Thoughts / advice on this 2023 Hyundai IONIQ 5 SEL deal below:
Sale price: $52,945
Discount: 25% ($39,445 — $6000 dealer, $7500 ev lease credit)
Residual: $31,237
Term: 36mo / 10kmi
Down payment: $3k
Tax rate: 5%
Trade: -$5k (unfortunately, negative equity from a Volvo XC40 Recharge)
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Monthly: $560
Thought process here is getting out of the financed XC40 sooner rather than later.
What do you owe on the XC40, what are you paying per month and what term, etc? Do you like the XC40?
$37k owed
$776/mo
75mo term at 2.69% (I’ve got about 50mo left)
I do like the XC40 (main “complaint” is the lower range ~200mi), but I’ve just had this sudden worry that because I don’t intend it to be a forever car, I should try to move on from it now before the market is flooded with “older” EVs (which… maybe it kinda is already now)
Oof. A tough call. But it seems like by locking in your negative equity at a higher interest rate you are certainly risking paying much more over time.