Hi,
I’m in the market for a new Ioniq 5 in the Chicago area. I’ve talked to two dealers, and they quoted me with marked-up MF and RV. When I asked them to adjust the numbers, they just ignored me. I’ve also emailed all the other Hyundai dealers in the area to ask if they can honor the official MF and RV, but no one has replied yet.
Is this just how it is in Chicago? I’m just trying to a sense of how the market works in Chicago area…it seems it’s so much harder than California.
Use the calc here to put together a target payment/DAS that you can offer to dealer as something that would make you come right down to dealership and pick car up.
Leasing if you live in Chicago is pretty much a non-starter anyway due to the double taxation.
That’s what I did. They quoted me first with marked up MF and RV.
I found the official numbers and put everything together with the calculator. No responses so far.
Ah yes…that’s true.
Well if you are being aggressive not many will bite so you need to expand your search area to neighboring states at least. And the 18.5% taxation with leases using a City address was a non starter for me so I wrote checks while living there.
Don’t forget, some of that tax compounds since you’re tax is taxed, so it’s actually higher than the sum of the rates.
Yep. Tax on tax.
I ended up going with Autocompanion for Ioniq 6 leases instead of dealing with Chicagoland dealerships. Between my friends and myself, we leased four from the DC area and brought them back here.
Are you in Cook County and in City limit?
If yes then as others mentioned Tax will kill the deal. Even you go out of state you still need to register the car where you live. And if you live in Chicago city limit you still pay the same tax. Plus Chicago dealership are worst to deal with. See if you can find dealers who have a large inventory they might be more flexible.
@baoknguyen That’s a great suggestion. It looks like they are way better than what dealerships quoted. I’ll shoot them an email.
Thanks everyone for the info and suggestions.
Let me know if you help with the process. Best way to kick it off is to submit an inquiry and they can give you a quote. If you are in Chicago proper then the taxes are funky so keep that in mind.
Could you explain what you mean by writing checks? Is this a way to lower payments while in Chicago?
He is saying to purchase instead of lease because it would be insane to lease when youre double taxed.
Unfortunately because most people don’t know how to even calculate a lease let alone know the taxation will just sign up to said lease not knowing they are getting absolutely raked on taxes with a City address…and most likely raked on selling price and MF too.
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