Hi all, would appreciate your thoughts on this deal.
Genesis GV60 Performance
MSRP $71,535
5% dealer discount = $67,958
36 mo, 10k mi
Residual 55% = $39,674
MF .00251
$16,500 in taxed rebates
$6,000 down
Fees/taxes = $3,683
First payment = $565
Lease wear and tear = $1000 (had it listed at $1,895)
Some cap reduction = $752 (I realize that I’m basically paying full price for the lease protection but couldn’t get dealer to go lower than 6k down)
Comes out to $565/mo after taxes
Normalized monthly cost is $711 which is right about at that 1% mark.
The lease wear and tear was actually an add-on I asked for after the dealer came down to $6k/$565, I asked them to add wear and tear “free of charge”, so to be honest I really am just guessing at how much it’s valued at versus how much I pay on top of that to get to the $6k.
Dealer discount is 5% to bring it to $67,958. (MSRP is actually $71,535 – updated the post)
That is a horrible negotiating tactic. The dealer can now make up any level of profit desired. The fact they ‘added it for free’ tells you how much profit they still have in this deal. Negotiate another $2K off the price. Then when you sit down with the Finance guy tell him you don’t want it. They should to tell you the exact price they are charging you for the insurance. It should be itemized separately from the price of the vehicle.
