Yeah… I think someone posted that on 2/1.
With an Hyundai EV lease is there any benefit in trading in to save some sales tax in Florida? There’s no Hyundai one pay leases and Florida taxes only on the monthly payments and on lease buyout…
I was thinking of trading in my Mach-E when I lease the Ioniq 5 but unsure if that provides any real tax savings benefit.
Florida gives Tax Credits on a Lease for another Lease? I would think the equity would be taxed as a down payment.
Florida taxes are paid even when doing a one pay. No loop holes for that unfortunately. Think of a one pay as just a MF reduction where the “one pay” goes to an escrow-like account, and the captive takes out a monthly payment.
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Got a quote for an ionic 5 lease. They did apply the $7,500 credit as cap reduction, but also added in $1000 ‘market adjustment’ and $1,700 for ‘paint protection’. Also, mysteriously the MSRP was $500 higher than the exact same configuration on the Hyundai website.
So what was your final monthly amount and total drive-off?
It isn’t that uncommon for the manufacturer websites to lag on pricing adjustments sometimes. Jeep is notorious for this.
see if @Jrouleau426 has one for you, don’t overpay for an I5, if you are going to overpay heck go for a EV6 GT!
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Based on some broker posts… Kona still seems to be the one.
Hyundai also raised the MF and decreased the RV when they started the $7500 Lease bonus cash offer.
Sort of negates the deal and makes Hyundai the winner.
You could just buy it out to realize the credit though.
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I can’t pin point where or why I have this in my head, but is this something we think may end at the end of March and should try to find an EV now or think can wait it out some?
Reason I ask - I have a BMW lease ending in June, and have a 10% off EQE @ buyrate MF deal on table. Just would like to avoid not having 2 leases and insurance on 3 cars (own a beater rav4) right now
The only thing thats supposed to happen in March is the guidance for battery sourcing requirements for the section 30 purchase tax credit. There isnt anything known coming down the pipe in regards to the section 45 credit that allows for lease pass through. It also looks like itd be more difficult to get rid of via regulations and would require a new bill that would take a little while to go through the gov.
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The captives are passing the credit through to compete and move inventory. If they are gonna have less competition after April comes around, they might adjust the rebate or stop passing it through altogether. I don’t see it happening but something to think about.
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Yes… although Florida is a monthly tax state on leases, someone in Tallahassee was smart enough to know that they should collect the entire lease terms worth of monthly payment taxes upfront for a single pay🤭
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My Ioniq 5 Limited arrived today and I have to work out a lease deal by Thursday when I take delivery.
Is there any benefit of putting any money down on these EV leases? There’s no one pay mechanism for Hyundai from what I’ve gathered so I can’t leverage trade-in tax savings if I were to trade something in.
I’m planning to buy it out the lease anyhow. Unsure how long I will keep the Limited.
Money down?
Benefits?
- Slightly lower total cost of ownership.
Issues?
- Any early total loss accident means your entire down goes poof.
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The financial benefit of money upfront increases as the MF goes up.
The risk to any money put down is never 100% (because you recoup a proportional amount of it and save on rent charges every month, beginning with the first payment that’s collected when you sign).
So the amount that’s “at stake” in the remote event of a catastrophic outcome decreases every month until it’s $0 in the final month.
Do the math on a couple of scenarios and decide if the risk/reward is there for you personally. Risk tolerance varies a lot from person to person.
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