If you inputted the rebates under taxed incentives in the calc, that would inflate the tax estimate by a lot.
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Here’s the calc link, think it might just be a “bug” vs. how MN calculates the sales tax? Or maybe MN is just weird and doesn’t work the same way as the other listed states.
Does MN tax the rebate or not? That seems to be the difference in your calculator. Why are you also showing $2100 down? Is that what you agreed to put down?
So I answered my own question. MN does NOT tax the rebate, so move it to the not taxed line in the calculators.
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Ahh thank you, this is exactly what max_g was saying too and I just breezed right past it. Yeah, that basically fixes everything in the calc. Great to know for comparing other deals, really appreciate you both.
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Wasn’t ideally looking to put anything down and just do first and fees, but that was the quote given so wanted to input it exactly as that. It should be flexible though if I’d rather not, the deal software they sent it to me with lets me adjust the due at signing with a slider that just takes away or adds to that part of the cost.
Given the MF above 5% you may want to pay all your upfront fees and taxes at signing. The calculator will handle this for you by checking the appropriate boxes. You don’t also need to include it on the down payment line as well.
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Don’t ask for quotes. Tell them what you want.
Yep, the last linked updated calc is accurate for this I believe. DAS is 4700 with that ~2100 down payment. I’m sure they’d be OK with adjusting that down to 0 and raising the monthly. This was a “counter offer” trying to hit as close to the monthly as they could from me sending them what I was looking for (nearly 13% off MSRP, which I didn’t expect to get – this is 6.6% off MSRP). Looking at the signed deals on other Ioniq 5’s and the current broker offerings (which seem to max out at 7% off MSRP), this seems like a very good deal. Mostly just deciding if this is for sure the car I want to move forward with as I don’t think I’m going to beat this in my area.
I am sure they’d be ok with it as well! However this is LH where we try and mimize the costs on a lease and the primary way in doing that you already achieved by getting what appears to be about the best it is going to get in your area. Now we go a step further and look at the MF which equates to 5.62% interest - so instead of putting down $2100, you change it to 0, now you are paying to borrow it at 5.62% + the sales tax on the additional amount. The additional sales tax is probably $3 month x 36 months = $108. It’s not that $108 is a lot of money but add that to the difference in payment between $0 and $2100 down and it starts to add up.
At the end of the day it’s your money however wanted to take a second to maybe point this out. A friend and I have this conversation from time to time so I thought it might be of value here. If not, that’s ok too!
Assuming you get the Hyundai, enjoy it!
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Yep, very fair point as well. Maybe I’ll even round it up to 5k down if I do this deal. I can handle the upfront cost at the moment and as you said, the interest is high for Hyundai currently.
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Most of the time we just recommend the inceptions ( Acq fee, dealer fee, gov fees, 1st month ) for the DAS, once you go much over that your into Cap Cost Reduction ( CCR ) territory.
Once you get into CCR territory, that money is technically at risk if the vehicle is totaled. While I personally don’t harp on this point, plenty of LH’s will beat the proverbial drum telling you not to do it.
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