Automotive

2018 Elantra GL lease

  • Last Updated:
  • Mar 20th, 2018 10:48 pm
[OP]
Jr. Member
Sep 25, 2012
161 posts
35 upvotes
Toronto

2018 Elantra GL lease

2018 Elantra GL

$5000 down
48 month lease

Been quoted $198/mo

Is this a good price or I can do better?

Thanks
28 replies
Deal Addict
May 4, 2014
4089 posts
4403 upvotes
Toronto, ON
saimakhan11 wrote:
Mar 15th, 2018 6:22 pm
2018 Elantra GL

$5000 down
48 month lease

Been quoted $198/mo

Is this a good price or I can do better?

Thanks
1. Don't put downpayment.

2. That's a pretty bad deal considering you are paying nearly $15k in total to lease for 4yrs and this car you can get for 21k on the road new if you buy outright.
Member
Feb 26, 2008
328 posts
83 upvotes
Montreal
Most people will warn you against putting any significant amount of cashdown on a lease. If you are unlucky and have an accident in which the car is totalled ... that 5K$ is pretty much gone.

You can use that money for extra security deposits (to lower the leasing rate) but in Hyundai's case it might not be useful since the rates are usually near or at 0% on the Elantra's

Save that 5K$ somewhere and try to make a few bucks of interest on it instead.
[OP]
Jr. Member
Sep 25, 2012
161 posts
35 upvotes
Toronto
er34er34 wrote:
Mar 15th, 2018 6:36 pm
1. Don't put downpayment.

2. That's a pretty bad deal considering you are paying nearly $15k in total to lease for 4yrs and this car you can get for 21k on the road new if you buy outright.
I agree with you, but the purchase price of GL model is close to $25,000
[OP]
Jr. Member
Sep 25, 2012
161 posts
35 upvotes
Toronto
Let's do some calculations.
Let's say I finance one of these.

2015 or 2016 Corolla
2015 or 2016 Civic
2015 or 2016 Elantra

$5000 down
rest of it on 5 year finance term - what rate should I be seeking here?

average seems to be $15,000
13% tax = $1950
4.9% finance rate = $830 / year x 5 years = $4,153

final cost: $21,103

If I sell after 5 years I am hoping to get maybe $7000

so I end up losing $14,103
(let's say between $13k to $15k)

Wouldn't it then be better to just lease the new Elantra for $15,000
Deal Addict
May 4, 2014
4089 posts
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Toronto, ON
saimakhan11 wrote:
Mar 15th, 2018 6:46 pm
I agree with you, but the purchase price of GL model is close to $25,000
Only if you pay MSRP... you can get it for far less.
[OP]
Jr. Member
Sep 25, 2012
161 posts
35 upvotes
Toronto
er34er34 wrote:
Mar 15th, 2018 8:03 pm
Only if you pay MSRP... you can get it for far less.
I went thru unhaggle.
which seems to be under a DoS attack right now by the car dealers lol

Let me know where I can get it for $21k all in.
Member
Feb 17, 2015
428 posts
468 upvotes
Canada
OP the issue here is you putting down $5000 as downpayment...
Deal Guru
User avatar
Jul 12, 2003
10474 posts
2748 upvotes
Markham
Putting downplayment on a lease is only make the monthly payment lower and it "looks" better. It is a sales strategy from the salesperson.
Indeed, you are only paying the money in advance than spreading out in 3-4 years on your lease term.

To see rather the deal is good, I will look at:
1. Rather there is a good manufacture credit/rebate.
2. How well the dealer/salesperson can run me a good deal.
3. Interest rate.
4. Rather the dealer/dealership is adding some random fee on top.

$$$ per monthly is meaningless. You didn't even tell us what's the KM allowance and other details.
Retired Forum Moderator February 2009 - June 2015
Newbie
May 3, 2016
95 posts
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NEVER put money down on a lease.

You're just pre-paying your monthly payment. You don't 'earn' that money back by having lower monthly payments (because you paid them in the first place with the downpayment).

Use it as a security deposit to lower interest rate. If you can't do that and the numbers are still high, that means the deal itself isn't great and it's expensive. Find another dealer that can do better.
Banned
Oct 10, 2016
758 posts
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A year ago I negociated a car for my cousin.
Demo 2017 Elantra GL(3000km) 1500 down(trade on 2001 Passat) 199.00/month tax in 20K km/year
Deal of the century
Deal Addict
May 4, 2014
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saimakhan11 wrote:
Mar 15th, 2018 8:08 pm
I went thru unhaggle.
which seems to be under a DoS attack right now by the car dealers lol

Let me know where I can get it for $21k all in.
Assuming you are in GTA, do an email bomb on all dealers. I was able to get 21500 all in but that was last October(though still 2018 model).

If you do a search on this forum, there was a more recent thread about the 2018 EGL, the guy also managed 22000 all in.

Look for volume dealers. The manufacturer has special volume discounts for dealers willing to take 100-200 cars at a time(same model/trim) which is why they can be significantly below MSRP(and below unhaggle "invoice" pricing). If you catch them at the right time, and you show you are a serious buyer willing to deal quickly(no tire kicking, test drives, know exactly what you want), you'll get the best prices.
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estevens wrote:
Mar 16th, 2018 7:13 am
A year ago I negociated a car for my cousin.
Demo 2017 Elantra GL(3000km) 1500 down(trade on 2001 Passat) 199.00/month tax in 20K km/year
Deal of the century
Yes, because it is a demo and manufacture are giving more rebates or discounts to move the car off the lot. Over certain KM, they can't even list it as a demo car, but a pre-owned.
For those who don't mind a demo, especially if you are only leasing it anyway. Demo are very good deal if you catch it at the right time.
Retired Forum Moderator February 2009 - June 2015
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MP3_SKY wrote:
Mar 16th, 2018 10:07 am
Yes, because it is a demo and manufacture are giving more rebates or discounts to move the car off the lot. Over certain KM, they can't even list it as a demo car, but a pre-owned.
For those who don't mind a demo, especially if you are only leasing it anyway. Demo are very good deal if you catch it at the right time.
New was 25x$

198 5K down is too much
Deal Addict
May 4, 2014
4089 posts
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Toronto, ON
MP3_SKY wrote:
Mar 15th, 2018 11:15 pm
$$$ per monthly is meaningless. You didn't even tell us what's the KM allowance and other details.
Maybe OP is getting 200,000/year uber driver mileage allowance. Suddenly it's a lava hot deal.

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