Dear friends and experts, I hope to hear your advice on this.
Location: SoCal.
Model: 2024 Ioniq 5 SEL RWD
Most Hyundai dealers now have Ioniq 5 SEL RWD -$7500 to match the federal tax credit.
I asked a local dealer to knock another 3k down (and no Conquest). So in total it will be $10500 off the MSRP. Is this a good deal or should I ask for more?
I also saw someone posted 7500+5000 off MSRP, if anyone knows a dealer can offer that plz let me know.
Thanks!
The friends and experts say don’t buy an EV, lease it
Thank you!
Could you elaborate more? Or any links I could study?
I thought the leasing process is to first negotiate the final price, then determine the depreciation, divided by the term (24/36, etc).
The main issues I see are basically…
Many makes and models would not qualify for the $7,500 federal tax incentive if purchased (due to the buyer’s income, the MSRP of the vehicle, or the manufacturing origin of key raw materials). But leases are not beholden to the same restrictions. So and many leasees with households making well over $300k can capture the $7,500 value on $150k MSRP cars with batteries sourced from China.
In my personal experience, BEVs don’t seem to last. The Tesla Model 3 we had previous became a rattle trap and glitchy UI mess after 2 years. The Model X I had didn’t even last 500 miles before shutting down. And everyone (including Tesla’s service reps) kept saying to me how Tesla cars are very high-tech, which means they are less reliable than ICE (said differently, driving Tesla means the car may shut down unexpectedly). I just don’t personally want to deal with the headaches of owning a EV once drive systems and “tech” start to act goofy.
For one thing, even beyond normal new-car depreciation you have additional downside resale value risk every time Tesla cuts new car prices.
Thank you very much, this totally makes sense and explains why leasing an EV is better than buying.
The three points you mentioned above are also closely relating to my case.
For #2, dealers now have 7500 for both cash and lease. For #3, Hyundai has 10 year warranty for battery, I was hoping this can cover any future battery issues.
But after reading your comments, I should give a second thought about buying an EV. (Leasing may still be OK)
Yeah 100%. When I was trying to get rid of the Model 3, no NorCal dealership would accept it for trade. They kept saying the used car floor refused to touch Teslas on trade.
I had a lot of positive equity in it, but every single dealership kept telling me “come back once you have cash.” So in this case, Equity != Cash.
These weren’t podunk dealerships. East Bay BMW is run by Hendrick. Fremont BMW is AutoNation. Dublin Auto Group is all over East Bay NorCal. They all said I made a mistake buying Tesla, and they wouldn’t help me get out the car. When I was in the Fremont BMW showroom another family showed up in a Model Y asking about trading it in. They told them to come back with cash too hah.
So the re-sale risk isn’t just in the pricing. The risk is also n the liquidity. I’ve learned my lesson, these EV assets aren’t good to own lol.
They do? Is Hyundai giving a 7500 incentive on a finance of an Ioniq 5?
All options.
-7500 on Lease, finance or cash, in several dealers in San Diego.
For finance, I think you have to take a standard non-zero APR, around 6-7% to get the 7500 off.
According to Electrek, the new $7500 incentive is stackable with the federal lease incentive for a combined $15k.
They mention this is for the 2023 model…that does limit the search a bit.
You are correct, I checked with dealers and they said 2023 model are sold out.
The other numbers on the 2023s are also pretty bad - RV 48-49%, high MF … no way to get to the $8k-10k one pay that some people achieved.
You can get that right now on a 24m 2024 you know.
Do the 2023s still have conquest?
There are over 1,000 MY 2023 when I search ioniq5 online.
About the same for MB EQS Sedan.
@Arces … this is another conspiracy that the IONIQ5 and EQS Sedan are the same car.
The RV kills the deal.
You need 10% dealer discount on the top of $15k to get payment around $350/m
It’s good for buy-n-hold folks if not for leases.
