Finding great lease deals on a brand-new Hyundai doesn’t have to be magic. Follow these steps and you’ll find the perfect Hyundai lease deal for you.
Searching for the best Hyundai lease deals online has become easier than ever thanks to search engines and clever marketing by major car manufacturers but, here at AutoGravity we want to help you find the best Hyundai lease deal for you. So how do you discover the best Hyundai lease deal? Read on to find out!
- Determine your budget when shopping for a Hyundai lease deal.
- What are Hyundai lease deals?
- Where can I find Hyundai lease deals near me?
- What is a good Hyundai lease deal?
- How much is it to lease a Hyundai?
- Can Hyundai lease deals be negotiated?
- What do I need to watch out for in Hyundai lease deals?
As you probably already know, it’s crucial to determine the right budget for you before you even set foot into a dealership. To set a very basic budget:
- Take stock of all your outlays and expenditures on a monthly basis.
- Take into consideration how much money you and your partner or spouse make.
- Subtract what you spend from what you make to determine how much is left over.
- Determine how much of that remaining cash you want to spend on your new Hyundai lease.
The old adage of the 20/4/10 rule (put 20% down, don’t take a loan or lease that is longer than 4 years, and don’t let your payments exceed more than 10% of your gross income) is pretty archaic these days, according to Interest.com. That’s mostly because according to Statista, the average monthly cost of a lease in 2017 was around $430 per month. That’s up from $414 per month in 2016 and there is no new data, yet, for 2018.
Add to that fact that most experts don’t agree on the right amount of money to spend on a leased vehicle. A reliable and safe guideline, however, is that a lease shouldn’t cost you more than 10% of your monthly take-home pay. So, in simple terms, if you make $4000 per month, you shouldn’t look at any deal that costs you more than $400 per month.
While there are some subtleties here that we will get into later in this article, stick to the 10% rule and you will be sure to find a great lease deal.
Lease deals are deals that have to meet your budget and get you the Hyundai vehicle you need at the right price. A car lease allows you to rent or borrow a vehicle for an agreed to amount of time for a specific price. If you’re looking for a great deal on any Hyundai models like the Santa Fe, Sonata, Elantra, Tuscon, Kona, Accent, or an Ioniq, you can easily find them by visiting AutoGravity and using our app.
Leases have a couple of components that you should understand before you can determine if a lease deal is a good. These include:
- Residual Value: This is the predicted market cost for a given car at the end of its lease. This is set by banks and the predictions are based on the changing market, changing tastes and changing interest rates. This value is also the amount of money you’d have to pay to buy the car at the end of the lease.
- Money Factor, Lease Factor or Interest Rate: Essentially these are three different ways to say the same thing. This is the amount of money you will be charged to lease or finance the car.
- The money factor or lease factor are sometimes used interchangeably by dealers and both numbers can be expressed as a decimal. You may see something like 0.004 or 0.0023 when you are looking over contracts. You can do some simple math to convert that money factor to the interest rate by multiplying that decimal by 2400.
- The interest rate is the amount of money that is charged by the bank to allow you to lease or finance the car. They are usually noted as a percentage. For example 3% or 2.1%.
- Capital cost or “money down:” You’ll hear this lingo tossed around quite a bit in lease deals. The capital cost and/or “money down,” is the money that you may need to put down to lower the monthly price of your lease. It also can sometimes refer to the tax and title fees you need to pay to secure the lease.Many times you want to avoid paying a capital cost reduction because ultimately it may not save you money. In fact, you may end up paying more for that lease than you normally would over time.
When taken in whole, these components make up the most important parts of a lease deal. These factors have a major impact on how much you will pay for your new Hyundai lease so pay close attention to them.
Finding Hyundai lease deals near you is a fairly simple task. Go to any search engine and type in “Hyundai lease deals.” This will bring up results that direct you to the manufacturer site and request that you put in your zip code. Based on that, the manufacturer will show you deals in your area.
Another way to find Hyundai lease deals near you is to use AutoGravity to find the right vehicle for the right price. Go to the Hyundai page to see what kinds of Hyundai deals are available in your area.
But, buyer beware. Not all the things you see on the internet actually exist at the dealers. This is because of the way that the dealer model works. Many times these are advertising deals that are designed to get you in the door of a dealer and more often than not, those great deals that you saw online are only for buyers with stellar credit and a lot of money to put down as capital cost reduction.
Additionally, when you go to a dealer the vehicle you want may not be there. Dealers are constantly managing their inventory and moving vehicles from dealership to dealership to maximize the return they get on those cars. This can be caused by any number of reasons including high demand for a specific trim in one particular area or a specific dealer network is undercutting another to move vehicles.
It’s entirely possible that when you go to the dealer after looking up Hyundai lease deals online, you may have to start your search over from scratch.
A lease deal with a high residual and low interest rate is a good lease deal. The lease deal should also fit your budget and the vehicle should meet your needs to be a good lease deal. Confirm that a lease deal is right for you by also checking our lease vs buy a car analysis article.
Hyundai leases vary from region to region, state to state and even dealer to dealer. Similar to the AutoGravity auto lease calculator, Hyundai has a fantastic calculator on their site where they can give you a rough idea of how much it might cost to lease a Hyundai in your area, based on:
- your estimated credit score
- how much (if any) you want to put down on the vehicle
- whether or not you have a trade-in
- and how many miles you may drive per year.
Remember that all of these factors can and will impact the price of your Hyundai lease deal so be sure to take a close look at each piece before committing to a lease deal.
You can negotiate Hyundai lease deals or any lease deal, for that matter. You just need to know where the wiggle room is. To find out, read the section above under “What are Hyundai lease deals?”
There are a few components of a lease deal that you can negotiate. They include:
- Interest rate, money factor or lease factor: You can always negotiate here based on what is going on in the market. Keep an eye out for competitive deals and use it as leverage when you sit down to talk turkey with your salesperson.
- Price of the car: You want to get this as low as you can – in fact the closer to dealer pricing you can get, the better.
- Mileage limits: You can also always negotiate mileage limits and the cost of any overages. Be sure you do this upfront before you sign the lease. While you can negotiate the mileage and overages at the end of the lease you have less leverage at that point. It’s always better to get out ahead of any potential overages.
- Lease Acquisition fee: Look at this number closely and see if there is any wiggle room in it. It’s always worth asking if you can save a bit of scratch.
Like any lease deal, you need to pay close attention to the fine print in Hyundai lease deals. This isn’t specific to just Hyundai and should be applied to any lease deal you’re examining.
These things include:
- Dealer add-ons: Some dealers will try to slip in additional add-ons that you don’t want or need.
- High costs for normal wear and tear: Check these before signing on the dotted line.
- Payments and penalties: Always know what the parameters of the financial contract are so that you don’t run awry of them.
- Mileage costs: Know what it could cost you (usually a per mile charge) if you go over the limits of your agreement.
Keep these things in mind as you search for the best Hyundai lease deals and you’ll be sure to find the right fit for you.