What am I doing wrong on this Ioniq 5 calculator in MA, $2,073 one pay?

Ask the Hackrs
, ,
1

Assuming the purchase price can get down to -4,000 off sticker, the calculator shows a $2k one pay on 13month/10K.

How I got there:

Incentives (Untaxed in MA??)
7,500 Hyundai
7,500 Federal
1,000 Conquest

Negotiated price: 4,000 off MSRP

Questions:

  1. Does the calculator look right and realistic?
  2. Do the incentives look right for MA? Are they taxable in MA?
  3. My last SEL AWD lease says 20 cents per mile overage. To add 2,000 miles would be $400 based on that. However, it is +$600 to change the term to 13 months/12K. It doesnt make sense that prepaying is more expensive than the 20 cent penalty?
2

Where is this from?

1 Like
3

The Federal EV tax credit is $7,500. At least it was when we leased one in August.

4

There is no federal EV rebate for leasees.

You need to verify whatever incentive HFS offers and base your deal on just that.

1 Like
5

We got the 7500 tax credit taken off the top when we signed the lease in August. Is that really not a thing anymore?

See link

6

There’s lease cash that can be any number. It isn’t always $7,500.

7

It looks like Hyundai’s lease cash for HI5 is still $7,500. Add the $7,500 Federal Tax credit and the $1,000 conquest to get to 16,000. Is that not right anymore?

8

FWIW, here is the national offer. It only states $7500 EV rebate/lease cash.

Screenshot_20241111-164756
Screenshot_20241111-1647561152×1734 177 KB

EDIT: The Edmunds Forum is showing additional lease cash depending on trim, anywhere from $14k to $15k+.

1 Like
9

That sounds a right ball park calculator.

This discount you are targeting (4K) is totally feasible. I got 4.5k and didn’t make a crazy effort.

Related to the incentives, idk if they are taxed on not in MA.

Related to the rebates, 15k lease cash is available for all cars (no matter this discussion of it is 7.5 + 7.5 or just 15k). I would also add inventory discount (between 500 and 1000) that you can find easily for 2024 models (normally they indicate it on the dealer website for each car that is available). Idk about conquest :).

Anyway, your offer is in the right ballpark and probably you can get this deal if target multiple dealers

Ps: I just saw in the calculator that now is 14750 (and not 15000) for lease cash.

1 Like
10

That’s never been right. You get whatever the lease cash is. There’s no adding $7,500 on top of that for a lease.

I’m seeing $14,500 lease cash on 24/12k on a MA zip code

IMG_8355
IMG_83551170×2102 165 KB

Add conquest and any other contingent rebates you qualify for

11

The federal rebate is baked into any available lease cash. On a 13 month term for the SEL there is $14,750 lease cash in total. Then another $1,000 for conquest. All taxable. With an 8% dealer discount (very tough to find but possible) and MA taxes, you’d have a one pay of ~$3,100.

12

Not sure. Lot of ambiguity on that one.

13

Oh interesting. In my experience the Hyundai lease cash is applied as CCR and not partially or wholly as dealer discount. Is it those applications that determine taxation or some other aspect I’m not thinking of?

14

Really? Good for you man. I’ve had a real hard time getting to 8.75% for my buddy. We’re on Long Island so it’s no walk in the park. Even the local CT, PA and NJ dealers were ghosting my very well presented lease proposals. Tons of them.

15

Thanks all. Its about ~$2,500 vs ~$3,500 if the incentives are taxed or not in MA (6.25% tax) on a 13Month / 12K lease.

16

Fellow MA resident here. Earlier this year, I signed a 3-year lease on a 2024 Ioniq 5. I do not believe rebates were taxed. I would have to check my contract (not sure where it is).

17

I’m pretty sure rebates are not taxed in MA.

https://www.mass.gov/regulations/830-CMR-64h14-discounts-coupons-and-rebates

18

Maybe @Bostoncarconcierge can confirm whether rebates are untaxed in MA.

19

This topic was automatically closed 60 days after the last reply. New replies are no longer allowed.