Backstory: I have a 2016 Hyundai Genesis–did an $1100 drive off and pay $318 a month with taxes for 3/15. Love the car and the deal. Lease is ending in June and I’m getting worried because the deals don’t look nearly as good as they used to.
I’m in California and Genesis isn’t operating in California due to disputes with the dealer network.
Options:
Keep the Genesis–I like it, but it’s not worth the $24,000 residual. I can get one with less miles for significantly cheaper going the CPO route, so this makes no sense.
Get a 2014-16 Equus CPO, finance it–about $27000 gets me a 2014 Ultimate with less than 20000 miles. I can drive one for the next few years, but I am concerned I’ll get bored with it, and a 7 or 8 year old Equus is going to be nearly worthless. Not a fan of this option because leasing a new luxury car for about $13k for every three years seems doable–this has me paying twice that for a car I doubt I’ll keep for 6 years, albeit for a very nice vehicle.
I have a good relationship with my local Mercedes dealer and can get a CLA or a C300 loaner for $300/mo + drive off. Problem is that these models are poorly equipped.
Wait until April, May, or even June and see if Genesis starts operating in California. Problem here is the MF/residuals and the lack of factory cash and dealers not kicking anything in mean that leases are extremely bad currently in other states.
Get something else. I’m ideally looking for a luxury mid-size sedan, maybe a compact luxury sedan, preferably a loaner. Not opposed to SUV, but the leases are way better for sedans these days it seems. What are some good deals available these days? I’d be willing to go as far as $450/mo with minimal drive-off?
We were seeing the same here in Texas with the Genesis Dealerships but they are beginning to trickle. I will say that with the change in Business and the fact that the G70 is getting a lot of press it may be hard to get that Amazing Deal we all wish for. Good Luck!
What equipment do you need (genuine question)? The C300, even in stripped form, is still pleasant to drive (aside from the run-flat tires, but MB isn’t alone in that).
Also, when you say Genesis isn’t operating, I assume you mean a standalone network (meaning that you can still get the Genesis cars themselves at select Hyundai dealerships)?
I didn’t know that about Genesis in CA but makes sense as I haven’t seen a single G70 on the road yet and I’ve been wondering why.
I don’t think that you’re going to be able to get anything even close a deal even if the issues were sorted out tomorrow, so If it was me, I’d probably go with the last option and go with something else. Variety is the spice of life etc.
Maybe check out the S90? I know the 4cyl set up isn’t for everyone but you’d get a lot of space and comfort.
When I look at the Genesis website, I see Genesis dealers listed, and some of them have inventory listed. Am I missing something?
I assumed it was b/c no one’s going to pay $600+/mo for a G70 and b/c inventory is super limited (perhaps in part b/c Hyundai can’t decide on its strategy for Genesis). I saw one on the road a few wks ago, but I assumed it was a dealer demo, for some reason.
Same thing here in PA. The lease on my uncle’s Genesis just ended and he wanted another one. He checked in Jersey and he couldn’t touch the same car for under $600. He was paying $383. He wound up leasing a Q50.
I meaaan, I get why they might not want to flood the market with $299 G70’s, or hell even $450 G70’s as they’re trying to go upmarket.
But really they should be trying to get them out there, get people driving them, sitting in them, being surprised that it’s actually pretty good! Now they’re even losing the few people who actually already know the brand and want another! The delay and lack of a marketing plan at all, means they’ve totally buggered up the brand, at the worst time as people move to SUV’s.
I can only assume that Hyundai in their infinite wisdom has something planned…maybe…possibly?
My understanding is that it’s a dispute with the dealer network (i.e. Genesis-certified Hyundai dealers) and involves regualtory issues, but I’m not 100% sure.
Blind spot assist is not standard. 360 cameras are not standard (really useful when parking in a major city). Power folding side mirrors aren’t standard. Heated front seats aren’t standard. Power folding mirrors.
Do I really need all those options? No, but I could also drive a Nissan Versa if it’s only about things that I “need.” My 2004 Audi had heated seats and folding mirrors.
I might be being a bit unfair. My Mercedes dealer’s website is really bad about explaining what options a particular loaner has, so some of them might be less stripped down than I think. My wife got a loaded CLA for $333 a month from them.
When I used the Genesis site, it listed a single G70 at Glendale.
I then looked at Glendale Genesis’s website, it doesn’t have any 2019 listed.
Using cars.com only show cars in other states (as you said).
If the options are more important than the car itself, I think you could get most of that (if not all of that) on something like an Altima, no? It’d probably be a lot more comfortable than a CLA…
Dealers might have demo cars; those tend to be more fully loaded.
You can try to negotiate the pay-off at the end of the lease. Hyundai knows that car will not fetch $24k; since you’re saying a similar CPO would be cheaper. If the dealership makes a deal to keep it, they’ll have to discount it, otherwise it’s going to auction. I doubt it will fetch close to that at auction. Might as well try to negotiate on a car that was in your possession, if Hyundai is game.
Interesting. I am in the same boat as you, and dayum did you get a helluva deal.
I leased my '15 Ultimate, (3/10, $3k down, $334/mo.) in February 2016, and am presently extending my lease for 6 months.
I have considered several of the same options, and reached similar conclusions.
The residual in August will be $25k, and there are plenty of Genesii with similar milage for sale cheaper than that.
I have also looked into buying a lightly used Equus, but decided against it due to the steep depreciation.
Lease prices on new G80s are ridiculous, and I’m certain I could never get close to as good a deal as I got on the '15.
Instead of Mercedes, however, I have been looking at the new Kia K900. It’s a very nice car, and I urge anyone interested in leasing a luxury car to drive it, but right now Kia dealers are just starting to discount them. I just got an offer of $14,900 off MSRP from a dealer north of Atlanta, but that’s still over $700/mo.
I’m hoping the discounts are substantially larger come August.
Don’t bank on good Genesis deals. Mine is expiring in May and I just picked up my 5-series last week. A little bit of overlap isn’t going to hurt since my payment is $242 ($0 DAS). The $500 excess wear and tear package was clutch on mine since my wife had a little tussle with the bumper.
But I’d jump ship and pick up a Mercedes or BMW equivalent before they end lease support on MY18
Same story as OP. Six months extension. Overlapping c300 deal, had pano, blind spot, that’s it. Did not like the motor side of the car, so much effort and that sound…Transferred that $300 lease out.
Look on BMW 530 or like me 540 deals in CA, preferably factory demos, where your lack of Loyalty would not play a role. I got mine from @Samson.
