2024 Sonata N-Line, am I getting a good deal?

[arvazi]

Hello,

I received the following offer for a 2024 Sonata N-Line 36 mo/15k miles in New Hampshire, car has been on the lot for 160 days:

$446/mo with $0 down
MSRP: $36,625
Selling Price: $33,962
Adjusted cap cost (fees/rebates): $33,184 (not sure how they calculated this, pics are below)
Money Factor: 0.00294 (Edmunds says for this car and location base MF is 0.00254)
Residual Value: $23,073.75 (63%)

I am wondering if I should negotiate the selling price/money factor further as the car has been on the lot for a while, and if so what a good strategy is for this as I am new to lease negotiations. Thank you in advance!

Attached are some photos of the lease details:

[mllcb42]

@arvazi

if so what a good strategy is for this as I am new to lease negotiations

The first step is always to work out a target deal to determine what this should cost. You can not effectively negotiate if you don’t know where youre trying to get to.

Start there. Put together a calculator based on well-researched pre-incentive discount targets and then fill in with the lease programs as they apply to you.

Until you have that put together, do not even consider talking to a dealer.

[arvazi]

Thanks for the info. I researched the incentives which is just a $2500 rebate according to Edmunds, and which is in the deal. I am unsure if I should ask for the selling price to be lower than this, as there are not many (almost none) of these Sonata N-Lines in my area. I’m not 100% sure what a good “target deal” would be basically. How would you go about this?

[mllcb42]

@arvazi

How would you go about this?

Look at shared deals and broker listings here to work out what a good discount target is, then apply the proper mf, rv, and incentives, etc.

Once you have a solid target established, start making dealers unambiguous and immediately actionable offers.

After backing out the marked up moneyfactor, youre at about a 5.2% discount, assuming nothing else in buried in their numbers.

[arvazi]

Thanks so much. How were you able to calculate the discount after accounting for the MF markup?

[mllcb42]

Roughly 1% of msrp per .0002 mark up.

[arvazi]

Thanks for all the advice. I negotiated down to $33,000 selling price and 0.00264 MF so the monthly payments are now $387 for 36 mo with first month payment down.

[mllcb42]

That definitely sounds like an improvement