Very thankful for this community here where I learned a great deal on leasing since I never leased before and this is the first one I considered. Appreciate any advice on this deal BEFORE I sign it.
Got this from a CA dealer through a broker. The lease agreement they sent is little confusing on how they arrived at the “Gross Cap cost” and I did my best to adjust the calculator to arrive the same depreciation and rent charge based on accurate MF(0.00195) and RV (58%) for 24month 7.5K miles.
Is it even worth pursuing as I can certainly wait for 3-4 months with one car? I can afford it, but considering all the hassle and risk that I need to take to ship the car out and register again in a different state, I feel like skipping the deal.
MSRP: $62545
Incentives qualify for: $7500 EV rebate, $2500 Costco, $500 A-plan, $3500 - CA Dealer Lease Cash - Total of $14000.
Not sure why they used $2500 Costco rebate to use towards DAS and don’t have clarity on what other incentives they applied. However, assuming they factored everything I qualify for, I am kind of arriving at ~6% off MSRP to make the numbers match from the contract I need to sign.
From Lease Contract:
Gross Capital Cost: $48150
DAS: $4500 ($2000 cash + $2500 Costco Rebate)
Capital Cost Reduction: $3528.31 (Paid from DAS above)
Adjusted Cap Cost: $44621
RV 58% - $36276
MF(0.00195) - NO MSDs
Deprecation Cost: $8345
Rent Charge: $3785.93
Total of Payments: $17767 (Box 4)
Monthly payments: $505+tax = $557
Here is the calculator link that does NOT include Shipping costs around $1000 and broker fee of $500 making a total of $1500 down sort off. If I spread these across 24 months, that makes it about $63/month which adds to monthly payment of $620/month ($557+$63). I excluded that from calculator since its kind off upfront cost that won’t include taxes.
Quick update. Decided to get Ioniq 5 SEL AWD and signed the deal with $488/month with 24/12K and $2500 DAS. Will post the details later and can close this thread. Appreciate all the inputs so far.
Checkout this post where the monthly lease prices are dropped by almost $100/mon compared to literally Saturday. Not sure where he sources these vehicles from, they really want to get rid off them below invoice and not sure on the reason why !
After looking at that point, I feel bad that I’m not in CA as Jeff won’t do out of state leases and they are with US bank and not HMF.
