Purchasing or leasing a 2022 Genesis GV70 2.5 T…

Ask the Hackrs
1

Thought I would get some input before I pull the trigger…

I normally lease two Mercedes for my wife and I every 3 years…

I recently sold both of our leased low-mileage Mercedes to cash out the positive equity… and we’ve been in a shared rental car for the last 40 days…

Rather than lease a couple of new Mercedes… I thought it might be fun to make a change…

The Genesis GV70 2.5 T SUV has caught my eye… so I’ve done my research… and the reviews are very positive on the vehicle….

I live in Houston… and I’ve contacted all of my local Genesis dealerships… they’re basically sold out of any 2022 GV70 2.5 T’s… and of course they’re selling them above MSRP… and adding on additional paint sealant… over priced window tint…etc…

So I’ve done an exhaustive nationwide search… and after two weeks I finally found a inbound new GV70 2.5 T (Select Option Package) that I can buy… the vehicle will arrive in less than 2 weeks…

After several days of polite negotiation with the dealership sales manager…he has offered the following…

The true MSRP is $47,700… and I’ve negotiated a $1000 discount off the actual MSRP… I was attempting to get a much larger discount…LOL !

No dealer add-ons… with a $395 Doc fee…

If I decide to lease…the base MF rate will be offered with no markup (.00171 MF… RV is 56% for 36 months/ 30,000 miles… there’s currently no manufacture lease cash… base MF is 4.1%… RV seems low at 56%…

If I decide to finance… Genesis (Hyundai Finance) is offering 2.5% for 60 months…

The lease payment would be $801.00 … with only the first payment due at signing… no other cash out of pocket…

Obviously that’s no bargain…and I’m leasing at what I consider the top of the market … I’m fairly certain inventory shortages will start to ease over the next several months…

I assume that everyone is going to recommend that I finance rather than lease?

Certainly not a good environment to lease at the present time…

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2

yes finance

3

Finance that beautiful car. 1000 off msrp is very well done as well

4

The pictures show a higher spec car at ~$55k. I hope that’s not what they told you is incoming.

5

Good eye… the photos are of a GV70 3.5 Sport…

I posted the photos for just a general reference of the GV70 body style…

Mine will be the same Mauna red metallic as pictured…

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6

A $3,000 discount would have made me happier!!! :sunglasses:

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7

Dude if you are getting a cent off in this market, take it and run a dont look back. Don’t be greedy.

8

Finance it and grab it before they sell it to someone else for full MSRP.

9

I’ve already placed a refundable credit card deposit to hold it…vehicle is 10 days out…

10

Lower interest rate, no acquisition fee, and most likely higher resale than RV = no brainer.

11

I went down a similar path…Always leased two cars. Over the past year, I got +$7k in equity selling my Alfa Giulia lease & +$3k selling my wife’s X1 lease.

I got myself a low mileage F10 5 series, and for her…a 2022 GV70 2.5t Select!

As others have said, any discount in this market is amazing. I’d take it and run! Personally, I couldn’t stomach a lease payment so far above the 1% rule. Financing is the way to go. This car in particular is red hot and will likely remain in high demand for at least the next year or two. I wouldn’t worry too much about the market cooling off.

For comparison, I purchased my 2.5t select at sticker and begrudgingly paid $700 for required aftermarket nonsense. I didn’t like it, but was the only offer within 150 miles that wasn’t 4 figures over sticker. Plus, they provided free delivery and gave me a favorable trade in value.

It’s been a great car. Even at the Select trim, there are so many features. Good luck with your purchase!

12

I was in a similar boat, leased for the last 15+ yrs. Last year at this time I had 3 leased cars (one was a short term convertible). Now for the first time in 25 yrs my wife and I will have 2 purchased cars and no leases. My last lease on a 65k MSRP Volvo XC90 made sense at $1000 down and $616 mo. Where buying that would be (same $1000 down) over $1100 mo at the time. Now with leasing numbers so close to the finance numbers I took the equity from my XC90 and bought a XC60.

If I have a decent value in 3 years I can always trade it in and look for something new. If values plummet I drive it and wait. I’m not at the mercy of a lease end. I have to think this change -from at lease from a super micro level of just you and I going from buying 4 new cars every 3 years to who knows how long we keep our cars now - will have an impact on new car sales going forward.

13

I greatly appreciate your kind comments!

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14

I would just like to say that every time one of the new Genesis drive by me, I have to pick my jaw up off the floormat. Those mf’s are gorgeous

15

I’ve yet to see a GV70 driving on the streets of Houston…

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16

Seen about 4 in Dallas, in a pretty wealthy area, all were in the last month or two as well.
Does anyone know if any of the remodeled Genesis (plural Genesi?) are fast? How’s that 3.5 perform?

17

Financing for 60 months will be like $50 more, 56% residual sucks

18

Motor Trend says 0 to 60 in 5.4 seconds…

https://www.motortrend.com/reviews/2022-genesis-gv70-35t-luxury-suv-first-test-review/amp/

19

where did you find this magical dealer so that i can off to sell my body to them for this miracle offer.

20

Yes… I was surprised the residual was so low…

Originally figured it would be at least 60%…

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