Kona EV SE Lease, $7,500 Manufacturer Rebate

Ask the Hackrs
1

Hello Hackrs,

I’ve been a sideline fan of the site since I leased my first car, 2019 Chevy Bolt EV, in 2020 ($300/m, 39/12) but this is my first posting. That car was totaled in August and now that the market is softening I’m looking to replace it.

I went through the motions on the Hyundai dealer website and the quote on a 2023 Kona EV SE came out to $488/m for 36/12. I punched the numbers (data below) into the calculator and got the same $488/m (Score 6.1 years) BEFORE entering the $7,500 man. rebate and $400 college grad rebate.
When I enter $7,900 into the calculator it spits out $254/m 11.5 years.

Am I missing something? It appears the dealer is not applying the rebate.

Thank you,
Dan

MSRP (Sticker Price) $35,675
Planet Hyundai Price: $34,793
Manufacturer Rebate: -$7,500
College Grad Program: -$400
Total Purchase Price: $26,893

LEASE SUMMARY
Term: 36 months
Annual Mileage: 12,000
Residual Value (57%): $20,335
Total Due At Signing: $0

  • First Payment: $488
  • Capitalized Cost Increase: -$1,340
  • Estimated Administrative Fees: $60
  • Sales Tax: $793
    Monthly Payment: $487.52
2

Can you post your calculator?

When I plug your info into the calculator, their numbers look right.

3

What’s the MF?
I mean, just taking the $6500 depreciation plus tax plus fee plus what I assume is an acq fee of… ? $695? I get roughly $8k (just eyeballing here), which is nearly $225 all by its lonesome. I can’t imagine the rent charge is only ~$30/mo.

4

Verify the money factor that the dealer is using vs base MF from Hyundai. Also, are there any dealer fees? If the MF is .003+ that could be the difference.

5

Its something like .00380

1 Like
6

Hardly seems like anything worth pulling the trigger on, does it even have leather? Won’t be much different to finance it

7

Yes, sorry, here’s the calculator link for the $250/m number:

8

it auto filled the MF with .00101. I thought it chose that number based on the make.

9

It does not. You need to put in the correct numbers. In this case, thats way way way higher than .00101.

10

okay, i suspected that MF was really low. I’ll have to ask the dealer for the correct number.

Thanks all!

11

If you ask the dealer, how do you know if the answer they give is the actual rate or their marked up rate?

This is a value that is in your best interedt to know before ever reaching out to a dealer.

12

LOL, no, it doesn’t have leather. You’re right about financing, 48 months @ 0%, works out about the same as a lease and once fuel costs are factored in is pretty much break even. The Bolt was supposed to be a stop gap while we waited for the right SUV EV to come along… we’re still waiting so this would be either a stop gap or a hand-off to our 14 yr old son when he gets his license. While the Hyundai is rated more reliable than the Bolt I hesitate to buy after our experience with the Bolt (we loved the Bolt, but it liked the dealers garage more than ours). Plus EV’s are evolving so fast.

13

Sounds like the only way to get that is with Rate Findr. When i was shopping for our last EV the written proposals included the MF.

14

It may include the MF theyre charging, but it’s highly unlikely it’ll say if it’s marked up or not.

Ratefindr is definitely the easiest and quickest way to get that info. You can source it from the edmunds forums as well by posting and asking in the vehiclr specific thread, but you have to post and ask separately for each vehicle, term, etc., and then wait for an eventual response.

15

Strange on the Bolt, I had two of them and not a single problem, just sold my 2022. I wouldn’t hesitate to get another one either, but they aren’t cheap anymore.

16

We had a lemon, we know other Bolt owners who’ve had no issues.

17

Aside from the MF variable, your calculator is also missing tax and fees.

18

My apologies for the radio silence, dealing with elderly parents the last few days.

I joined as a Super Supporter and recalculated using Hyundai’s stated offer (https://www.hyundaiusa.com/us/en/offers/detail?model=Kona%20Ev&year=2023&offerType=LeaseOffer) and the numbers align now. Hyundai Motor Finance MF per Rate Findr is .00378 (9.07%), so @mllcb42 was spot on. The dealer emailed their MF, .00418 (10.07%).

Here is the calculator. We’re going to pass on the lease, very tempted to buy it with financing at 0%.

If we do buy something I’ll post the results.
Thank you for all the help - I guess I just needed to talk through it!

1 Like
19

that is one big difference in the money .

1 Like
20

I was interested in leasing the Kona ev to get the $7500 tax credit pass through and then buying it flat out…did you have any luck with that process? I don’t even see the fed tax pass through mentioned on the Hyundai car listings