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Hyundai Kona EV, $99/Week, 48 Month Term, No Interest @ Hyundai

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Hyundai Kona EV, $99/Week, 48 Month Term, No Interest @ Hyundai
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beatthatflight on 11/12/2023 - 17:08 hyundai.co.nz (575 clicks)
Last edited 11/12/2023 - 18:21 by 1 other user

Got this in an email.

Exciting news! For less than the cost of ONE tank of petrol a week, you can now own the tried, tested, and trusted KONA EV, perfect for New Zealand's unique roads. Now for just $99 per week, $0 deposit, 0% interest, and eligible for the $7,015 Clean Car Rebate*.

The current generation KONA EV has proven to be an icon on the roads, offering great performance, ability, and competitive range. We're celebrating this Kiwi favourite with a special offer that comes with peace of mind and no deposit required.

Special Offer Details:

  • KONA EV (39kw) for just $99 per week
  • $0 deposit
  • 0% interest
  • 48-months/40,000km term
  • Eligible for $7,015 Clean Car Rebate
  • Assured Future Value: Rest easy with our commitment to the longevity and value of your vehicle.

This offer and Clean Car Rebate ends December 31st, so book a test drive today or visit your local Hyundai dealership.

Terms of conditions apply:

$99 per week repayments are based on the Hyundai KONA EV 39.2kw 2wd model with an RSP of $61,990.00, No deposit, 0% p.a. interest rate fixed for the 48-month term of the loan, a $7,015.00 (The clean car rebate) repayment structured on the 12th week of the term, a total kilometre allowance of 40,000km and a $35,232.97 Hyundai Finance Assured Future Value at the end of the loan term. The offer excludes on road costs.

A $130 UDC establishment fee, $10.35 PPSR fee, a weekly maintenance fee of $0.50, and a dealer origination fee of $350 will apply. The total repayment cost is $62,585.85

This offer is available at participating Hyundai dealers and is valid from 1 November 2023 until the 31 December 2023 or while stocks last and is only available for the Hyundai KONA EV 39.2kw 2wd Model. Hyundai Assured Future Value and Hyundai Finance are provided by UDC Finance Limited. UDC’s lending criteria, standard terms and conditions apply. Hyundai Assured Future Value terms and conditions apply.

Automotive Electric Vehicle Hyundai Kona

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closed Comments

  • Wakrak on 11/12/2023 - 17:11
    +2

    $99/week + fees for 48 months then the rest after that I'm guessing?

    The total repayment cost is $62,585.85

    • Jaxson on 11/12/2023 - 17:16

      What rest?

      Hyundai KONA EV 39.2kw 2wd model with an RSP of $61,990.00

      • eh on 11/12/2023 - 17:31
        +4

        From the link:

        6 At the end of your agreed term you’ll have freedom to select a new option to suit you:
        Renew – if you’d like to upgrade to a new Hyundai, the equity you’ve built up will contribute towards your new Hyundai.
        Retain – if you’d like to own your vehicle at the end of your agreed term you can negotiate a new finance agreement or pay the balance to buy it outright.
        Return – if you decide to return the vehicle, then provided you’ve made all your regular payments, the vehicle meets fair wear and tear and is within the agreed kilometre allowance, you won’t need to pay the final payment, just the return fee.

        $99/week * 52 weeks * 4 (years) = $20,592 repaid excl fees
        + $7,015 subsidy
        (subtotal $27,607)
        + $35,232.97 "Hyundai Finance Assured Future Value at the end of the loan term"

        = $62,839.97, more or less the same as $62,585.85 total repayment cost (they probably wouldn't round the number of weeks in 48 months down)

        So yeah, looks like a $35k balance at the end of the four years if you want to keep the car.

        OR pay the "return fee". If it meets "fair wear and tear".

        Shady phrasing, questionable value. No thank you.

    • German22 on 11/12/2023 - 17:29

      It says:
      the 48-month term of the loan.

      I believe that if you want to keep it then you pay the rest.

    • Slogan on 11/12/2023 - 17:37

      I think that's what the Hyundai Finance figure is about — first you get an interest-free 4yr loan for the $21k @ 99/wk you pay during that time, then after that you can finance with them for the remaining $35k value you haven't paid yet. Because the govt chips in $7k the total price works out to $62k.

  • dryburn on 11/12/2023 - 17:47
    +4

    So pay ~$20k plus on road charges, to use the car for 4 years.

    Return - Thereafter return the car, and pay nothing more.
    Retain - keep the car but negotiate a new rate to pay the $35233 balance
    Renew/upgrade - to a newer model with the equity of the car

    Is it just me or does this isn't too bad of a deal.

    Honda fit/Jazz - $5k
    Petrol as 15km/l, 15,000 millage per year, $3 per litre - $3k * 4 years ~ $12k
    On road costs WOF & Rego ~$250 per year *4 years ~ $1k
    Servicing $250 per year *4 years ~ $1k
    Tyres $350 per year *4 years ~ $1.4k
    TOTAL : $19.4k
    Resale value : $3k-4k?

    No insurance for the above as the new car would presumably be more. And running costs haven't been calculated.

    Comments?

    • LuckyB on 11/12/2023 - 22:18
      +1

      "total kilometre allowance of 40,000km" = $8k fuel cost

      • RUC next year

      New Kona EV model arriving in 2024

      Retain option leave you with older model and greater depreciation

      Return option equates to $12k depreciation over 4 years

    • spam on 12/12/2023 - 09:32
      +1

      There's a discussion on this in reddit: https://www.reddit.com/r/nzev/comments/1872jfs/new_hyundai_k…

      Based on the discussion there, probably better off getting another EV for that money. One comments on Kona that's on lease still have the gear reducer issue so there's that to consider.

  • hsran on 11/12/2023 - 18:40

    Is this for the 39.2kW Elite trim?

    • scott on 11/12/2023 - 23:26

      The $99/week will be for the base trim, not the elite.

      But the other bits of the deal (0% finance etc) will apply to any trims.

      • hsran on 12/12/2023 - 04:53

        Some of their dealerships are offering a free upgrade to Elite model.

      • hsran on 12/12/2023 - 14:46

        Had a chat with the salesperson and it's only offered on the base trim of 39.2 Kwh.

        Crunched some numbers and I'll be worse off by $3k by the end of year 4.The 0% interest benefit works out to be $4400 in my case.

  • Discount Code on 11/12/2023 - 20:35
    +8

    For that kind of money I'd buy a Tesla. Faster, larger, technologically more advanced, better support etc etc.

    This is just another way to get people who don't have the money to get into financial trouble down the line. It's sad that companies need to do this.

    • Joe on 11/12/2023 - 22:36

      Banks offer interest-free

      https://www.cnbc.com/2023/12/08/automakers-turn-to-hybrids-e…

    • scott on 11/12/2023 - 23:34

      For somebody looking for a lease car (which the Assured future value allows this deal to function as), this deal is pretty good.

      Approx $20k for a brand new EV for 4 years / 40,000km.

      Going to cost at least double this to lease a Tesla.

      Of course, the outright purchase price of the Kona is way to high vs it's competitors, and if somebody really does like the Kona and has access to capital, they simply could purchase a used 2019 64kWh for $32 - $36k, and they would have a longer range, more powerful car than the 39.2kWh / 100kW version, with no km cap, and likely will be worth north of $20k in 4 years time.

      • RedRocketTi on 11/12/2023 - 23:49

        What makes this hard to justify is the very low km allowance. This makes the ROI a lot longer and the higher capital cost of ownership of the Kona does start to no longer stack up here.

        This does fit the bill perfectly though for someone looking to lease and doesnt mind the sunk cost (i.e. a business) as lower capex and lower opex compared to purchasing and operating a pertrol fleet is where this will benefit.

  • justaddwater on 12/12/2023 - 08:10

    what happens if you go over the km allowance within 4 years?

    • Wakrak on 12/12/2023 - 08:56
      +1

      They whack you with an EV charger for every kilometre over 40,000.

      • justaddwater on 12/12/2023 - 09:18

        sorry dumb question, i've never leased before so idk

        • spam on 12/12/2023 - 09:29
          +1

          Wakrak just pulling your leg lol.

          Likely that they will give you a penalty of some sort. I suspect in this case the calculated "Assured Future Value" for the Kona will be reduced as the value that they gave you at the start of the lease is based on that 40,000km mileage.

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