Lease end options for Hyundai Ioniq 5

Ask the Hackrs
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1

Hello hackers!

I am close to my end of the 2 year lease of the 2023 Hyundai Ioniq 5 limited RWD. I have a significant number of scratches (15-20 longer than 4") on the rear passenger door that I got while getting the car in a tandem garage. It’s been that way for almost a year now and I don’t mind it.

Now, that I am closer to the lease end, is there guidance on whether I should get it fixed via my insurance or if I should get an pre-inspection and get an estimate before actually fixing it. I wonder if the pre-inspection would still result in Hyundai finding flaws in how it is fixed and bill me for fixing the fixes.

The other option that I recently learnt about is selling my lease to auto ninjas but when I tried their online tool to get an estimate, I got an offer of $18,965. I am not sure what that means -

  • Auto ninjas takes over the lease and pays me $18,965
  • I need to first buyout the vehicle and then sell it to auto ninja for $18,965

Honestly both the options seem strange to me. My buyout quote is $44800. Any guidance on the next steps would be really appreciated.

2

How much to buy the car?

I suspect it’s gonna be a lot more than that offer.

3

You have a balance owed to Hyundai if you sell the vehicle on a lease, on an electric car Im sure that number is a lot higher than $18965 which means you owe the difference if you move forward with that. Just do a lease return and either fix it or dont and pay later

4

:backhand_index_pointing_up:t2::backhand_index_pointing_up:t2::backhand_index_pointing_up:t2:

I would not use my insurance for scratches on a lease return.

5

Definitely run the numbers before spending any money. Paying retail for bodywork is often more than the charges from the lessor.

6

Yep my buyout quote is $44800

7

Oh interesting, why is that. I thought it would be the other way around as paying retail would give me options, whereas with the lease return, they can just charge me whatever they want and just send me the bill.

8

I think the cost of fixing may come out to at least $3000 as per the self assessment tools on Hyundai Motor Finance. Would you still recommend not to use my insurance?

9

I would still recommend getting a pre-inspection before doing anything else.

I probably wouldn’t soil my CLUE report for $3k, if multiple reputable estimates were actually $3k I’d start with touch up paint and a paint correction to see of they could get it under the chargeable threshold.

10

Volvo charged me $74 for a scratch that would have likely been hundreds all the way up to a full bumper repaint.

11

The lessors I know of (BMW, MB, etc) tell you after the pre-inspection what the charges will be.

Charging whatever they want—and the anxiety it creates for future customers—is bad for business.

12

Did you get the pre-inspection done? What did they say?

13

I got the car fixed for 3k. The inspector wasn’t able to find out any issues with the fixes. I am still waiting for Hyundai for the final statement though.