Check the Marketplace for a better sense of what you should be paying.
Yes, taxed monthly. So a $611 monthly payment is 674.
Not going to buy out because I don’t want to keep the car, as I want to be able to have a car with a better charging situation in two or three years.
I tried that, Max, and it seems like the quotes I got for Hyundai are pretty typical… $663/month for 36 months at 10k miles for a 2023 Ioniq 5 SEL.
Haven’t seen much on VW ID4 in Marketplace
Look at this.
That doesn’t sound right at all
Did you see this?
Thanks, but that’s the sedan, I am only interested in the crossover.
I had not seen that. What does ‘normal inceptions’ mean? We drive a little too much for 7,500 annually, unfortunately – we’re averaging 8,000 to 8,500 (1 car family).
Hi hackers,
I’m trying to figure out if this is a good deal or just kind of an okay deal. Have been emailing with a salesperson from a dealership that’s 15 minutes further away than the place where we test drove… (none of the dealers are super close if we need service in future; closer one is 35 minutes in traffic, this is 50 minutes…definitely would prefer closer one, obviously)
My intention is to lease the car and return, not buy it out, because EVs will be on a different charging standard in 2025 (though will those cars be for sale in late 2025?), and I’m hoping there will be more choice of moderately priced crossovers by then, too.
I have asked about MSD, one-pay and money factor, and he has ignored those questions. I’m not 100% clear whether he is including lease acquisition in the fees due at signing, but anyway, here’s what I know:
$45,290 MSRP
$39,981 sales price
$500 extra incentive
$7,500 tax credit in lease
I have numbers for both a 2-year lease, and a 3-year-lease, both assuming 10,000 miles a year (we drive 8,500, so I guess we’ll be leaving some on the table in residual… but interior may have more wear and tear since we have a 10 year old)
For two year–
residual: $27,174
$1,767 in fees and taxes and processing fee
$392 monthly payment
Seems like that comes out to a .00262 money fee? That’s a guess, since he’s not saying.
Your lease calculator says $524 effective monthly; actual price is $392. I THINK that includes the 10.25% tax each month?
Three year, residual is $23,098
same fees/taxes
$403/month
seems like that’s a money factor of .00216? But don’t know why a three-year lease would have a lower MF.
$491 effecive, according to your calculator
What do you think? Should this be what I ask the closer dealership for?
I would describe it as “meh”. I got similar effective #s in early December. I would expect you to be able to do better in the last week.
Not a bad deal, but I think there may a little more juice in the squeeze.
Thanks, BigDog – did you end up signing, and if so, are you enjoying the car?
Where you lease from and where you get service done need not have anything to do with each other.
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The ID4 is leasing the best right now. Id go that direction. We love ours…
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Well, I think you were right about the squeeze, as they just sent out an email that this car has another $1,700 discount for end of year sale…
but my biggest problem is that the sales people will NOT tell me the MF no matter how directly I ask about it. I am seeing in the signed section that folks in Texas, Colorado and Washington State got .00222 money factors, someone in California got .00182, and someone in New Mexico got .00365…
I looked more closely, and it’s actually a 39 month not a 36 month, to get to a better time of year for auctions, according to past posts here.
They can’t tell you what they don’t know. You might as well ask a preschooler to teach you calculus.
Having current, accurate information for residual value, money factor, and incentives is important in understanding your deal. As such, going directly to a source that has access to that data from the captive banks is your best option.
Rate Findr has that information, as they have direct access to it from the captive banks. It’s a tool on the Leasehackr Calculator, available to Super Supporters.
The lack of transparency on the deal can be frustrating, but if the total cost aligns with your target deal (based on your target discount, MF, and incentives), it’s usually OK.
I’ve signed deals in the past with marked up MF and dealer installed accessories which were offset by a big dealer discount, with the overall cost being lower than other quotes I found.
I just don’t believe they don’t know it, given that Tesla and Hyundai both gave me MF (neither was low, but they gave it). Maybe the difference was that I was there in person?
I tried applying to VW Credit without saying what dealer I wanted to work with, but it wouldn’t let me.
As far as the total cost goes, I really don’t have any way of knowing what an appropriate deal is except by your calculator’s year ranking… and without knowing for sure what the MF is, it’s hard to work backward from a monthly rate, the discount and the dealer fees. Especially since it’s not clear to me what’s included in the dealer fees (the $699 lease acquisition)? Dealers are giving wildly different numbers for tax/government fees, too, ($209 at Hyundai, $871 at one VW dealer, allegedly nothing – clearly wrong – at another dealer)
Not to mention it seems like the $296 cost of the mats doesn’t seem to show up anywhere…
Hyundai dealer charges $948 for documentation fees; one VW dealer charges $1,162 for ‘non tax fees’ plus $500 processing fee; another VW charges $1,677 and says that covers the taxes too… seems like that’s the fees+processing of the other guy…
Compared to paying cash for my last car, this is a bloody nightmare!
I’d suggest creating a target deal on Leasehackr Calculator at 8% to 10% off MSRP, using base MF (.00182), $500 doc fee, and about $250 in registration fees. What payment and drive-off amount does that result in for your desired term, mileage, and MSRP?
No…wanted a pro s for $500/month and no one would get there. Ended up getting an Ioniq 6
Know what your target is and cast a wide net. To be brutally honest if you want a car in your driveway by 12/31 you need to be super proactive and stop wasting time.
Asking salespeople nonsense questions like asking for MF during their busiest week of the year is a good way to get ghosted.
Not nonsense as in it’s useless to know but nonsense because you should always know it beforehand thru RateFindr and because you’re asking the wrong people.