I’ve never had a lease before and really just want to buy and keep a car rather than lease it, but the Genesis GV60 is offering a $13,250 incentive to lease and nothing if I pay up front. Can I just lease and very quickly pay it off and get the discount minus a few fees? Here is a typical lease advertised on the Genesis website (not quite the exact one I’d buy). If it matters I live in NC.
You’ll want to do a search on the forum to see if Genesis has any unusual termination fees (such as Mercedes’s 4% fee for early termination in some states).
Even with the rebates/incentives, I don’t know if a GV60 at full MSRP otherwise is a particularly good deal?
Deals advertised on the manufacturer or dealership’s website are generally not good deals.
That rebate is coming from the manufacturer. As mentioned above you should negotiate a discount prior to rebates.
To answer your original question, yes. Lease followed by an immediate buyout is a great way to save money over directly buying when there aren’t anywhere near the same rebates for purchases.
How many miles do you use annually? If it’s a lot, yes, you may better of lease & buy it asap, otherwise, I will try to negotiate a better lease.
GV60 was leasing for $0 DAS $400/month. Keep the lease for the term of it and determine at the end whether you still want the car & how much is the difference between residual & MV.
I expect the MV to be much lower than your residual. If it is, ground the car and try to pick it up again when it’s offered as CPO.
FYI a CPO 2023 GV60 Performance is selling for $37-39k now.
It seems like a great car and I like having an EV (although we have one from a different brand that is a lemon and is has electrical issues which I don’t love and is why I’m looking for something else). Is there a reason you wouldn’t buy it again?
Where can you find CPO’s at that price? I’d probably jump on that if I saw it. My other car is an ICE CPO and I love it. I’m weighing a used version at a larger discount vs new, but have not seen any CPO’s which would be the best of both worlds given how great Genesis CPO’s tend to be.
I wouldn’t buy an EV, the initial depreciation is going to be nuts and the longer you have it, the worse it’ll get as it approaches battery warranty expiration.
Much cheaper to lease and let the manufacturer worry about what to do with it after 3 years.
But yes you can buy it out after leasing, just make sure you get a discount before incentives after you research the market. Dealers love to make it look like they are discounting heavily when it’s all manufacturer incentives.
That is way too much for a GV60 ( or GV70for,that matter). Check that marketplace. In general, if the MF is very low it is better to just run out the lease then decide what to do with the car.
This exactly, I’ve had a small handful of people want to buy an iX that I’ve convinced to just lease instead (at no benefit to me personally, I make the same exact amount whether someone leases or buys). With a MF with an APR equivalent under 1%, leasing is basically almost free insurance against the downside of the heavy depreciation EV’s face.
Definitely check for a subvented money factor, if it’s very low, I’d just ride out the lease and then decide what to do.
