I’m in NY and I got this offer on a lease. Overall, the total payments of $25,000 seem very high given the difference between the adjusted cap cost and the residual value is about $12,500. As far as I can tell from my research the MF on a 36 month lease equates to a 6.6% interest rate. My feeling is that this offer is nearly $100/month too high but I’d like to be sure of that.
As always, you should know what your target deal is. Anytime spent on deciphering a quote is a waste of time until you do that.
Based on what I’ve read, I’d like to pay a total (over the 36 months) of something closer to $20k not the $25k here.
I don’t care too much about down payment versus monthly because I’m selling a 2020 Camry so should have ~$18k from that…if that’s what you’re asking
For an Io5? That’s crazy talk.
Check Marketplace for a turnkey deal or use data points from Signed Deals & Tips to build your own deal’s target calculator
What is the right amount?
In this offer dealer has not discounted MSRP at all. Taxes and fees add up to $4k in NY. Cap minus residual is about $12.5k. So that’s $16.5k. Doesn’t seem to make sense that my total payments would be another $8.5k
The answer to that question is in the prior post.
Start with at least a 5-6% discount from MSRP. You can lease a BMW i4 for this amount.
There are almost no Ioniq5 deals there so it’s difficult to do that
Thank you @Wtmeyer. The dealer showed me an “invoice” and it said that they paid something like $60,300 for the car with an MSRP of $60,800. I assume they get some sort of incentive etc. But what they’re saying is supported by https://www.kbb.com/hyundai/ioniq-5/2025/limited/
I feel like I need to be specific in what I’m asking for because “drop the selling price by $2-$3k” isn’t working for me.
invoice is a made up number that dealers use as a tool take advantage of uninformed buyers. there are pre-negotiated ioniq5 deals on this very website. click on “deals” at the top of the screen and select “northeast”.
use the format of “i’ll sign today for $xxx”. you need to be actionable versus “please sir, please give me a discount”. if they say no, keep looking.
Agreed the limited models appear to be a little tougher. If this is the vehicle you really want, then construct an offer based on a reasonable discount (~5% based on what I see in the Pre-Negotiated Deals). For example, if you can get them to take $2500 off, you are looking at a payment of about $500 a month. If you can live with that payment, make them an offer and see if they take it.