Hi, looking for some advice regarding a lease I was offered for a 2024 Ioniq 5 Limited AWD. Terms are $550/month, 36 months, 12k miles. $0 down (all taxes and fees rolled into the monthly payment).
The calculator is giving me a monthly of $506 (I will try to add a screenshot), which is right around where I would like to be for me to accept a deal.
Is the $550 still a decent/average deal? Why do the monthly numbers don’t match (between the calculator and what’s offered)? MF markup? Any advice on how to go about asking the dealer to match or get closer to the number the calculator is suggesting?
They aren’t paying off your lease. You are, and giving them a free car. That’s why that amount is added. If you kept both cars and turned in the first one you still paid the same amount total.
They actually wouldn’t keep my current car. They’d give me a check so I can pay the remaining payments of my current lease and return it (did it this way because trade-in would actually yield negative equity). I thought that’s why it adds to the balance but it doesn’t affect the monthly payment of the new lease, as far as I know
Ha! I think that was it, I wasn’t selecting the correct taxation option for my state. The new monthly that the calculator suggests is almost identical to the deal offer. Thanks for pointing that out!
I think it depends on your region and how far you’re willing to search, but I think I can get at least 5% off MSRP on a Limited in my area. If it’s been on the lot more than 180 days they should at least apply the $500 aged inventory rebate.
As deals go, it’s meh, 2.5% off? At least if it was 4% it would barely be ok, but 2.5? nah and the fact that you are just rolling in $1140 it’s not that good at all.
I really don’t think that’s a negative equity. They said they would give me the monetary value equal to my last few current lease payments ($1,140), independent of the lease. And also pay for the disposition fee of my current lease. So more of an added incentive to help me out is what I thought it’s supposed to be. Am I falling for a trick here?
I was able to pull the MSRP, by the way, thanks to a commenter above. Now I see why the dealer website shows that $59k as the price because they’re adding several items that are not necessary and the freight:
What a dealer says and what they write on paper are two different things. The paper you showed me says they are charging the difference to you.
And what disposition fee? They are buying the car, there is no dispo fee. That only happens if they ground the car. And dispo comes to you later in a form of a bill, not the dealer waiving it.
They might say they will write you a check, but until the paperwork says that, I don’t believe it
Dealer is not buying the car. It is currently leased by me and I will return it at the end of the lease so Mazda will charge me a disposition fee, which if the dealer keeps their word, they will include the money (to cover that fee) in the same check that includes the final few payments for my current lease.
I will definitely not sign anything until I can assure they are giving me that check.
Sorry if this has been confusing, it evolved as negotiations happened but I really hope they keep their word
Dealer writes you a check for $1140 to make the final payments.
Dealer bakes the $1140 into your current lease to raise your payments $50/month.
You might think you are ‘winning’ but all you did was take the payments and roll it into the next lease, might as well keep the car till the end.
Don’t forget that if you ground it early without inspection, you will likely owe on Tires, Rim Rash, scratches and dents that the inspection would’ve told you about.
Anything can be done. But do the math on a 5- or 6-year timeframe. Unless you are leaving the country or retiring from driving, never look at a lease as a 3-year timeframe in isolation. By definition, a lease will end. What happens next?
That makes sense and thank you for the heads up! This is super helpful, I really appreciate the ongoing conversation. Going to talk to dealer to iron things out and I will report back
