So the new 2022 Genesis is out and there seems to be some decent incentives on the 2021 model. Now I know the 2022 is vastly superior in every way, but the 2021 is still pretty nice. The MSRP ranges from $42k-$45k on the models I’ve looked at. The incentives are about $5k. What should I be aiming for in terms of lease payments? I’ll probably go with a pretty standard lease of 36 months.
Any ideas or suggestions? Does this car lease well?
How does inventory look on the 2021 cars? I’d use CarGurus or Autotrader to check. For example, there are only two 2021 G70s within a 100-mile radius of Southern California, which would suggest that discounts will be minimal.
Depending on the trim, 36-month residuals on the 2021 G70 hover around 50%, so I’d expect the payments to be pretty high, not even factoring the dealer discount.
It is practically impossible for us to tell you what a “good” monthly payment is for your specific lease as lease programs are highly dependent on region, personal qualifications, tax rates, etc.
We always recommend the following method before you ever contact a dealership. If you do all of the work up front, you’ll have a stress free dealer experience and set yourself for success.
Read Leasing 101 (Blog | LEASEHACKR) to understand how to calculate a lease payment and the variables. Monthly payment is an output, not an input!!
Pick a specific vehicle that you want to target
Gather the current MF, RV and incentives from Edmunds forums for your zip code
Research the LH marketplace and other deals that have been made recently on your vehicle - what was their pre-incentive discount? How did their lease terms differ?
Plug your numbers into the LH calculator (CALCULATOR | LEASEHACKR), and use a pre-incentive discount similar to what you have seen
Create a target deal, this is what you’re trying to negotiate to. You can try different terms, selling price discount, etc. and see how your monthly payment is affected. It is also possible that different trims of your vehicle may have different MF and RV (i.e. this is very common with GM), so make sure that you look into that. Come up with a set of inputs that give you the output that you want - your desired monthly payment.
With a target price determined, you now have a deal to pursue and compare dealer offers against. More importantly, you have a solid foundation to work from.