Hyundai’s new IONIQ 5 is a commendable and affordable SUV that has stolen the hearts and attention of many. The compact SUV has features such as adaptive cruise control, smart-device compatibility, Android Auto, and in-car Wi-Fi. The car manufacturer, Hyundai, has launched multiple lease offers on different trim levels that buyers can make the most out of. However, before cashing in on the Hyundai IONIQ 5 lease incentives, here are a few things to check.

Ask for lease specials
Carmakers are known to introduce periodic offers and deals on car leases. This tactic helps them boost their sales. Special offers help carmakers provide buyers with a way to substantial savings.

However, before purchasing, buyers need to check the advertisement properly to understand the fine print and the additional expenses related to the lease. The monthly payment mentioned on the lease almost always excludes the registration fees and sales tax. Sometimes, the car comes at a high drive-off fee with a lease. Some of the best lease deals are only available to people currently holding a lease, while a few might also be available to others.

Check the residual value
Residual value is the worth of the car at the end of a lease. Residual value is a key component to look for when leasing the Ioniq 5 electric.

The value being included in the lease is also an indication that the lease is a good one. Generally, the value is included as a percentage of the manufacturer’s suggested retail price. When checking the car’s residual value, also consider that high residual values mean low lease payments for the car. When buying a car on a lease, the buyer is obligated to pay the difference between the car’s actual value and the residual value. This amount is paid spread across the duration of the lease and can be considered monthly installments. With higher residual amounts, buyers do not have to worry about the high prices of the vehicle. Buyers can also ask different dealers about the available leasing deals for the Hyundai Ioniq 5 electric and the residual amount of the vehicle post the lease period. Most leases offer residual value of cars in the range of 45% to 60%.

Check “Money Factor”
The money factor, in terms of lease agreements, can be a number that is similar to the interest rate in the case of loans. Like interest rates, the lower the number, the better for the buyers. When checking the Hyundai lease prices and details, enquire about the money factor. Different dealers may apply different amounts of money factor to the lease. This, when converted to interest, can result in a substantial change in price. Learning about this number and understanding the basis of its finalization can help buyers estimate if the rate they are paying is appropriate based on their current credit score.

Miles in the lease
Some lease deals can seem great at first glance. But their fine print might have a completely different story to tell. When buyers do not ask about the terms and conditions, there are chances they might be stuck with a restrictive contract. Therefore, asking about the finer details or reading about the lease terms is important. At times, some leases might have a cap on the number of miles that the car is driven. Leasing a car that can be driven for just 10,000 miles yearly might work for someone who rarely drives. However, the limit might seem restrictive to some. Ensure all the finer details are acceptable before signing off on the dotted line. Some deals might be open to tweaking the mileage permitted annually on the Hyundai Ioniq 5 EV, but remember that this adjustment can come in the form of higher monthly payments.

Initial payment
Don’t jump at the opportunity simply because a dealership offers a lease special for a lower monthly payment. Remember, these low-payment leases almost always have a higher upfront cost requirement. Don’t be swayed when the dealer uses words like special offer, limited-time offer, or killer deal. More often than not, all these have a hidden agenda or a term. The drive-off fee includes both the down payment and the lease fees. It is the out-of-pocket cost a buyer will have to pay when leasing a Hyundai Ioniq or any other car. It is up to the buyer to decide if they want to start by signing a lease with a bigger down payment and smaller monthly fees or vice versa. However, remember that in case of any mishaps, there are no guarantees that the buyer will be given back their down payment. Experts, therefore, suggest starting with a small upfront fee.

Cost of the lease
Before finalizing the lease and driving off with the car, buyers need to assess what the car will cost them throughout the lease. Start by looking for “Hyundai lease offers near me.” This will provide buyers with a useful insight into their total spending on the car lease, including the fees and taxes. Calculate the monthly payments, taxes, number of months, and the total drive-off cost that needs to be paid for the Ioniq 5 lease offer. The number obtained is approximately the amount the buyer will be spending. Buyers also need to consider if they are willing to buy out the vehicle at the end of the lease or not. This will also help them put together the needed amount over the lease period.

One can find multiple lease offers and specials at Hyundai dealerships around them and compare the deals to find the best lease agreement for the Ioniq 5 EV. There are also certain online portals that provide valuable insights into lease offers. However, buyers must remember that the offers can differ depending on the location, dealership, and other factors.