SIGNED: 2020 Hyundai Ioniq Limited EV Lease with NJ Incentives

Signed Deals & Tips
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How did I do? The leasehackr score implies unicorn level deal-- or do I misunderstand how one categorizes a ‘unicorn’?

Year, Make, Model, and Trim: 2020 Hyundai Ioniq Limited
MSRP: $ 39,570
Purchase Price: $35,506.45
Monthly Payment: $ $275
Drive-Off Amount: $$275 (first payment, only)
Months: 36
Annual Mileage: 10,000
MF: .00123
Residual: 48%
Incentives: $10,000 lease cash
Region: northeast/NJ specific
Leasehackr Score: 22.6 years
Leasehackr Calculator Link: 2020 Ioniq Limited - NJ

The real value (in my opinion) here is that, in NJ:

  • sales tax on EVs is $0 (I think also on plug in hybrids?).
  • this car qualifies for a $4,250 incentive from NJ based on battery.
  • I think there will be up to $500 incentive for installing level 2 charger at home (NJ only/not yet available) as well as a 30% federal tax credit.

My Elantra, a lease I was already happy with, is $220 a month. This is $275, but I get $4,250 in my pocket! :heart_eyes: I will detail how I will be disposing of my Elantra next week, once the deal is complete…

How did I do on this lease? Always eager to learn!

I do know that if I had waited a few days, the money factor would have lowered slightly and the incentives would have gone up by $250, but I gave my word to the sales manger–once I give my word, I dont back out. It would have shaved about $10/month off. :man_shrugging:

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What kind of Elantra were you getting for 220?

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I currently lease a 2018 Elantra SEL. $220 is total payment, including taxes dealer and government fees

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–update, it seems I might also be eligible for another $250 rebate through Bonus Drive program :slight_smile:

Crossing my fingers that these checks eventually show up!

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Are you sure the state rebate isn’t already included in the payment? We had an incredibly difficult time getting Hyundai dealers to discount the Ioniq.

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the state rebates are not in the payment. If they are, it was not documented anywhere. All there is on the contract is lease cash.

I believe the federal tax credit is passed on to consumers via this lease cash, as only the ‘owner’ of the vehicle gets that. The owner is, of course, Hyundai Motors Finance, and they cant keep it.

I found a couple NJ dealers who were stronger than expected. The discount I got on this vehicle exceeded all of my expectations.

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I’m kind of blown away you got 11% off as a dealer discount. The Hyundai dealers we visited would barely budge off of MSRP. In fact, Lester Glenn tried to pocket the lease cash.

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I was prepared for battle, but they came out strong :slight_smile:

THat is pretty shady, btw!!

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It will but this takes 8 to 10 weeks.

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Dealers won’t have state EV rebates included in pricing - consumers will have to apply directly with their states after purchase or leasing.

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Originally the idea was to have dealers deduct the rebate at time of purchase once the program was setup. Did they change the terms? I’d prefer to receive the rebate separately so that’s a welcome change.

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They haven’t released “phase 2” of the plan, which is point of sale incentive. Supposed to go live “July or august”.

Here is link to The program

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30% Federal Tax credit? I think the Federal is already calculated into the deal, No??? Unless there is a NEW program released…or you’re stating this about the Level 2 Charger Installation, Feds will give you back 30% ???

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Charging infrastructure is outside of the lease deal. There is a 30% federal tax credit currently available (up to $1,000). In the FAQs of the Charge Up NJ it talks about the up to $500 incentive—-but no date

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Haha. I remember doing a double take on that ad earlier today. Could not believe my eyes.

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I almost bought into the idea that Hyundai dealers can’t discount 10% since they aren’t “overpriced like BMW’s.”

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I was in the Meadowlands last week trying to get a deal on a Bolt. Guy wouldn’t budge off of sticker. Then told me they don’t fudge numbers, they are what they are from Chevy and all but hung up.

Bolt, Ionic and then there’s the Niro EV… more cargo room, more cabin space and 100 miles more than the Hyundai.

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The range is impressive, but I’d assume the Niro doesn’t lease as well as the Ioniq.

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Inventory is really low in NJ on a lot of these EV’s, especially on the base/lower trims.

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Not surprising with the new state incentives.