Original Deal:
Given the CDK Global hack this week, the dealer was not super pumped about running numbers based on different terms, so we settled on finding the best deal on 36/15k. The deal below was the “best” they could do, so I thanked them for trying and walked out.
I know this particular trim is pretty rare, so the dealer may not be incentivized to discount any further. I was thinking I’d try again as we get closer to the end of the month. Is this a good deal, or should I try for a deal on the SEL AWD instead?
2024 IONIQ 6 SE RWD
MSRP: $44,210
A
B
6/23/24 Dealer Offer
D
E
Lease Term
36 months
Miles/Year:
15K
Money Factor:
0.0030
(~7.2% APR)
Selling Price:
$42,595.85
(~3.65% off MSRP)
Acquisition Fee:
$1,300.00
Doc Fee:
$495.00
Registration Fee:
$105.00
Cap Cost:
$44,495.85
Rebates:
$10,000.00
Due at Signing:
$388.57
Adjusted Cap Cost:
$34,107.28
Residual %
62.68%
Residual Value:
$27,710.20
Base Monthly:
$177.70
Rent Charge:
$185.45
Pre-Tax Monthly:
$363.15
Sales Tax
$25.42
Effective Monthly:
$388.57
When I next reach out to them, I’m going to ask for 24 mo / 12k miles
and see if they’ll negotiate on Acquisition fee and Money Factor
If you’re asking the dealer to run scenarios based on different terms, you have failed to properly prepare. You should know exactly what term you want and is the best before ever talking to a dealer.
This is a giant waste of time. Put together a target deal based on what these values should be and make an offer based on that. Trying to negotiate each line item is a losing strategy.
I appreciate the feedback. This was my first crack at trying some of the things I’ve learned recently. I’m fortunate that I’m not in any particular rush to make a deal.
This is a giant waste of time. Put together a target deal based on what these values should be and make an offer based on that. Trying to negotiate each line item is a losing strategy.
This is where I may need some more guidance. Using the LEASEHACKR Calculator to plug in the “ideal” values, I get a monthly cost of $283. My question is whether that’s a realistic target given there are only 2 of these cars within 100 miles of me.
At first look the acquisition fee and doc fee are insanely high.
First thing you need to do is find out the Residual Value and Money Factor for the different scenarios (36/15k, 36/12k, etc…) for the specific model and trim, and zip code you are in. If you are not able to get that info from this website, then get it from Edmunds.
Ask different dealers or research to try to find out what are the required fees and how much are they in your State. Some of these fees you can find out if you read the fine print of lease advertising from the manufacturer (i.e. acquisition fees). Also find out how much are doc fees (usually $150, but not sure if that depends on the State you are in), and then also tittle and registration. Other fees besides these are probably added garbage from the dealer that can be removed. If you want a lower monthly payment, you might want to pay all fees as part of your cash down, rather than including them in the lease.
From what I can tell, looks like MA sales taxes are based on the monthly payment, and not on the total agreed sales price. So you only pay taxes for every month you use the car.
Understand the math and how it will be shown on your lease agreement (see example attached). Understanding the lease agreement is important since this is what you will see when its time to sign it. If you understand it, you will be able to identify what doesn’t look right during signing time.
The dealer appears to have revised the MSRP and Sales Price up from the original offer, but
greatly reduced the acquisition fee to what it should be ($650) and
reduced the Money Factor from 0.003 to 0.00251
changed from a 36/15 lease to a 24/12 lease, which increased the residual dramatically
new deal results in $314/mo as compared to their original “best offer” of $388/mo
I’m sure the experienced negotiators here can get this deal down to sub-$300, but this is now within my target, so I feel pretty good about closing the deal tomorrow. Also, because I’m in RI and qualify for the state’s $1500 tax credit, this brings my effective monthly down to $269.
I wasn’t experienced enough and said I was flexible in considering terms
The dealer said the difference between 12k and 15k would only be $10/mo and I thought that was a reasonable cost to eliminate mileage overage anxiety.
the computers were down and I felt bad asking them to give me the comparisons on different scenarios so I could see the numbers side-by-side.
Fortunately, I walked away from the deal and then I spent more time on here learning how I should have initially negotiated. I got some better offers on 2024 IONIQ 6 SEL trim and on a 2023 IONIQ 5 SEL, then went back to the dealer that had the 6 SE RWD to see if they wanted to try again. With feedback from folks here, I got a much better deal.
Hello. I was following your negotiations with intense interest, as this is the car I am targeting. You really left us hanging with the I got a much better deal closing, but no info on your much better deal. Like reading a mystery with last chapter torn out…
Ive been working on ioniq at 4 different dealers for 2 months. None of them below 300 for an sel in any way aside from putting down 3000 and up. Autocompanion on here came with a much more reasonable first offer
