And it was already cheaper than its biggest rival.
Hyundai is one of the few automakers in a very strong sales position these days thanks to its decision last winter to supply dealerships with sufficient inventory just as the coronavirus pandemic struck. The offer of 0 percent financing for 84 months and deferred payments for 120 days brought in thousands of buyers, most of whom did so online only with at-home delivery. The big inventory gamble paid off.
And now, the South Korean automaker is gearing up for the launch of the new 2020 Hyundai Sonata Hybrid. Along with plenty of advertising, there's going to be a sizeable discount that's perfectly timed with the upcoming 4th of July holiday. Cars Direct got a hold of a dealership bulletin stating the midsize hybrid sedan will be offered with as much as $4,000 off for leases as well as low-interest financing (the 0 percent offer has since expired).
In some parts of the country, the Sonata Hybrid, rated at 50/54/52 mpg city/highway/combined, can be leased for $249 per month for 36 months with $2,699 due at signing and a 10,000-mile yearly allowance. This is based on an MSRP of $28,725, but the lease incentive, in this case, amounts to $3,000 in savings. The regular gas-powered Sonata, to compare, is only being offered with a $1,500 lease incentive at the moment, also for 36 months.
But what if you prefer to buy instead of lease? Leasing is definitely the better deal. Right now, Sonata Hybrid buyers have a choice between either a $1,000 rebate or 1.9 percent APR financing for 60 months. With the financing, the sedan costs about $31,471 while the rebate, combined with a 5-year loan at 5 percent, comes to $32,836. This amounts to $525 and $547 a month, respectively.
The new Sonata Hybrid already has a very reasonable MSRP of $27,750, which undercuts its arch-rival the Toyota Camry Hybrid by $680. The Honda Accord Hybrid, however, starts at a cheaper $25,620. Hyundai wants to keep its sales momentum and slashing money off Sonata Hybrid leases as a way to attract additional customers could work out very well.
Interestingly, this deal is scheduled to end on June 30 so it's possible an even better American Independence Day sale is planned.