2015 lease returns coming up soon

[Genentec]

anyone have any idea of what kinda prices we will see once the 2015 lease returns start coming in on 2018 ?

I been waiting to getting a used 2015 but it seems demand has strengthened quite a bit the past month.

 

[Armyguy1980]

Ive been looking hard in northeastern ohio. There isnt allot really yet. I have seen prices from 22k with 80k miles to 29k with 19k miles. Im only searching for 3.8s with awd too.

 

[John F. Tamburo]

Ive been looking hard in northeastern ohio. There isnt allot really yet. I have seen prices from 22k with 80k miles to 29k with 19k miles. Im only searching for 3.8s with awd too.

In Chicago metro CPO 2015 3.8 AWD Tech package with park assist, $28-30K.

 

[GarnetTy1473]

We've been buying any used 2015 we can get our hands on, and we sell them quick. We have purchased 6 in the last few weeks, and sold 3 of them sight unseen before they even got to our lot. We have customers calling us and requesting them, so a lot of times they don't even hit our website when we get them in because they are pre sold. If you are looking for one, I can get you in touch with one of our salespeople and they can find you one.

 

[BustaLota]

For reference I picked one up in Ohio for just under $30k with under 21,000 miles. 5.0 in Caspian Black. Hope this helps!

 

[5 Timer]

We've been buying any used 2015 we can get our hands on, and we sell them quick. We have purchased 6 in the last few weeks, and sold 3 of them sight unseen before they even got to our lot. We have customers calling us and requesting them, so a lot of times they don't even hit our website when we get them in because they are pre sold. If you are looking for one, I can get you in touch with one of our salespeople and they can find you one.

Interesting
I had my 2015 5.0 'garage queen' in pristine condition w/10K miles listed for sale back in August on a half dozen sites and got 1 call on it with no counter offers. Reduced the price $1K and still received no inquiries.

Put it up for trade-in towards 2 different vehicles and the respective dealers offered $23K and $25K towards trade-in allowance against a $97K vehicle.

I told them both to go pound sand and decided to keep it.
Must be more of a market for the Genesis in the east or midwest vs. out west.

 

[BustaLota]

Interesting
I had my 2015 5.0 'garage queen' in pristine condition w/10K miles listed for sale back in August on a half dozen sites and got 1 call on it with no counter offers. Reduced the price $1K and still received no inquiries.

Put it up for trade-in towards 2 different vehicles and the respective dealers offered $23K and $25K towards trade-in allowance against a $97K vehicle.

I told them both to go pound sand and decided to keep it.
Must be more of a market for the Genesis in the east or midwest vs. out west.

Ouch. I could definitely see more “brand snobs” not giving the Genesis a shot just because of the Hyundai roots out there. Especially in Cali!

 

[GarnetTy1473]

Interesting
I had my 2015 5.0 'garage queen' in pristine condition w/10K miles listed for sale back in August on a half dozen sites and got 1 call on it with no counter offers. Reduced the price $1K and still received no inquiries.

Put it up for trade-in towards 2 different vehicles and the respective dealers offered $23K and $25K towards trade-in allowance against a $97K vehicle.

I told them both to go pound sand and decided to keep it.
Must be more of a market for the Genesis in the east or midwest vs. out west.

A 2wd is a very hard sell up here. We opened March of '15, and we had a few 5.0 come in with our initial inventory. We were keeping about 30-40 Genesis on hand at all times, and selling 15-20 unites/month, and those 5.0 were here for over a year before they sold, deeply discounted at that as well. We have had a couple people come in since requesting a 2wd 3.8, one of them being an employee, and we had to dealer trade for them both out of TN I believe. It's hard to find a 2wd any further north than that. We don't even order any 2wd any more. We've gotten a couple 5.0 AWD G80, and they sell fairly quick. If we would have had a 2wd G90, I probably would have bought one over the awd that I did. I have a Silverado 2500 that I can drive in the snow if need be.

 

[Aurally]

Hi,

I too was hoping the market would soften, but I don't think it's the case. I watched the market for more than 3 months, and found the best way is to check Hyundai's own CPO inventory site. For each region, you will find one dealer that consistently lists more than 3 vehicles. In the Northeast, it's First Hyundai. Having talked to the salesman there, he said they check Hyundai's internal off-lease auction site twice a week, and buy one as soon as they sell one from their own inventory. From the carfaxes, I can see some come as far as Illinois, where one can find AWD versions. These dealers pretty much set the upper limit of what you would pay, and as long as the inventory keeps moving at these dealers, don't expect the prices to lower any time soon. Also, since these dealers can afford to get the cream of the crop of the off-lease vehicles, it's much harder to find a decent one from other dealers. Locally, I found another dealer that bought an off-lease off the auction site, and it was in worse shape than what First Hyundai would get. Yet another dealer said he could get an off-lease vehicle for me, but never really followed up. I think the risk is too high, why buy another vehicle for a potential customer when you have all these other vehicles in your inventory that you need to move?

The consolation is that even at current prices, the car is still a great deal.

 

[Chuck's 5.0]

Just bought a lease return 5.0 ultimate in Black, CPO with 22k miles in Ohio for 30

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[tomgen]

Just bought a CPO ‘15 3.8 AWD Ultimate with 12k miles for just under 31k on Friday. Flew to get it and drove it home yesterday. Loving it so far!

 

[EdP]

Based on my recent research and finally traded last week, I'd say the 25k number is pretty close to it in our market. Does not matter so much what you are buying, it is based on what they can sell it for. The rest of the deal is the discount off the sticker of the new one. The 5.0 is a hefty up charge for new, I wonder what it does on the used market.

 

[mr.miyagi]

Agree the number will be around 25k.. I currently have a lease that is up in 6 months it will have 36k miles on it and will cost me 22k to buy out.

 

[waz]

I dug this thread up from October 2017 because I had some questions for when I turn in my Genesis in a year.

Mr. Miyagi - 3 questions:

1) What model 2G Genesis do you have? I have a '15 3.8 Ultimate and the residual value at lease end in February of 2019 is $28,168. That's a $6k difference!

2) What's your monthly payment? While I have bragged about my $335 monthly payment, an almost $30 grand payoff limits my options somewhat at lease end.

3) In a recent post you discuss your new cat-back exhaust. Do you plan on returning your car's exhaust to stock when you turn it in, or leave the aftermarket parts on?

And a question for all you lease experts out there: after I turn my car in will the dealer refuse to sell it for less than the residual, or is that negotiable for the next buyer?

 

[mr.miyagi]

Waz-

1) my 2G is a 2015 3.8 awd with tech package and premium.. originally 50k sticker but since this was a leftover demo with 2k miles on it I negotiated price to 40k then got a lease incentive of 5k so price of car was 35k and registered as new.

2) Being that after incentives my price was 35k and because the risidual is off sticker not negotiated price, I put 3k down and pay 275 a month. The difference in our risiduals is mainly the lack of ultimate..

3) Because I got the deal of a lifetime on this car it’s hard to imagine a future where I don’t own it but if that’s the case I will return it to stock. Only a few bolts.. and it will probably end up in the for sale section of this forum lol

And often residual is less than market value to account for dealer markups.. it’s somewhat difficult to negotiate after lease that’s why it’s best to do that beforehand.

- - - Updated - - -

And it’s a 3 year, 12,000 miles/ year lease

 

[trespinosranch]

I just traded in my 2016 3.8 AWD with Ultimate to Monterey Mercedes (Calif). They have it on their lot. Asking $29,997. They list the interior as black...but it is beige. It has around 15,500 miles on it.

 

[opticsguy]

So where's this massive depreciation everybody was talking about last year? My 2015 has 14K miles on it and the residual is $26K and change (3.8 RWD Signature/Tech). Garaged day and night and driven in the rain once. I can see now why the Dealer keeps asking me to turn it in and lease another one.

 

[EdP]

For my Ultra AWD dealer gave me 24,500 trade and was asking 27,000 on the lot. 39,000 miles.

 

[waz]

"And often residual is less than market value to account for dealer markups.. it’s somewhat difficult to negotiate after lease that’s why it’s best to do that beforehand."

Mr Miyagi - I was unaware that you could negotiate the residual, and that the cap cost included dealer markups. And if you could lower the residual, it would seem to stand to reason that they would raise the monthly payment.

Whatever the case, you got yourself a helluva deal.

I leased mine at the end of February in 2016, 2 days before Hyundai Financial stopped leasing '15 Genesii, it had also 1800 miles on it, I also put $3k down, and my lease is for 10k miles/ year - 12k/ year would have raised my payments like $50/month!

And here I felt like a master negotiator for getting the cap cost on a $50,300 car down to $41k.

- - - Updated - - -

Speaking of residual values and depreciation, I just looked up my car's value on Kelly Blue Book. Today, in excellent condition with 16500 miles, my '15 Ultimate is only worth $25.5 to 27.9 k on trade in, and $27.7 to 30.3 k for sale to a private party, and my residual is $28.5.

I can only imagine what it will be worth by February 2019 when I turn it in, but it certainly doesn't look like I will be buying it then.

 

[BlancaGenny]

Just picked one up actually on Friday. CPO '15 Genesis 3.8 AWD with Sig/Tech package. Love it! Lower end of KBB. Only negative is that I didn't get weather mats which I showed my distaste to the salesman. I'll be writing up review when I have more time about the car/dealership experience.