Hello community,
This is my first time leasing and was hoping for some guidance from you all to hopefully get the best deal possible from the quote that was presented to me. This a Genesis G70 with Prestige trim for reference.
They mention the Sale price has little wiggle room for negotiation but given the market conditions, what do you think I can get off MSRP?
The L.EV (59%) which seems to be RV is on par from what I’ve seen on the Edmund community which around (58%) . The " total added cap cost " is something I feel i should ask clarification about unless someone can expand on that. The MF is .00133 ( 3.192) if i converted that correctly which is appealing given this market. I am in south Florida so the doc fee is about average ( which is crazy right).
This seems to be a pretty good deal but if anyone can provide some feedback on anything I should question. I would greatly appreciate it! thank you in advanced !
What they are most likely doing is giving you 0 dealer discount $1500 in incentives. Then they are adding 1699.50 as an added cap cost. You are buying the car for over MSRP.
This is not a ‘good’ deal.
In the Northeast, these cars are discounted up to 6.25% before incentives.
To make this simple for yourself, I’d email dealers asking for a 0 down $735 a month (first month due at signing). Let them figure out how to get there. This would represent about a 6% discount, and $1300 in dealer and government fees.
I would find several dealers close enough for you to travel to and send offers or see if @AutoNinjas genesis dealer is at a better deal than this.
The RV is not negotiable and is set by the bank I believe. The MF is something you need to evaluate with edmunds --is it marked up or not. The general consensus on the form is that Genesis do not lease well and better option to buy.
MF and RV are accurate. MF is actually not bad. Apart from $1500 rebate, there is not much in terms of lease support for these. The deal just needs much bigger % off MSRP to be palatable, regardless if you lease or purchase. Can you get bigger discount? Not sure. But I believe I have seen 5+ % in some broker’s thread.
Lease in this case provides better flexibility additionally, MF APR is 3.39, only additional cost is acq vs straight finance. Tax savings as well on payment vs full purchase.
60 months promo apr is 3.49 and 150+ more a month, so leasing is the way to go on this model because of the low MF and tax savings.
Payment is high for what it is, but the car leases better than it finances and the lessee has greater flexibility.
@max_g puts that flexibility, and its limitations, into good context below
The numbers are what they are but the qualitative aspect (flexibility) is debatable at best.
An HMF lease means you are basically stuck. For. The. Entire. Duration.
Having exited an HMF loan recently, I can attest that Hyundai/Genesis/Kia dealers offer really subpar trade values. I was able to get $10,000+ more by virtue of ownership and being able to sell to anyone with no restrictions.
Huh? How are you comparing a 60 month financing vs a 36 month lease payment wise, the finance is only 150/mo higher and you are rationalizing leasing is the way to go? No. Absolutely not.
FWIW, this is the car that I have had my eyes on for a while now, something that I can see myself keeping for 6+ years. But I have yet to get one because there are no good deals for leasing or financing. So waiting… Value for money over desires kinda thing.
If I HAD to get this one today, I personally would finance because I would not mind being ‘stuck’ with it if resale value is bad down the road.
