Signed! Ioniq 5 SEL AWD. 4k down, 399/monthly for 24m/12k

Signed Deals & Tips
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As said in title, I got the following Ioniq 5 SEL AWD today (24m / 12k):

  • 4k DAS (taxes, fees, 1st month)
  • 399/monthly
  • total cost: $13,177 so average for 24 months = ~$550 / month.

Notes:

  • The cost above included a BS mandatory carnamic (similar to lojack, and seat “protectio”) for $1k
  • This was a “used” car bought by the dealership, but then sold with a lease through US Bank. It had about 15 miles on it. I didn’t know this was possible.
  • Because of used status, I’m super confused about the lease calculations, so I just stuck with total cost of ownership for this post.
  • Even though it’s used, I was told I still get the warranty for the period of the lease, but I lose out on complimentary maintenance, but the dealership said they would handle tire rotations at their location.
  • I could have likely gotten more off if I negotiated more, but I’m happy enough with this deal. We’re expecting a baby in 5 weeks, and I really needed to cross this off my list because our current lease is expiring soon. And it’s a car used for business, so we will write it off, so that somewhat lowers the damage.
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Enjoy the car. Next time post before you sign for tips and advice

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$550 effective for a used Ioniq5, dealership just rolling in money lol.

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I thought a good amount of research, so I’d love tips for next time.

I know the community prefers a lower DAS, but I actually wanted a lower monthly because I want to purchase another rental home in the next year or so, so I wanted a better DTI.

From what I know, the only thing I could do better was to order from SoCal or something, but some of the brokers required I travel to SoCal. I didn’t really want to do that. And this comment also gave me the perception that Bay Area isn’t like SoCal or the east coast: Hyundai Ioniq 5 and Ford Mach E in SF Bay Area? - #6 by Entropy

I don’t have a Hyundai, so I couldn’t have used loyalty. I don’t qualify for any CA rebates due to income limits.

I told my wife, we’re getting over charged by about 1.2k (I really wanted effective monthly of 500), but I’m fine with it for convenience.

Another example, this broker here has a deal: Socal Hyundai + Kia Lease and Purchase Deals (August). VERY low EV Leases ⚡ - #327 by Jeff_BeachCitiesAuto

Which so 2k DAS, $595 broker fee, for $385/monthly + tax. So I calculate this to be 2k+595+(385+38.5tax) * 23 = ~ 12,335.5 for 24m/10k miles. I’m at 13.1k for 12k miles, which is obviously not great, but “close enough”.

What would you recommend?

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What would you have done differently? I’d love some tips!

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You literally listed all the things wrong with it. Dealer likely “leased” it to get the $7500 and is now reselling it to you. Like how did you do any research and end up with a used car and a US Bank lease.

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Dealer likely “leased” it to get the $7500 and is now reselling it to you.

I don’t think that’s accurate, but I agree there’s an extra step here.

From what I understand, they bought the cars for themselves to take advantage of the Hyundai rebate ($7500), and then there’s a program with US Bank to lease used vehicles. so I still got the $7500 rebate. Some other dealerships are doing it: Reddit - Dive into anything

My total cost of ownership are pretty in-line with what I see on here and Signed!

used

The only thing I think I lose is some lemon-law protections, to be honest. I still received a vehicle with 15 miles on it. I want to be clear, I’m leasing the vehicle a practically new vehicle.

Like how did you do any research and end up with a used car and a US Bank lease.

Regarding US Bank, I know the cons are: higher residual and harder to get out of the lease. So it’s optimizing for a smaller monthly payment, which is what I want. We’ve been leasing for the past 6 years and are not wanting to purchase an EV at this point. So I don’t particularly care for the residual amount because I’m not buying the vehicle.

Is there another negative with the US Bank that I’m not aware of?

The cost above included a BS mandatory carnamic (similar to lojack, and seat “protectio”) for $1k

I agree, I wasn’t happy with this. But I emailed/discussed with 5 dealers, and this dealer was the lowest even after the mandatory add-on, and it was a color we liked.

I just care about the total out the door cost, and it doesn’t truly matter to me what the dealer is shifting around between msrp + mandatory addons + market adjustments + doc fees/etc + discounts.

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Isn’t that literally what I just said lol? And then you said “no that’s not accurate”??

US Bank will hose you on return.

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Isn’t that literally what I just said lol? And then you said “no that’s not accurate”??

Hey, I apologize for nitpicking on the technical terms, you said they “leased” and kept the $7500, but I did have the effective same price as a new one. So I was still able to take advantage of the lease rebate in a convoluted way. The rest of the sentence I wrote, I did agree with you.

I think you seem to have a problem with buying a “used” vehicle with 15 miles. Could you be specific in what I’m missing? If the warranty carries over to me, and I still get the Electrify Charging america, other apps access, what am I missing out on?

US Bank will hose you on return.

Thanks for letting me know about this.

I am now reading some stories about being charged extra. That’s a good thing to be aware of, we’re actually pretty good with our cars, so hopefully no issues. Thanks!

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Hey, so I actually understand what you meant more now.

Let’s say the car is about 50k, you’re saying the dealer got 7.5k hyundai rebate, and also $7.5k leasing rebate. So now they spent 35k on a 50k car.

And then they gave me the option to buy/lease the vehicle for 42k (somehow), but I was able to take advantage of the leasing rebate for 7.5k.

So at the end of the day, the dealership was able to find a loophole to get extra money, but for me the end result is mostly the same? I’m not even mad, if they found a loophole to pocket extra money, good for them.

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There was only 1 rebate involved. Either they got the Rebate for buying or for leasing.
When you leased it as a “used” vehicle there is no 2nd rebate

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Sounds like you are happy clearing an item from a checklist. Also, it appears you make good money that you don’t need a hackr type deal. So congrats, but if you want to know what others might say on the forum, based on the incentives, the BEST deal would have been a one pay lease, that would have put you out the door at about 10,200. If you went with monthly payments, would be closer to 10,800 for total payments. With that said, that means you would have had the dealer discount the car a good amount from MSRP, no markup on money factor, and not haggled all too much. Based on what you said, I am assuming your family clears 300k a year based on not claiming the rebate even though a 24 mo with have disqualified you regardless of income, means your time is valued at over $145 an hour. Thus, leveraging a broker would have made sense, anywhere from $300-700. As you said, maybe off from about 1.5-2k from best deal + the maintenance. Lastly, 15 miles on a car is hardly used, may just hurt you a touch if you try to sell the car out of lease.

Congrats on the “new” car and baby on the way.
Don’t worry about the couple bucks left on the table. If the dealer and sales guy played no games, shouldn’t they be allowed to make some money every now and then?

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