Location: VT
MSRP/Retail: 47,655 (They say it comes with cargo package and wheel locks, neither of which I care about – but even then it adds up to 47,560, so not sure where their number is coming from)
Rebate: 12,200
Doc Fee: 198.00
Gov Fee: 128.00
Capitalized Taxes: 1012.64
Gross Cap Cost: 49,643.64
Cash Cap Reduction: 474.43 (No idea what this is, honestly – I think it’s a dealer discount …)
Cap Cost Reduction: 12,674.43
Adjusted Cap Cost: 36,969.21
Paid by Customer: 1000.00 (don’t understand how he got the 1,000 number for me to pay – I understand paying the first month payment of the lease, and fees, but doesn’t seem to add up to 1000 to me…)
For a 24 month Lease = 24 months w/600 down = $545-565 / month.
Residual Value after 24 months = 30,975.75 (that’s a 65% residual)
He did not give me the money factor.
For a 36 month lease w/600 down = 585-606 a month.
No money factor or residual given. Though the Hyundai Financing Site says the residual after 36 months lease = 25,257 (53% residual).
Now I’m pretty sure this isn’t a good deal, given that they’re getting like 12,000 in rebates (my rebates) even if I’m not the one paying it out of pocket. Looks like I’m getting at most 400-500 in a cash reduction. And working backward with the lease calculator I’ve figured out the money factor (.002 or 4.8% on 24 month lease and .00245 or 5.6% on 36 month lease).
Strategy My plan is to early buyout the car like immediately after leasing, so the money factor isn’t a big deal as I only plan on making one payment. My questions to the leasehackrs out there:
a) there are about 600 of these cars sitting on the lot within 200 miles of me but there are only two in the exact trim, interior and exterior color combo, and drivetrain that I want (it’s rare to find a RWD model in the north east). But those two have been sitting on the dealer lot since November of 2022. I am asking my local dealer to transfer them from the dealer who has the model trim i want to his lot – do I still have room to negotiate MSRP down? What would be a reasonable request given the deal he has already given me? This is an EV – Ioniq 5
b) If I plan on buying out the lease, is the only thing that matters the Adjusted Cap Cost? So whether I do a 24 or 36 month lease (with the difference in residual value) shouldn’t matter at all, correct? I’ve tried looking into how Hyundai calculates early buyout and it looks like it’s a straight: Adjusted Cap Cost + Taxes = Early Buyout.