Hyundai has a lease deal offered at 269/mo with 3999 DAS, which is apparently not possible to actually achieve (obviously TTL not included) based on interactions with a couple of dealers. Unfortunately stock is low as only recently has Hyundai started even selling EVs in Texas apparently.
My goal is to get as close as possible to that without having a down payment, but paying TTL/fees up front is fine. So far I’ve gotten to about $384.91 with 0 down, tax + fees (dealer put $1000 for fees which I think includes title, license, docs, and $650 acquisition fee as its not listed separately)
Here’s the calculator I have that is about $10/mo off from what the lowest offer I got from dealer is. I think the RSV and MF are what Hyundai Finance is doing to double dip on the EV rebate from what I’ve seen elsewhere.
Is this a good enough deal or how much better could it be negotiated?
Or are there other EVs that can beat this currently? (Preferably not a Bolt or Leaf, but if it’s a killer deal…)
I agree, leasing seems like a bad deal across the board here. In this case, the $7500 tax rebate reduces the purchase price and makes it somewhat appealing. I don’t intend to keep the car after lease (unless it’s somehow worth to flip it by then).
In Texas, sales tax credits are available from some banks occasionally on certsin vehicles. They generally lower the sales tax rate effectively from 6% to around 1.25%. They have nothing to do with ev credits.
So the sales guy says no sales tax credit from Hyundai. Supposedly can use the trade-in sales tax thing Texas has, but based on other posts I’ve seen around that sounds iffy.
All that said, if I’m down ~3k at signing (tax + fees) and around $380/mo, with the goal of reducing my current monthly payment on a car that carmax has given me a $3k over loan payoff offer, does this seem worth pursuing?
For reference my current car is 700/mo at 2.29% interest (60 months, 18 months in).
As much as I want to keep this car, my monthly budget is getting blasted lately.
There’s nothing iffy about trade-in sales tax offset. If you’re going to sell your car to Carmax, you should try to get the Hyundai dealer to take it as a trade. See what they’ll give you. If it’s better than Carmax, great. In fact, if it’s more than 94% of the Carmax offer, you’re better off trading it in (net of sales tax costs), but I’d press them to at least match Carmax.
If it’s only about 3k of equity, probably not a big deal, but you could get them to cut you a check for the amount if you don’t want to have any down payment on the deal.
Regarding sales tax credits, I’ve been able to get them down to zero more often than just a partial offset (when available). They have discretion. Also, I’ve had a dealer tell me they don’t have the credits only to see them end up in the final write up with a corresponding increase in the net vehicle cost. They may, in fact, not be available for your deal but I wouldn’t just take the dealer’s word for it. Unfortunately, since it’s a TX specific thing and it’s so misunderstood, it’s hard to get any independent verification of their availability (vs say money factors and residuals).
So I ended up at 377/mo which was good enough for me. Trade-in nixed the sales tax, although I think I lost a bit of difference on loan payoff vs trade in credit as my monthly payment just happened. I should have thought of that when I was approving the final numbers, but I think I was just ready to sign and go home. I might ask if they’ll cut me a check for that difference, but I don’t expect anything.
The only surprise (which I kinda knew was going to happen as I kept track of the numbers) is that they had been giving me numbers from a different car the whole time, but realized last minute the one I’m leasing is $500 more expensive (from the sticker, not any markups - in fact both cars were already marked down ~250 below sticker). I had asked about both cars initially and I think they got confused on which was which until the paperwork got started.
Overall not much hassle and was actually pleasant compared to the first dealer that tried to hard sell me at 450/mo with 2000 down (markup + adds), telling me if I don’t take it home that day someone will come and pay even more over MSRP for it LOL.