Ioniq 5N lease evaluation

Ask the Hackrs
1

I’m looking to pickup the Ioniq 5N, but it leases pretty horrible. Just looking to evaluate this. The car (and I due to income) don’t qualify for the federal tax credit, so the only way to get the $7.5K off is to lease. I’m considering just buying it out immediately if I can save on the rent charge.

MSRP - $67,575
Discount/incentives/tax credits - $13,850
Net (79.5%) - $53,725
Dealer fee - $799 (what a scam)
Taxes - $682.71 (on incentives, I think)
Cash down - $1,131.39 (first payment)
Residual 51% - $34,463

Not exactly sure where the acquisition fee is factored in but the worksheet doesn’t have the cap cost on it so maybe there.

This is 24mo 12k - $1,131 payment. Yes I realize it’s a Hyundai but the car is pretty cool. I would buy it outright if it wasn’t for the $7.5K credit. so thinking about this lease. Any thoughts/ suggestions?

2

It is not a good time to buy an EV. Values have been tanking. I suspect a Hyundai muscle car is going to have worse depreciation than other EVs.

3

I could buy like 10 of these in cash right now if I wanted, losing value is not my concern. And obviously that’s why they have the residual at 51% after 2 years lol. I want the car because it’s interesting/fun to drive, not because I’m worried about it retaining value otherwise I would just buy a 911 and a Tacoma.

4

That’s the right strategy on these.

But you have to still get an appropriate discount.

I suspect that commingled line item hides 0 or close to 0 discount. What’s Hyundai’s lease cash on these? $7,500? And Colorado’s EV rebate is $5,350?

5

It’s 2.5K dealer discount, 3.5K colorado, 7.5K state

6

You asked for “thoughts/suggestions”, so I gave you my thoughts. If you really have $500,000 sitting around to spend on a car, my thoughts are that you should get a Porsche or other prestigious brand, not a Hyundai.

3 Likes
7

Yes the post was to get feedback on if there were any other mechanisms to save money with Hyundai via a lease like MSDs or other hacks. Not about wether it was a waste of money overall, lol. Besides, Porsche doesn’t make a 600HP hot hatch that can fit a rear facing carseat behind a 6’ 4" driver that also has a simulated 8 speed DCT transmission. Maybe I’ll get a 911 once my toddler is front facing but I’ve driven several and they seem overpriced to me.

8

We don’t see any data points on this car because it’s not lease friendly in the conventional sense. But even then $2,500 - $800 dealer fee = a true discount of only $1,700 feels really low.

With month-end approaching I’d say make offers based on a true 10% discount as widely as possible (20+ dealers) and see who bites.

1 Like
9

LEASE-BUYOUT-ENJOY :call_me_hand: Nothing else to this deal to add

10

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