Dealership Salesman Reveals If You Should Put Money Down On a Volkswagen ID4—Or Any—Car Lease. He’s Certain You Should Hold Firm
'I just negotiated like this.'
If you think you need to put money down on a leased vehicle, think again. Kyle (@kyleiscars) is a care salesman who regularly posts helpful tips for folks searching for their next ride. According to him, if you’re thinking about leasing your next car, down payments aren’t required. Throughout his clip, Kyle demonstrates the approach a prospective buyer should take when negotiating a lease deal with a sales rep. Their meeting appears to take place in a Volkswagen dealership, with wall art depicting the German car maker’s ID4 hanging in the background.
Lease Haggle
After the employee gives his spiel on what the total cost of the car is, and what the business is offering in terms of monthly and down payments, Kyle instantly responds. From the get-go, he informs the seller that he never puts money down on leases. However, the salesman pushes back, citing “upfront fees” as the reason why a down payment’s necessary.
After tapping his mic, Kyle informs the seller that he knows “the dealership has a choice of whether or not they can absorb those costs.” Next, Kyle continues to tell the dealer, “And…if you want this deal, then you’re gonna have to absorb those costs for me… So why don’t you go talk to your manager and see if he can do that. Cause I don’t wanna put any money down,” he says before pushing the paper away.
Next, the video transitions to the employee sitting back down at the table. He informs Kyle that some of the up-front costs were then rolled into the monthly payments of the lease, which Kyle says he understands. “I know that lease companies still have to get paid their upfront fees. I get that, which is why the payment has to go up. So I have no problem with that,” he says.
Money Down On Leases: A Scam?
Depending on your driving habits, leasing may be a better option for folks than financing. For instance, if you’re not really keen on keeping a ride until it’s run into the ground and would rather have a shiny new car every 3 years, leasing’s for you. Furthermore, if you don’t want to be bothered with regular maintenance past some tire rotations and oil changes, leasing could be an intriguing option. Drivers who don’t pile mileage onto their odometers could also benefit from leases. But make sure to follow the “one percent” rule when scoping out leases to get the best deal possible.
Moreover, some automakers offer alluring incentives in order to put folks behind the wheel of their EVs. Colorado residents with credit scores marked 700 or above were able to take advantage of a $7,500 Federal EV Tax Credit, which effectively gave them a Fiat 500e car for $0 per month. That’s because the incentive was factored into the car’s monthly payments. Although, drivers were still on the hook for applicable taxes and other fees. But still… a free brand new car is nothing to sniff at, and you don’t even have to play The Price Is Right to get it (which also has buyers pay taxes on their winnings.)
Other EV Lease Deals
InsideEVs recently reported on a few electric cars that had hefty discounts thrown their way. If you wanted to try out Ford’s Escape Plug-in Hybrid, you could nab one with no down payment (Kyle was right). And if you wanted to go the financing route, it could be yours without any interest appended to your monthly payments.
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Another scintillating offer was attached to the Honda Prologue, which requires $1,100 at signing, and then $159 a month for qualified buyers over a 24-month span. This effectively makes the JDM brand’s electric SUV one of the most affordable options for those who want to go (or stay) electric.
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And there are several other lease deals that drivers are gobbling up, but this may soon come to an end. Not because folks aren’t interested in EV technology, but rather, because the EV “lease loophole” was slated to go the way of the dodo in September. The Senate successfully passed a bill that would remove this $7,500 federal tax credit. Which means that dealerships won’t be able to roll those sweet savings into your ride.
So if you were thinking of leasing or buying a new EV anytime soon, you may want to act fast. Either that, or wait to see if the credit comes back.
InsideEVs has reached out to Kyle via TikTok comment for further information.
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