Hey everyone, thanks for all the resources and time you put in. This is my first lease. I feel like I learned a lot here, and a long way to go. Still confused, but happy I could keep up with the dealership. Here’s the latest quote I negotiated remotely from NY for a 24/12K, zero down lease of a Hyundai Ioniq 5 SEL RWD from a Maryland dealer (seems there are no RWDs in NY). I’m coming with Tier 1 credit (score mid-high 800s).
Interesting to note: I was expecting to pay for transport to bring the car to me in NY, but the salesperson said he would drive it up (~ 200 miles).
I’ve laid out the numbers from the dealership adding my own calculations. I would love some help double checking my calculations and giving me a sense of whether this is a good deal or if there’s anything else I should push for. Thanks in advance!
52,865.00 MSRP
minus 4,250.00 “market fluctuation [keep you interested]” price drop
= 48,615.00 Net Price
minus 16,750.00 Rebate
= 31,865.00 Total Purchase
800.00 Processing fee
1,513.69 Tax
1,002.50 Non Tax Fees
= 35,181.19 Balance
30,143.00 residual value (quoted to me over the phone)
/ 48,615.00 Net Price
= 62% residual value
Money Factor = 0.00228
Monthly Payment with $0 down = $416
416.00 Monthly Payment
x 24 months
= 9,984.00 Total lease cost