That Awful Hyundai Kona Lease? It's Already Dead

Steph Willems
by Steph Willems

Mere hours after we published a story on the attractively priced but awful-to-lease Hyundai Kona yesterday, it seems Hyundai had a change of heart.

The initial advertised lease for the volume SEL trim lasted less than a week, after the automaker apparently decided it wasn’t a good thing to make the brand’s smallest crossover more expensive to lease than the larger Tucson and Santa Fe Sport.

As we told you yesterday, the initial lease saw a Kona SEL — retailing for $22,100 after delivery — offered for $269 for 36 months, with $2,399 due at signing. That works out to $336 a month, higher than the two larger, pricier crossovers (when decked out in mid-level trappings).

Forget about that lease. It was a bad lease. Move on from that lease. (Unless you leased a Kona earlier in the week; in that case, you have our sympathies.)

The latest word from CarsDirect is that Hyundai took the lease behind the barn, emerging with a much more attractive offer. How does $70 less a month sound? That’s what a slashing of the model’s money factor and the addition of lease cash gets you.

As of late yesterday, a 2018 Kona SEL leases for $199 for 36 months, with $2,399 due at signing. Like before, there’s a 12,000-mile annual allowance. The new lease brings the overall monthly cost to $266 — much friendlier for customers, especially given the model’s entry-level status in the Hyundai crossover food chain. It also provides a nice cushion between it and the Tucson ($41 less per month) and the Santa Fe Sport ($61 less).

More importantly, the model now undercuts the volume version of the segment’s best-selling model, the Honda HR-V, by 15 bucks. It also falls $9 below the lease price of a comparably equipped Ford EcoSport.

Breaking down the new offer even further, the Kona SEL’s money factor equates to a 0.5-percent interest rate, down from 2.9 percent before. CarsDirect notes that while most Konas now receive $1,000 in lease cash, the SEL trim gets $1,250 subtracted from the tally. Curious, that.

Despite being the smallest CUV in Hyundai’s stable, the brand’s newest vehicle plays an important role in the company’s goal of populating as many segments as possible. After last year’s major sales slide in the U.S. (and other markets) Hyundai’s comeback plan hinges on crossovers big and small. Just yesterday, the automaker revealed a new naming scheme ahead of the new Santa Fe’s official debut. No, that that Santa Fe — the other one.

Well, just read the link for clarity.

[Image: Hyundai]

Steph Willems
Steph Willems

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  • Sgeffe Sgeffe on Feb 24, 2018

    Saw one of the EcoSports yesterday. The noise its start-stop made as the engine restarted didn’t leave a good impression!

  • TheEndlessEnigma TheEndlessEnigma on Feb 26, 2018

    Money down on a lease is akin to taking that pile of cash, soaking it in gasoline and throwing a lit match at it.

  • IBx1 Never got the appeal of these; it looks like there was a Soviet mandate to create a car with two doors and a roof that could be configured in different ways.
  • CAMeyer Considering how many voters will be voting for Trump because they remember that gas prices were low in 2020–never mind the pandemic—this seems like a wise move.
  • The Oracle Been out on the boat on Lake James (NC) and cooking up some hella good food here with friends at the lake place.
  • ToolGuy Also on to-do list: Read the latest Steve S. fiction work on TTAC (May 20 Junkyard Find)
  • 1995 SC I'm likely in the minority, but I really liked the last Eldorado best. That and the STS.
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