UPDATE: Added the Sonata SE & Limited Turbo rates. The residual dropped 1% but the MF remain the same as last month. The bad news is that the Sonata selling price seems to have gone up about $500 more this month compared to last month. Seems demand is going up. Its still early in the month though, so the prices to drop at the end of April.
Hyundai seems to have updated their residuals for April. Apparently, people like their cars, so the banks seems to think their resale value will improve (hence the slightly higher residuals). It’s kind of tough to argue against that logic since folks seem to be embracing Hyundai cars more and more each day (I’m one of them). Keep in mind this is only a partial list which will be updated as more lease rates become available. One car to take note of is the new Elantra. The bank has given it a VERY high residual (probably due to it’s gas sipping ways), but the sale prices are still relatively high (TrueCar indicates only about 2% off MSRP in SoCal region). Nevertheless, it is still a VERY good deal due to the low MF.
Here is a sample calculation based on TrueCar’s Southern California sale price and do not include local taxes. Please note that your dealer calculations may vary due to local fees/taxes.
2011 Elantra GLS
MSRP – $17,945
Sale Price – $17,558
Monthly – $181+ tax
RWG Rating – 96.0
For Dealer Quotes, CLICK HERE..
NOTE: Hyundai residuals increase 1% from 15k to 12k and 2% from 15k to 10k.
2011 Genesis Coupe 2.0 Base AT
36-month | 15k miles | residual 59% | .00184 base money factor
2011 Genesis Coupe 3.8 Grand Touring
36-month | 15k miles | residual 59% | .00187 base money factor
2011 Genesis Sedan 3.8L
36-month | 15k miles | residual 54% | .00038 base money factor
2011 Genesis Sedan 4.6
36-month | 15k miles | residual 53% | .00058 base money factor
2011 Sonata SE
36-month | 15k miles | residual 56% | .00056 base money factor
2011 Sonata SE Turbo
36-month | 15k miles | residual 57% | .00056 base money factor
2011 Sonata Limited Turbo
36-month | 15k miles | residual 55% | .00056 base money factor
2011 Tucson GLS AWD
36-month | 15k miles | residual 56% | .00156 base money factor
2011 Elantra GLS
36-month | 15k miles | residual 66% | .00076 base money factor
For the 2011 Hyundai Elantra GLS, I contacted a dealership in Miami and they came up with MSRP of $18645, selling price $18100, money factor is .00076, the residual is 65%,dealer fee is $649, acquisition fee for hyundai is $595.
Now I understand the dealer fee is high and I’ll try to negotiate that but how do I go about negotiating the selling price and residual. I mentioned that I want 12k miles per year but I’m not sure if he took notice of that and he ignored quite a few other queries too. I did my calculations and the monthly cost comes out to $226 with the Acquisition Fees and Dealer Fee rolled into the cap cost, a $400 graduate cashback and no down payment.
I can do much better right?
Wow that dealer fee is insane. Then again I heard dealer doc fees are unusually high in FL, but I don’t recall seeing it being more than the bank fee. Kind of ridiculous. I haven’t seen much of a discount on the Elantras, so $500 bucks of so is probably in line with what the car usually goes for (some sell it for over invoice!).
Keep in mind that a car at this price point will not enjoy much of a discount because the profit margin is pretty low. You can try negotiating down the dealer doc fee, but I don’t really see a lot of wiggle room since this car is relatively new and seems to be selling quite well.
Shouldn’t the residual be pretty much the same everywhere. It’s weird that you quote 68% for 12k Elantra but they tell me its 65%. Can they be messing around with the residual?
Yes. The residual is pretty standard. Edmund’s CarMan stated that a 36-month 15k lease on a Elantra GLS is 66%. He’s rarely wrong since he gets his numbers from fairly reliable sources. It’s rather strange that they are saying that a 12k lease is 65%, that’s lower than the 15k lease. It is possibly that Hyundai only increases the residual 1% from 15k to 12k, but even then, you’d be looking at a 67% residual, not 65%. I recommend calling a few more dealers in your area to confirm.
Another dealer too gave the 65% residual for 12k. Their dealer fees are 699 and they are quoting $251 a month with no down. Man!! What looked like a hot deal is luke warm at best.
@Clay
I recommend you speak to a broker.
I live here in South Florida and I just went through the same things with my Sonata purchase. the dealer fees are just crazy. what’s even more disturbing is, they treat them like they are off limits for negotiating.
i went around and around with the local dealers until a buddy turned me on to the broker. no dealer fee’s, no pressure, he very close to truecar’s best numbers and found me the car equipped more or less exactly like i wanted it. what i thought was the best was he was dead on G’s numbers for the residual and MF. I walked away only paying 1st month and tax as my inception. PM me in the forums if you want his info.
IMO paying 600+ on dealer fees is like throwing that money in the trash.
good luck.