But are you dead set on a G70? I doubt a broker could help you a car that’s so new and has so few dealers (not sure what the NY situation is, but, in CA, I think Genesis are only available from Genesis dealers in CA).
Don’t forget the German makes (specifically MB and BMW) have higher residuals and discount their cars more (well, maybe not the brand-new 3-series right now), so, even though those cars have higher starting MSRPs, their leases are much more attractive than what you’re looking at. I think some posters are getting C-Class optioned out in the high $40Ks for the quote you got…
Yes, unfortunately my wife has her heart set on the g70 - the excellent 5/10 year warranty and 3-year pickup/maintenance service was quite attractive as we were planning on buying. Now with leasing as an option, you are right that the volvos/mercedes/bmws make good sense…but we may decide to buyout the car after the lease term ends as the price difference is negligible due the rebate…choices choices…(sigh)
I had my heart set on the g70 too but the lease deals are bad. I love the car and it’s sporty look but I personally think the deals right now aren’t good for a Hyundai manufactured car. Might end up going with a q50 3.0t luxe
If you feel strongly about buying out at the end of the lease you should just buy the car out now. It doesn’t make financial sense to lease and then buy (in my opinion).
With that being said, shoot for 10% dealer discount before incentives to help with the monthly payment. This is Genesis we are talking about and people aren’t exactly frothing at the mouth to get into one.
If you’re leasing then the warranty and maintenance shouldn’t be a concern, BMW and Audi offer maintenance packages.
Thanks for the advice. The selling price for the car is 35538 of the MSRP of 38165 so around 9% I believe. The reason I’m considering leasing is the 3500 rebate which makes it attractive to buy out and even with the fees/taxes I’d still be saving an 1000+ , and it gives me some flexibility in case we don’t want to keep the car.
The 3500 does not make it attractive to “buyout” because you’re only making payments towards the depreciation of the car and the interest rate instead of principal payments.
There are very few cars where it makes sense to lease to buyout over traditional finance. This isn’t one of them and it’ll be made worse because you’re getting a base G70 that will most likely not be worth nearly as much as the RV indicates in the market in 3 years so your buyout would most likely be higher than actual market value. What this means is that if you do the buyout you’ll end up financing or paying more for the car than others would buying a similar trim with mileage and year on the used market.
If your intention is to keep the car. Just finance it and then in 3 years evaluate whether you should sell it or not. The numbers may make more sense.
With that being said, there is a discount and rebate amount that would make this make sense to buyout at. I just don’t think 3500 is that number.
Make sure to run the numbers at dealership to figure out if leasing to buy makes more or less sense. I did the lease to buy plan when I one pay leased my MDX since the math worked out.
An advantage of lease to buy (versus financing) is flexibility. If you decide in three years you don’t want to keep the car you can turn it in. This is particularly advantagous in a G70 which is likely to be worth well below the assigned RV. If you figure out that leasing to buy is 10 bucks more expensive per month than financing, maybe you decide it’s still worth it for the 36 month guaranteed rate return option.
I agree, depending also on the state sales tax laws there can sometimes be little difference to lease and then buy. Especially as there’s a decent chance you might be involved in an accident over a 3 year period, better to be leasing if that happens.
Thanks Guys, yes agreed it does not seem to be much of a difference if I we decide to buy out at the end - the flexibility is great + Genesis includes GAP insurance in the lease which is great!
Lease MF is super low I believe less than 1/2% apr. Plus lease cash. It likely does make sense to lease then buy. You only take a hit with the acquisition fee.
The MF is great, but the RV is about 51% which is low for a 12k mile lease. That’s hurting this.
What’s also hurting this is the the dealer wants 3k down as cap cost reduction and there’s no dealer discount.
You should be seeking a 10% dealer discount (5,260) before the rebate of 5k cash and no money down. That should put you around 522 a month which wouldn’t be terrible for a 52k MSRP car.
The reason I say 10% is because the G70 has a lot of competition in a segment that has continuously lost market demand and it’s from Genesis. Genesis’ brand competition has inflated RV’s and significant lease programs that make their vehicles appear to be better leasing propositions than this one.
The dealer should at the very least give you a 6% discount (About 3k) so you don’t have to put any money down.
I did a lot of calculations to try to determine a fair price for a Genesis G70 3.3t Advanced (standard package) and was hoping someone could check my math for me. In particular, I think I could get a cheaper selling price? Truthfully I’m not really sure.
The terms I am interested in are:
36 months
10k miles/year
$0 down
I’m hoping to get the final cost to be closer to $500/mo - any help would be appreciated.
Have you gotten quotes from dealers? Not exactly sure what you’re asking here? It looks as if you’re asking us if 500 a month is possible given those terms?
It’s hard to know what the market looks like without knowing what the discounts are, incentives, money factor, and residual values.
Thanks for the reply! Most of that information is in the google sheet that I linked to:
I got one quote from a dealer for $637 - he didn’t bother to give me any details about what that did or didn’t include. 637 is absolutely way more than what makes sense
