Buy my Kona EV at lease end?

Boston Charger

Boston Charger

New Member
The lease on my 2019 Kona is expiring in a couple of months. I dragged out my lease and checked the residual value (RV). The RV appears to be substantially lower than current Market Value (MV) in the ballpark of about $5k. I'm not interested in keeping the car, but don't want to miss an opportunity to scoop the equity.
I think my best option would be to buy the car from Hyundai at lease end and sell it back to them, another dealer, or possibly a private party. I've read horror stories about fees, inspections, etc. being pretty bad at lease end and would love to avoid them if possible.
Anyone have any advice they can share? I'm thinking that used car value have shot way up and i just may be in a good position.
TIA
 
Boston Charger said:
The lease on my 2019 Kona is expiring in a couple of months. I dragged out my lease and checked the residual value (RV). The RV appears to be substantially lower than current Market Value (MV) in the ballpark of about $5k. I'm not interested in keeping the car, but don't want to miss an opportunity to scoop the equity.
I think my best option would be to buy the car from Hyundai at lease end and sell it back to them, another dealer, or possibly a private party. I've read horror stories about fees, inspections, etc. being pretty bad at lease end and would love to avoid them if possible.
Anyone have any advice they can share? I'm thinking that used car value have shot way up and i just may be in a good position.
TIA
Click to expand...
Wow. I'm in Canada, so do the math, but my dealer just offered $30K CA for a trade-in.
 
I've been thinking similar thoughts. The lease on my Kona expires in May. I don't want to buy the car, but I've no idea what to replace it with. Although I absolutely love my Kona, I want my next EV to have much faster charging. At this point there's no EV I'm interested in buying. I want the Kona form factor, range and efficiency, and price point. I called Hyundai Motor Finance and I'm planning to do a one-time 6-month lease extension. That'll give the market some time to provide more interesting EV options to replace it with. The person I spoke to told me that I have equity in the car because it's worth more than the residual. So, I could put that money into the down payment on another Hyundai lease.

I'm being bombarded with voice mail, email, and letters from the dealer I leased the car from to see if I'd be willing to return it early because they're short on inventory. Of course, they're not returning my calls, which makes me think they're not actually serious.

Might be worth a call to Hyundai Motor Finance if you leased from them, just to get your options. The rep I spoke to was super helpful and open about all my options.
 
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