Hi guys! This is my first time leasing/financing a car (just graduated) and wanted to some advice. I was basically split between the Civic LX or the Elantra SEL. Some Honda dealerships kept on talking about this “First Time Buyer” program where the prices are considerably high like having to do $2,000 downpayment with 270-300 monthly payment for LX or EX. One Hyundai dealership offered 272/mo with no downpayment (or drive off fee). Just wanted any advice what car/if this lease deal is good. I also got a rough estimate deal with a Honda Civic LX for 0 down and around 250ish a month.
Check out the Accord touring deal for 250 posted on this forum…
I’m a first time buyer so I was looking into very budget-friendly commuter cars like Civic. At Hyundai I thought I got a good deal but wanted some opinions.
It’s a Hyundai 2018 Elantra SEL (Black) MSRP: $20,015.00
Selling Price: $14,213.00
Monthly payment: $272/month
Cash due at Signing: $0; I can do 500/1,000/1,500 for lower monthly 256/240/224 respectively.
Residual V: $9,206.00
Wanted some thoughts!
Look into the money factor and residual they are offering. Compare that to what the official one is (edmunds forum would be a good place), plug away at the calculator on this site. If it adds up, and this is the car you want, then there you go. I’m not familiar with Hyundai’s MF or residual, but they must be abysmal.
How many months is the lease? Miles?
Look into Boostup: they match up to $500 downpayment, but you have to have the account for at least 30 days. https://m.hyundaiusa.com/financial-tools/savings-matching.html
Good luck.
Bad deal. Check out the accord touring for 250 a month.
You should really test drive them both. All things being equal the Civic is head and shoulders better than the Elantra. If you can get an Accord for $250 it’s a no brainer.
I know I saw that - but if I’m a first time buyer won’t they make the rates even higher? They keep talking about the first time buyer program…
No. All that matters is that you have great credit. Doesn’t matter that you’ve never bought a car before. If you have 700+ credit you’re golden.
Civic leases absolutely suck and it honestly shouldn’t even be part of the conversation if your goal is a great lease deal.
I think you can get the Elantra down into the lower-$200s. I’d also look at the Sonata, which leases just as cheap.
I’d also look at the Mazda3, Jetta and Chevrolet Cruze.
Not entirely true. If you don’t have auto loan history, that could play against you…
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True. Good point, didn’t think of that.
Unfortunately not true at all!
Without any auto loan history, you will get denied instantly even with a 750 credit score.
There’s a very complex algorithm behind the approval process, but every lender requires a co-signer for first-time buyers or a huge down payment. Ford is the most lenient with first-time buyers and they even still require a good down payment.
My first ever auto loan was in 2015 leasing a dirt cheap Q50 with nothin down 780 credit. Qualified with no problem. Granted I was 26 and long credit history.
Leased my son a 2018 Elantra SEL same msrp for $220/mo 36/10k, true sign n drive, $0 due at signing. Back in June. So your deal isn’t great.