Is it better to buy instead?
The all-new 2019 Hyundai Veloster N is an incredible hot hatchback, a huge improvement over its mediocre predecessor. Now that Hyundai is a fully fledged card member of the hot hatch club, people are naturally going to want to buy one. But should they buy or lease? It’s a question lots of customers ponder but Cars Direct has learned that the 2019 Veloster N’s lease price is very expensive. In fact, it may be better to finance instead. Cars Direct gathered its information from unadvertised leasing bulletins which revealed some high premiums.
Here’s what Hyundai is offering: a 2019 Veloster N for $429 a month for 36 months, with $2,299 due at signing. This deal allows for up to 12,000 miles a year and is based on an MSRP of $27,785. Bear in mind that this is the base Veloster N with 250 hp and a six-speed manual instead of the Performance Package which ups output to 275 hp.
Once you take into account the upfront payment, you’ll really be paying $493 a month. That’s a lot of money for, let’s be honest, a non-luxury car. Cars Direct further proves this monthly price is not reasonable by comparing it to some of the Veloster N’s direct competitors. A new 219 Subaru WRX with a manual will cost $335 a month for 36 months with $1,989 due at signing.
This pricing is for Los Angeles, but chances are it won’t be drastically different elsewhere in the US. Combined with the initial payment, the WRX’s effective lease cost is $390 a month. A Volkswagen GTI S equipped with the dual-clutch gearbox has an effective monthly cost of $408.
And get this: the Veloster N’s $493 a month price is more than that of the Kia Stinger 2.0T with an automatic ($422 a month), Genesis G70 2.0T ($462), and the Honda Accord 2.0T Touring ($483). Given all that, why is the 2019 Veloster N lease so expensive? Blame a high-interest rate (5.4 percent even with a credit score above 700), a high residual value of 52 percent, and lastly, a lack of incentives on Hyundai’s part.
Because it’s brand new, Hyundai doesn’t see any reason to offer incentives at this time. Of course, that’ll likely change going forward, but if you’re anxious to lease a new Hyundai Veloster N, perhaps it’ll be best to wait. Or just buy one instead.