Too good to be true lease deal. 2014 Hyundai Sonata.
I traded my sonata for a veloster turbo last year, but now we are looking for a 3rd car for our son to make a very short commute down the road to college next month. I just noticed a "dealer" ad for a $149 lease on a 2014 Sonata with $999 down for 36 months and 8,000 miles a year. (I don't ever put money down on a lease, so it would actually be about 180/month with 0 down). Normally I would never consider that low of a mileage allowance, but as a 3rd car, we would easily be under that mileage number, since the college is only a few miles away.
But I can't crunch the numbers to make that lease deal seem valid. Does anyone know of what "surprises" they might be waiting to tell me about with a lease like this after they have me at the dealership location.... something seems too good to be true, or does an ultra low mileage lease really bring down payments this far?
Comments
The lowest mileage allowance that Hyundai Finance offers is 12K/yr. I would be worried about leasing through whatever independent bank that they must be using.
Edmunds Price Checker
Edmunds Lease Calculator
Did you get a good deal? Be sure to come back and share!
Edmunds Moderator
yeah, they may be using their own "mouse house", and also hoping to trip you up on the mileage over-run.
Something just smells bad here. Korean cars don't have strong resale value so they can't have a high residual at the end. I would look for bogus fees or add ons.
I would guess that the penalty for excessive miles would be higher than normal. Normal being around 15 cents per mile.
Thanks everyone for the advice. I asked them for info about how the lease payment is arrived at and didn't get any useful response. So, as you would expect, it's just a dealer trick of some sort. As someone mentioned above, I guess if they don't get you with a mileage overage at the end of the lease, they rack up vehicle condition penalties for simple wear and tear items or something else.....