I went to test drive a Kona EV the other day, seeking the $269/mo offer that Hyundai is advertising.
MSRP 35765/Selling Price 35293
I found a dealership offering this deal, and following the test drive they gave me the following table
DAS
36 Mo
24 Mo
$3000
386
342
$4000
354
294
$5000
322
246
When asked the discrepancy, they stated that these prices included all taxes, license, registration, etc.
When prompted, they said the money factor was .0036 (Ouch) and estimated rent charge at $210 a month.
The residual value they gave was high at $25,036, and they outright told me they offset the high residual and the $7500 rebate with the high money factor.
I couldn’t get the math to math in the calculator (unclear if $7500 is taxed or untaxed, unknown if tax would be due on residual value at purchase date)
I am also eligible for the $2000 CVRP
Is this a decent deal if all taxes are included? Is the 24 month offer worth taking for a couple of months and then buying outright?
They stated it was a capital cost reduction, which matches Hyundai’s corporate phrasing
"Offer shown based on $3,999 due at lease signing (includes $269 first payment and $3,730 capitalized cost reduction). No security deposit required. MSRP $34,885 (includes destination, excludes tax, license, title, registration, documentation fees, options, insurance and the like). Includes application of $7,500 EV Lease Bonus resulting in a net capitalized cost of $24,155. Net capitalized cost includes $650 acquisition fee. Dealer contribution may vary and could affect actual lease payment. Total monthly payments $9,684. Option to purchase at lease end $19,536. "
The main differences are
Residual value of 25036 after 2 years vs 19536 after 3 years (I could ask what the value would be after the 36 month/354 offer)
" tax, license, title, registration, documentation fees, options, insurance and the like" are included in the dealership’s number but not Hyundai’s $269
Before signing I would confirm that these prices include taxes. The sheets they gave me were very vague, and they were pushing hard on “the deal only lasts through the end of the month” and “we only have 2 in inventory and 2 test drives scheduled already”
Right, that’s what I figured And they were pushing hard for 24 months over 36, pointing out the lower monthly payments while not noting that 4000 down over 24 is more than 4000 over 36.
My question is, if I use it as a $7500 credit pass through and buy out after a few months, is it worth it? I figure the 3 years of lease warranty and the free EV network usage that term is pretty decent, and worst case I can sell it once I want to flip it.
On the other hand, maybe I should just look at Bolts at that point.
I have seen prorated rent charges but I think you’re correct that I’d end up having to pay some of it. The other factor here is that the Kona EV has this $7500 offer but is not eligible for the $7500 tax credit, but after rent charges that’d get reduced significantly
And they were pushing hard for 24 months over 36, pointing out the lower monthly payments while not noting that 4000 down over 24 is more than 4000 over 36.