SIGNED! link
Calculator link (pretty close to the reality)
2022 Hyundai Santa Fe SE AWD
MSRP: $30,240.96
Down: $3,310 (includes first month)
Months: 48
Annual Mileage: 10,000
Monthly payment: $310.86
Total of monthly payments: $14,921.28
Residual Value: $18,118.90
Region: Jersey City, New Jersey
Tax rate: 6.625%
Your trade-in convolutes the deal. I’d imagine your trade-in was worth more than what they gave you. You gave it to them and got no equity from it at all.
With the updated body style on the new Santa, this is still quite the upgrade! Congrats OP!
Nice looking vehicle that looks even better at just over $300 per month. Enjoy!
So giving up ~$8k (probably less) of equity for a $470 discount off MSRP is great deal?
They took off an $8k ADM!
/s
Well, it’s below MSRP, at least. Don’t get me wrong, I usually have better pricing than this on Santa Fes that dont’ require trade-ins. But it may still be possible that OP lowered their payment and upgraded to a significantly nicer car. The SE model is hard to find, so this may have still been the best way for OP to lower their payment in this market. We don’t know OP’s payment on the 2019 Santa. This could have still been an overall win for the customer, even if the dealership was making $8k+ on the sale.
I don’t work with trade-ins for, in part, this reason. And then also, some dealers right now, only want to deal if you have a trade in, for this reason.
All things considered, and with 3rd party lease buyouts suspended, this deal is consistent with the market for October 2021. There’s no “Great deals” right now so maybe I used too much hyperbole in my last post. But it’s at least consistent with the market for the Santa Fe SE in NJ right now afaict.
Sounds like it’s about $7500 over MSRP to me.
There’s a reason why this dealership is not in my network of Platinum partners. This is also not the worst I’ve seen from there, sadly.
My trade-in vehicle was leased 2019 Santa Fe with lease expiring in 3 weeks.
Is your new payment cheaper than your old payment? Because many would consider that a win. Others would expect more.
My old payment was: $3500 down and $198/mo for 36/12k.
So, no, this is not cheaper or better (since the car is almost the same, just 3 years younger).
Well, my math says that you could have probably gotten to your old payment, but sadly there isn’t much you can do about it at this point 
Enjoy the new car!
Not trying to be rude, but this is a great example of where buying would have made a lot more sense than leasing.
Your total lease cost over 4 years is $18k+ on a $30k MSRP vehicle.
With the residual set at $18,118.90, I have no idea why you wouldn’t have just bought the car. Would have saved you $6k.
This seems like an irrelevant tool for judging the quality of a deal.
how do you guys know he had a tradein and how much equity he got for his last car?
also for reference i did the same thing with a leased honda HRV, expiring in 1 month and i got $5000 equity. the used car market is insane.
ohh i see. wow yea… $0 tradein equity would mean the dealer made a killer deal on his tradein value.
Okay, so for educational purposes, what was I suppose to do?
Trade in car was not mine, I suppose to return it in a 3 weeks. So I returned it now and got new car. Looking at all “deals” from this website and all dealers and their websites, they asked for much more money.
For example:
Buy it out and then sell it to whomever you want or go and talk to multiple hyundai/genesis/kia dealers to see what they’d give you to purchase it.
