Fresh Off the Boat, Hyundai's Veloster N Makes for a Dicey Lease Deal
Hyundai’s hottest hatch isn’t breeding any smoking lease deals. The pinnacle of the revamped, second-generation Veloster three(?)-door definitely puts the power down, providing a Korean entry in a class dominated by Germany, Japan, and, until recently, America (via Germany), but the first lease seen for the Veloster N might leave potential owners shopping elsewhere.
There’s cheaper alternatives for those wanting 250-plus horsepower in a small package.
The financial sleuths at CarsDirect came across an early, unadvertised lease for the model that’s just now arriving at dealers. To get into a lease of the 250 hp, 260 lb-ft Veloster N, shoppers would be on the hook for 36 $429 monthly payments, with $2,299 due at signing. That’s on a $27,785 base N with six-speed manual.
Hyundai offers a Performance Package that ups the turbo 2.0-liter’s output to 275 hp, with the same amount of torque. That’s a $2,100 climb from the stock N.
CarsDirect was quick to point out alternatives that could prove more appealing to those turned off by a car with an effective cost of $493 a month. They include, based on existing L.A. leases: the 2019 Subaru WRX manual, with an effective cost of $390 a month, and the 2019 Volkswagen GTI S, which, when outfitted with a DSG transmission, rounds out at $408 a month. The interesting, rear-drive Genesis G70 2.0T, also a newcomer, can be had for $462 a month, all in, while the Kia Stinger with the same engine (when did Korea become so interesting?) is yours for $422 a month.
The pricey Veloster N lease is the product of several factors, among them, a money factor that equates to a 5.4 percent interest rate, a 52-percent residual value that’s lower than that of the lesser Veloster Turbo and base model, plus the fact that there’s not a cent of cash on the hood of any N.
As the latter element will surely not last, expect better lease deals on Hyundai’s pavement scorcher in the months ahead.
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I will consider buying one of these next time I am looking for a car. Not a fan of leasing for my own circumstances. Hyundai reliability has been good and this uses many common parts from their line in an uncommonly sporting way. If it's fun to drive, I may part with my Fiesta ST before the wheels fall off, as this looks like a nicer long-term ownership proposition in some respects and is much more recently redesigned as a platform (2009 vs 2017ish). Unfortunate that the lease deals haven't come out well for Hyundai, as this niche (which I love) needs all the help it can get.