Was trying to hack a deal on one of the handful of 2023 Ioniq 5s that are just growing moss on dealer lots in my area…
There’s a 2023 Limited I have had my eye on. They offered almost 10k off sticker and the $7500 lease cash, but I couldn’t get them to bite on the alleged “$15k off” lease incentive that was reported for remaining 2023 models back in Jan–they said that’s where the dealer discount came in. Would’ve been about $565/mo, but I wanted to get it down around $400/mo (24/10…or 12 since idk if they offer a 10k mile 2-yr lease).
I let it go, figuring things might turn in my favor, and because my wife doesn’t like the styling and she would probably end up driving it more than I do (I WFH, she goes to the ofice 3x/wk)/
Well, now I’m SOL as there is NO lease offer on '23 models any more. Any chance HMF would make exceptions? I’d need them to drop the asking price massively to make the numbers work without lease incentives, and I just don’t see that happening.
Sucks for them, since I can’t imagine anyone is gonna buy a '23 when the '24 is literally just a few hundred more. If it’s still sitting there at the end of this month then maybe they’ll play ball? Still unlikely they’ll knock another $10k off sticker, which is what it would take for me to bite.
On the bright side, I might’ve just found an iD.4 PS+ with all features intact for around $300/mo, 0 DAS…
I may be wrong, but I read in the ev6 reddit about something called ‘Final Pay status’. That means that dealers are no longer given any support from Hyundai for 2023 models from March. They are on their own and have to buy the vehicle from Hyundai. Similar rule for Kias. I am not sure if that is true. But, based on your experience, this seems like a possibility
yeah, the dealer i’m looking at still has the $7500 offer listed on their site, but i called and talked to a sales mgr and he said that’s not the case and just hasn’t been updated.
yep, this is what it seems is happening…possible the dealer i talked to is just misinformed though, I will update this thread if they call back with new news.
working on it. already test drove one 2 weeks ago and was ready to lease for more like $400/mo (and without the 360 cam and power mirrors) but wife talked me out of it.
if the numbers on this one come through in line with what i’m seeing online (talked to sales mgr a few minutes ago and he’s emailing the details asap), then i’m all over it.
I hope I don’t eat my words but I’d trust our brokers here 100x over, versus putting any faith in a random dealer to know their own programs. Dealership is likely misinformed
just called this particular dealer again, told them i was getting conflicting info. they (allegedly) “double-checked” and said that there is no longer a national lease incentive for 2023 models (it’s of course still active for 2024 models), and anything I see that tells me otherwise is either wrong or dealer-specific and not a national offer.
If I find a broker or other dealer who does choose to honor it and the numbers work, i’ll jump on it, but i’m not really sure what to believe at the moment…
quick update here:
It seems like there are still a ton of deals advertising the $7500 off for '23 models, so gonna guess the one I’ve been talking to is just misinformed. if they get their shit together on the mfr rebate and knock a little more off asking price then i’m gonna do it.
I had a unicorn in my grasp and was all ready to make a ~4hr drive for a ridiculously marked down '23 Limited AWD (17k off sticker plus another 7500 for the rebate), but seems like someone beat me to it. Not sure if that person is on the forums, but if so then I expect to see a sub-$300/mo lease (and maybe even <$250/mo) posted in SIGNED in the next couple days.
Here’s hoping some other dealers start to follow suit and offer some big markdowns…
following up as i’ve now spoken with about a half dozen dealers in 3 states (GA, AL, TN).
The last one told me tht since '23 models are in “Final Pay” they are not technically eligible for the HMF $7500 lease cash, but some dealers are doing that anyway, and other dealers are throwing in an additional 7500 for 15k in total discounts.
BUT they also said that residual and MF are different for these models because of being previous model year. i’m getting a quote sent to me that i will use to figure out numbers and report back.
Bottom line: there MIGHT still be deals to had on '23 Ioniq 5s, but it’s going to be very dependent on specific dealers and their willingness to work with you. I’m salty i missed the killer deal a few hours away, but am trying to work out something similar. will continue to provide updates and would encourage any others in a similar position to do the same to help out the community.
My local dealer has two '23s remaining that they’re advertising $15k off, so stopped by to get the details. The one I looked at is an SEL AWD with MSRP of $53k. They said that I could get $15k off for purchase or $22.5k off for lease, so I asked for the lease numbers, which look really bad from what I can tell.
Sale price of $30,500 plus additional fees and whatnot that I can’t quite figure out, but I was mostly interested in the residual, which they didn’t include, so I asked, and they said $27k. I asked again because that seemed very high for a $30.5k sales price, and they said that was it.
With $0 cash at signing, they have a a payment of $531 for 30/10k, which doesn’t seem horrible, but I would like the option to keep this car, and the $27k residual seems high.
Opinions? Apparently I could buy the car for $38k, which seems like a very good deal, but I would really like to get the extra $7500 if possible.
Very curious about those lease numbers. $30.5 sticker and $27k residual yielding a $500/mo lease for 3 years means they must be applying a massive MF.
I’m getting the sense that dealers are just doing their own thing now with residuals and money factor for these remaining '23 models.
Agree that a lease and immediate buyout might be the best way to take advantage here.
EDIT–with some very basic fudging numbers in the lease calculator i managed to get to ~$500/mo effective monthly cost by applying a .005 MF, which is equivalent to a 12% APR:
can they not mark up MF? and if the lease isn’t done through HMF then isn’t it pretty much fair game depending on the lender?
A dealer I talked to told me that the '23s are in final pay and they are now using a different set of numbers for MF and RV. I had seen another offer that factored out to roughly a .0038 MF and I think there was a ~50% RV on a 36/12, but don’t remember the details.
Is immediate buyout always an option? I assume they have to disclose in the contract what the buyout terms are, but I don’t want to wait until I’m about to sign to find out that they charge some huge buyout fee.
