Ioniq 5 Limited AWD lease deal?

Ask the Hackrs
1

Hey folks,
Went to check out a 2023 Ioniq 5 on a dealer’s lot today(Bay Area) for the 15k discount but essentially realized the monthly lease amount on the 2023 Limited AWD(16k total rebate, 5k drive-off, $635 monthly lease) was higher than 2024 Limited AWD(13k rebate, 5k drive-out, $600 monthly lease) - which makes no sense. Had no idea about MF/RV up until today(never leased a car) but I figured out the MF on 2023 is pretty high compared to the 2024, which makes it a crappy deal.

Negotiated with the dealer for a bigger discount on the 2023 Limited AWD model to bring down the monthly and he claims to have given an additional $9800 to bring down the monthly lease to $535. Wanted to check here if this is a good deal?

MSRP - $59440
Rebate + initial discount - $16k
Extra discount after negotiation - $9800
Cap cost of car - $33640
Drive-out - $5k
Monthly lease - $535 for 24m/12k

I understand now I should not put any down, so will get the amount down to just taxes/fees when I go in next.

Thanks in advance for your help guys!

2

Something isn’t right.
Given that 1k and $ 9800 discount you mentioned, monthly should be less than $300 with first month DAS.

Your DAS is $5000, seems like they only give you that $1000 discount. Where did $9800 come from? Here’s the calculator that matches your quote:

3

Your numbers don’t make sense. If the rebate and initial discount are real and the extra discount is real, then the MF must be sky high.

4

Doesn’t make any difference.

Focus on creating an LH calculator for your target deal. Not on something as arbitrary as what some internet users think is the “ideal” DAS. Hint: it doesn’t exist.

2 Likes
5

This is always the way.

One should never talk numbers with a dealer without knowing what they should be first.

There isn’t a world where you should be finding out from the dealer if a 23 or a 24 leases better. If you don’t know the answer already, you’re not ready to be talking to the dealer.

2 Likes
6

Thanks for the reply! why do you think selling price is only 1k off the MSRP? The total rebates were 16k(8.5k dealer discount + 7.5k lease cash), which brought selling price down to $43440. But the monthly on this deal was $635 which was so high - he mentioned the money factor was very high on 2023 leases.

In order to bring down the monthly lease, he said he can discount it by another $9800 which brought down my monthly to $535. But it still doesn’t make sense - feel like the monthly is still too high inspite of all the discounts he is claiming to give. I guess the discounts haven’t really helped here since the MF is too high?

7

yeah, the dealer did mention the MF is high on the 2023 models, but this still doesn’t make sense. I’m asking him for the full numbers.

8

This is how bad your 2023 deal is ,

This is a SoCal 2024 Limited AWD Price with 10% tax
Less money down AND less per month.
Edit : This includes a $115 Competitive coupon

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9

Are you sure that you don’t have Competitive Owner & College Grads included in this deal?

10

Ugh it does, well it jumps up to 605 without.

11

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