I landed a deal on an Ioniq 5 Limited AWD in Atlas White on 10/5 with $4k off MSRP.
MSRP - $59805.00
Dealer Discount - $4000
Incentives/Rebates - $13500
Money Factor - 0.00129
Residual - 61%
Lease Term - 24mo/12k
Tax Rate - 6%
DAS - $0
Payments: $577/mo
This is my first lease deal so there was a learning curve but it was an overall great experience. I was also working on a tight time limit since I’d already sold my old car and needed to secure a new car before the old car got picked up.
Notes from the process:
- I’d originally wanted a Limited RWD since it would be $5k cheaper while having more range but there aren’t many in the NE region with the combo of colors/options I wanted.
- Once I had the MF/RS figured out I used the tips from this post to craft an email I could send to SMs with an initial offer.
- My #s were way too ambitious initially (I was aiming for 10% off MSRP) but I quickly realized no dealer near me would be able to get close to that. So I adjusted my goal to be getting 7% off MSRP while keeping the MF < 0.0013 since that’s close to what some brokers were advertising in the NE region.
- After sending a few emails I realized that it’s much easier to call folks once I had that first offer in hand - especially since I was ready to move on the deal immediately. The script I used: “Hey X, I’m calling about stock #XXXX and I wanted to see if you could help me. I’ve got a zero-down deal here from a local dealer for $X off MSRP with Tier 1 credit. That comes out to $X/mo. I know it’s a really good deal already but I wanted to see if you could beat it - or at least match it. If you can do that I’ll come by right now.”
- I asked the first dealer the best they could do with $0 down ($595/mo) and called a few others to see how much lower they could go. I texted them screenshots of the first deal as proof and told them to call me back if the numbers made sense - otherwise no worries - they’ve still gotta make something on the deal.
- 2 dealers (1 in Baltimore and another in VA) were willing to do $4K off MSRP (6.7% discount and $577/mo) if I picked up within the next few hrs.
- I ended up going with the dealer in VA since they were a bit easier to get to. The sales team there was great, no extra pressure to add an extended warranty, and they made sure I had everything.
All in all, I’m very pleased with how things went and it was a great learning experience. The actual back-and-forth process was very quick (only 2 hours) but I spent days running numbers and looking at comps before I felt confident enough to send that first email haha.