Post Lease Purchase of 2015 Ultimate

[pictone]

The 36 month lease on my 2015 Ultimate is coming to an end soon. I love the car, but can't justify rolling into a new 2017 (or even waiting for a 2018) Genesis because so little has changed. I'm considering purchasing the one I have at lease end. The residual value on the lease is $29K, but I'm seeing several in my area (S Florida) selling for $24-25K on various online sites. When I go to the dealer for my "lease end consultation" will they budge off the $29K? What's the best way to go into this discussion? Thanks.

 

[dougmcp]

There is no best way, the residual is a fixed price by Hyundai financial. You obviously know it's history, like the car and if you feel it's worth $4K to $5K more than what else is out there it's your choice.
Having so few changes can be a bonus in a new car as Hyundai seems to have some issues when introducing new formats and options.

 

[Program1]

When I go to the dealer for my "lease end consultation" will they budge off the $29K? What's the best way to go into this discussion? Thanks.

You could turn in yours and then buy a CPO for $24-25. You'll be in a different car but I am seeing an awful lot of these 15's showing up now. If you love the car you're in, then you'll probably end up paying more. That residual number is usually non-negotiable. But, it doesn't hurt to ask. Stop in to the dealership sometime soon and just ask. All they can tell you is no. It doesn't hurt your position for negotiation because you've already agreed to turn the car in and they've already agreed to take it back. You and the dealership also agreed on the residual value, so it's likely they'll not be able to do anything on the price. Good luck. Keep this thread updated on how you make out.

 

[MadCat]

You can get 2018 G80 with more changes. They should be available this summer.
And what i was told you can always negotiate your purchase price at the end of the lease. They can't force you to buy it for $29k because if you decline they will have to sell it as Used/CPO for ~$20k after discounts to the new buyer.

 

[balfor]

I agree with the above, see if you can negotiate the residual down. I've been told Hyundai won't lower it however. Let us know what they do.

I might be in the same position in a year, I have a '15 tech with a residual of $27k. Looks like it will be worth a lot less by then, so it becomes a tough lift to buy your current car for a premium even though you "know" it.

 

[glennk]

If you were going to get Hyundai leasing to drop the price, you'd be best to call them directly. Most companies are willing to come down, so as to cut their loss. SAAB was a great example. You could get a car with a 58% residual when their sales were slow, but had a market rate of 48% at the end of a 3 year lease. They were willing to come down to as low as 50%.