Deal Check - 2020 Hyundai Ioniq Electric Limited

Does this sound like a good deal? I’m hesitating between this Ioniq and 2021 Chevy Bolt Premier and 2021 Nissan Leaf SL Plus.

MSRP: $39,610
Selling: $23,800 (factor in dealer adjustments and rebates)
Residual: $19,013
DAS: $999 (including tax etc.)
Monthly: $185

Term: 36 months 10k miles per year

The Leaf should be the cheapest now.
The Ioniq WAS $100 a few months ago so this $185 does sound sorta bad.

And 2021 Bolt Premier is going for I believe $280 here recently because a major incentive ended in April.

Just noticed you started another thread. No the Leaf deal is also not that great. Are you walking into dealerships and just getting these numbers from salespeople?

Thank you for the info forbs! I just talked to sales people via email or phone, wondering if I should go to any in person. It seems not the time yet based on your feedback.

Going in is going into the Spiders Web. NEVER go in until you have good numbers ready.

Try some of the Brokers Here, I don’t know who does NorCal , but you can search them out in the marketplace.

Trust me, Brokers can save you time and money…but never pay a broker to ‘find you’ a car, they either have deals or they don’t. And ones that do, take money after you get a price. (or offer free but I doubt that will happen in this sellers market)

Talking to dealers is for finding someone to do your deal, not for finding out what something should cost. You need to work out what you should be paying first.

We always recommend the following method before you ever contact a dealership. If you do all of the work up front, you’ll have a stress free dealer experience and set yourself for success.

  1. Read Leasing 101 (EDITORIAL | LEASEHACKR) to understand how to calculate a lease payment and the variables. Monthly payment is an output, not an input!!
  2. Pick a specific vehicle that you want to target
  3. Gather the current MF, RV and incentives from Edmunds forums for your zip code
  4. Research the LH marketplace and other deals that have been made recently on your vehicle - what was their pre-incentive discount? How did their lease terms differ?
  5. Plug your numbers into the LH calculator (CALCULATOR | LEASEHACKR), and use a pre-incentive discount similar to what you have seen
  6. Create a target deal, this is what you’re trying to negotiate to. You can try different terms, selling price discount, etc. and see how your monthly payment is affected. It is also possible that different trims of your vehicle may have different MF and RV (i.e. this is very common with GM), so make sure that you look into that. Come up with a set of inputs that give you the output that you want - your desired monthly payment.

With a target price determined, you now have a deal to pursue and compare dealer offers against. More importantly, you have a solid foundation to work from.

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Thank you for the great tips mllcb42! I’m new here, learning a ton about leasing.

I have done 1.2.3., and now looking for recent pre-incentive discounts for my target vehicles (EVs with good incentives). Some incentives like the lease cache, clean fuel rebates, and information like MF & RV are easily obtainable. But I found the pre-incentive discount, which determines the selling price, is mystic. Different vehicle brands and dealers can have quite different incentives. That’s why I talked to dealers for this information. Any better idea to figure this out (in addition to digging into the forum)?

Your calculator is not correct, you put a lot of the taxable incentives as pre-incentive discount.

See step #4

You’re right. My newbie mistakes on the calculator. I have updated it as follows. I can’t match the exact numbers as the dealer provides. But the total lease cost is close.

Your fees are the default and your drive off is wrong. Input your fees correctly and adjust the down payment so that drive off is $999, there are instructions on the calculator on how to do that. If you just fudge number so that total lease cost is the same as dealer than the calculator is useless because any parameter change will result in wrong output.

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