%20Hyundai%20Ioniq%206%20AWD%20SEL%2C%20and%20it’s%20still%20breaking%20my%20brain.%20I%20walked%20out%20because%20we%20seemed%20so%20far%20apart%2C%20but%20I%20expect%20to%20re-enter%20negotiations%20at%20some%20point. With%20%240%20at%20signing%20(aside%20from%201st%20month%2C%20and%20maybe%20some%20fees)%2C%20the%20quote%20is%3A %24678%2Fmo.%20for%20 36%20months%20and%2012k%20mi%2Fyr. Because%20it’s%20a%202023%20that%20is%20stuck%20on%20their%20lot%20(they%20said%20the%20words%20"final%20pay"%20and%20"already%20punched%20out")%2C%20they%20gave%20me%20discounts%20totaling%20%2416%2C800%20that%20bring%20the%20selling%20price%20down%20to%20%2436%2C095%20--%20AWESOME! But%20then%20they%20tell%20me%20the%20Residual%20Value%20can%20only%20be%2044%25%2C%20or%20%2423%2C273.%20 That’s%20a%20kick%20in%20the%20teeth%2C%20let’s%20carry%20on.%20I%20*think*%20I%20would%20be%20paying%20a%20total%20depreciation%20cost%20of%20%2412%2C822%20(~356%2Fmo.)%2C%20which%20still%20sounds%20like%20music%20to%20my%20ears.%20 BUT%2C%20if%20they%20take%20%24678%2Fmo.%20from%20me%2C%20WHERE%20oh%20WHERE%20is%20the%20other%20%2411%2C586%20(%24322%2Fmo.)%20going%3F!%3F Here’s%20the%20best%20I%20can%20figure%3A 1.%20Interest.%20They%20say%20the%20only%20MF%20available%20for%20this%20vehicle%20is%20.00272%20(6.53%25APR).%20Please%20help%20me%20calculate%20the%20total%20interest%20over%203%20yrs. 2.%20Dealer%20Fee%20listed%20on%20the%20quote%3A%20%241%2C199. 3.%20Taxes.%20The%20Florida%20sales%20tax%20is%207%25.%20Again%2C%20I’m%20not%20sure%20how%20to%20calculate%20the%203-yr%20total%20here. 4.%20Goverment%20Fee%20listed%20on%20the%20quote%3A%20%24764.50 ^5.%20HMF%20Disposition%20Fee%3A%20%24650. ^6.%20HMF%20Acquisition%20Fee%3A%20%24400. ^%20Neither%20of%20these%20are%20listed%20on%20the%20printed%20quote%20and%20both%20would%20seem%20waive-able%20by%20the%20dealer%20because%20"final%20pay"%20and%20"punched%20out." Regardless%2C%20when%20I%20put%20these%20numbers%20into%20the%20LH%20Calculator%2C%20the%20*highest*%20monthly%20payment%20I%20see%20is%20%24639%2C%20NOT%20%24678. Any%20math%2C%20insight%2C%20or%20advice%20on%20how%20to%20negotiate%20from%20here%20is%20greatly%20appreciated. &tradein=0&fin_sp=52895&fin_taxed_fee=0&fin_untaxed_fee=0&fin_term=60&fin_apr=1.85&fin_dp=0&fin_rebate=0&fin_ps_rebate=0&fin_tax=9&keep_term=60&exp_rv=0&zero_driveoff=true&monthlyTax_radio=true&bmw_demo_25=true&lease_result_mode=true

In case the link above doesn’t do it for people:
A dealer gave me this quote yesterday on a 2023 Hyundai Ioniq 6 AWD SEL, and it’s still breaking my brain. I walked out because we seemed so far apart, but I expect to re-enter negotiations at some point.

With $0 at signing (aside from 1st month, and maybe some fees), the quote is:

$678/mo. for

36 months and 12k mi/yr.

Because it’s a 2023 that is stuck on their lot (they said the words “final pay” and “already punched out”), they gave me discounts totaling $16,800 that bring the selling price down to $36,095 – AWESOME!

But then they tell me the Residual Value can only be 44%, or $23,273.

That’s a kick in the teeth, let’s carry on. I think I would be paying a total depreciation cost of $12,822 (~356/mo.), which still sounds like music to my ears.

BUT, if they take $678/mo. from me, WHERE oh WHERE is the other $11,586 ($322/mo.) going?!?

Here’s the best I can figure:

  1. Interest. They say the only MF available for this vehicle is .00272 (6.53%APR). Please help me calculate the total interest over 3 yrs.

  2. Dealer Fee listed on the quote: $1,199.

  3. Taxes. The Florida sales tax is 7%. Again, I’m not sure how to calculate the 3-yr total here.

  4. Goverment Fee listed on the quote: $764.50

^5. HMF Disposition Fee: $650.

^6. HMF Acquisition Fee: $400.

^ Neither of these are listed on the printed quote and both would seem waive-able by the dealer because “final pay” and “punched out.”

Regardless, when I put these numbers into the LH Calculator, the highest monthly payment I see is $639, NOT $678.

Any math, insight, or advice on how to negotiate from here is greatly appreciated.

You should know your target and make offers. Don’t walk in unless you have a deal agreed to, with no ambiguity, in writing.

Investigate what models and trims have the best programs beforehand, obviously.