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Bought a new Hyundai Ioniq 5 on Friday. No EV tax credit for that one, but...fleet purchases still qualify regardless of make, and your company can buy as many

Bought a new Hyundai Ioniq 5 on Friday. No EV tax credit for that one, but...fleet purchases still qualify regardless of make, and your company can buy as many as they like (that's my understanding, and probably not 100% correct). The outcome is that Hyundai buys the car, takes the EV tax credit off the price, then turns around and leases it to us. So despite the Ioniq 5 not qualifying for the credit, we got the credit in a more roundabout way (or arguably less roundabout, as I don't have to deal with it at tax time). In summary, lease the Hyundai and get $7500 taken off the price, then buy out the lease after the first payment[0]. I'm not sure when this deal ends, maybe May? (And if you're buying a Hyundai, Hyundai calls it a "lease rebate", but they're really just giving you the tax credit that Hyundai receives.) Point I'm driving at is maybe there's yet another hooping-jumping method to squeeze out a tax credit? EDIT: what I'm referring to is lightly referenced at the end of TFA: "Treasury in December said EVs ineligible for the $7,500 consumer tax credit could qualify for a commercial leasing $7,500 credit." [0] We were going to pay cash anyway, but it is my understanding that you can still get a bank loan to buy out the lease. See your dealer, bank, and Reddit for details.

greeneggs 4y ago
I don't understand why everyone doesn't do this. I'd buy a Tesla if I could get a $7500 credit (I'm income limited).
- HDThoreaun 4y ago
  you can
  - mixmastamyk 4y ago
    T recently dropped their prices as well.
mabbo 4y ago
A bit off topic, but how are you liking the Ioniq 5? I'm on a "2 year waiting list" with my local dealer for an Ioniq 5. It has 200 people on the list, and he got 8 years in the last year. Still a "2 year waiting list" though, even if you've been on it a year already. It's apparently quite a popular car.
- WorldMaker 4y ago
  A 2-year waiting list may also indicate a bad local dealer that isn't even trying to sell the car as much as or more than it indicates a popular car. Only getting 8 cars in the last year sounds maybe like a choice to have as low of stock as possible in the dealership as much as it sounds like a supply issue. You may want to consider checking neighboring dealerships if the waiting list is not shrinking on a car that has been out in mass production for as long as the Ioniq 5 has been.
  - mikestew 4y ago
    My assumption is the OP is in Canada, where various online forums seem to indicate that this is the way it is for the whole country. But, yeah, if OP is in the U. S., look elsewhere. There are dealers in Seattle with rows of them.
    - mabbo 4y ago
      I am indeed in Canada. I wonder what it would cost to import a car from the US. I'd happily do a road trip to Seattle to get an Ioniq 5 right now.
      - mikestew 4y ago
        I've known folks that have gone the other direction to buy motorcycles in colors the U. S. didn't get. There used to be at least one Honda dealer in Vancouver that would have the paperwork done up, and a MPH speedometer ready for you to show customs. Prices were reasonable, as I recall. But motorcycles have a lot fewer things that need to meet safety regulations specific to a country. If this were a thing going US->Canada, I imagine some Canadian would have posted to the Ioniq 5 Reddit, or https://www.ioniqforum.com https://www.ioniqforum.com. I do not recall seeing any such post. Probably wouldn't hurt to ask around.
- readthenotes1 4y ago
  My 92-year-old granddad is a car enthusiast and he is waffling about going in on the waiting list because he really likes the car but doesn't know if he will live long enough to accept delivery. After reading this it may sound like I am either trolling or astroturfing but I guess like all other turfers I tell you I am 100% legit. It was really funny after he made me watch about 30 minutes of YouTube reviews on the car for him to say the punchline...
geoelectric 4y ago
I just got an Ioniq 5 a little over a month ago and did pay with cash (ie no tax credit). The quoted lease interest rate was an insane 8%+ even with an 825 credit rating and I didn’t realize you could simply buy out a lease early like a regular loan until well after the purchase. I didn’t think the credit made a difference to my purchase decision because my income phased it out anyway, but I hadn’t realized you could back door it through the lease with an immediate buyout. That’s a really neat trick, and if I’d known that I’d have paid a lot more attention to whether they were offering that $7500-back lease deal when I bought mine. I’m not even bitter. The HI5 is well worth the full price I dropped for the Limited if only for that beautiful AR HUD it has; HUDs have been a #1 must-have safety feature for me ever since buying a Genesis with one years ago. But props to you for figuring out how to end run around the process and get the HI5 and a great deal!
- mikestew 4y ago
  We, too, were fully prepared to pay the full price without the credit, but I had spent way too much time surfing the Ioniq forum before purchase. Like you, had I only found out later, I wouldn’t even be bitter. The car is worth it even for $7500 more. Congrats on the purchase. Our Limited AWD has us tickled.

greeneggs 4y ago

I don't understand why everyone doesn't do this. I'd buy a Tesla if I could get a $7500 credit (I'm income limited).

HDThoreaun 4y ago
you can
- mixmastamyk 4y ago
  T recently dropped their prices as well.

mabbo 4y ago

A bit off topic, but how are you liking the Ioniq 5? I'm on a "2 year waiting list" with my local dealer for an Ioniq 5. It has 200 people on the list, and he got 8 years in the last year. Still a "2 year waiting list" though, even if you've been on it a year already. It's apparently quite a popular car.

WorldMaker 4y ago
A 2-year waiting list may also indicate a bad local dealer that isn't even trying to sell the car as much as or more than it indicates a popular car. Only getting 8 cars in the last year sounds maybe like a choice to have as low of stock as possible in the dealership as much as it sounds like a supply issue. You may want to consider checking neighboring dealerships if the waiting list is not shrinking on a car that has been out in mass production for as long as the Ioniq 5 has been.
- mikestew 4y ago
  My assumption is the OP is in Canada, where various online forums seem to indicate that this is the way it is for the whole country. But, yeah, if OP is in the U. S., look elsewhere. There are dealers in Seattle with rows of them.
  - mabbo 4y ago
    I am indeed in Canada. I wonder what it would cost to import a car from the US. I'd happily do a road trip to Seattle to get an Ioniq 5 right now.
    - mikestew 4y ago
      I've known folks that have gone the other direction to buy motorcycles in colors the U. S. didn't get. There used to be at least one Honda dealer in Vancouver that would have the paperwork done up, and a MPH speedometer ready for you to show customs. Prices were reasonable, as I recall. But motorcycles have a lot fewer things that need to meet safety regulations specific to a country. If this were a thing going US->Canada, I imagine some Canadian would have posted to the Ioniq 5 Reddit, or https://www.ioniqforum.com https://www.ioniqforum.com. I do not recall seeing any such post. Probably wouldn't hurt to ask around.
readthenotes1 4y ago
My 92-year-old granddad is a car enthusiast and he is waffling about going in on the waiting list because he really likes the car but doesn't know if he will live long enough to accept delivery. After reading this it may sound like I am either trolling or astroturfing but I guess like all other turfers I tell you I am 100% legit. It was really funny after he made me watch about 30 minutes of YouTube reviews on the car for him to say the punchline...

geoelectric 4y ago

I just got an Ioniq 5 a little over a month ago and did pay with cash (ie no tax credit). The quoted lease interest rate was an insane 8%+ even with an 825 credit rating and I didn’t realize you could simply buy out a lease early like a regular loan until well after the purchase. I didn’t think the credit made a difference to my purchase decision because my income phased it out anyway, but I hadn’t realized you could back door it through the lease with an immediate buyout. That’s a really neat trick, and if I’d known that I’d have paid a lot more attention to whether they were offering that $7500-back lease deal when I bought mine. I’m not even bitter. The HI5 is well worth the full price I dropped for the Limited if only for that beautiful AR HUD it has; HUDs have been a #1 must-have safety feature for me ever since buying a Genesis with one years ago. But props to you for figuring out how to end run around the process and get the HI5 and a great deal!

mikestew 4y ago
We, too, were fully prepared to pay the full price without the credit, but I had spent way too much time surfing the Ioniq forum before purchase. Like you, had I only found out later, I wouldn’t even be bitter. The car is worth it even for $7500 more. Congrats on the purchase. Our Limited AWD has us tickled.