Poor resale value-would I be able to sell it?

I've now decided to go with Hyundai, just not sure which model yet. A
nagging concern is this - I like to buy a new car every 5 yrs or so. If
I purchased the XG350 (or Sonata), will I be able to sell it in 5 yrs or
would I have to almost be giving it away, or perhaps be unable to find
any buyer?(Question assumes the car is in good condition, well
maintained). For longer time Hyundai owners, how do you handle this
issue? Trading it in?
Thx,
Robin

 

I can't answer this question Robin, but what made you come to your decision?

 

Robin, I'm really surprised at this news. I know you did lots of research,
so you must know that resale value is based on what people will pay, and
that is based on public perception and reputation. Even if Hyundai currently
made the most solid, best engineered cars on the planet today, and half of
all Hondas were lemons, the resale value of a Sonata would still be less
than the Accord in 5 years - because it takes longer than that for
perception to catch up with reality. People in general believe Japanese cars
are more reliable and better built than Korean cars. (even though I have
learned that is a myth, society still believes it). Any listing of used
vehicles will show you that Hyundais depreciate much faster than Hondas or
Toyotas, even if this is completely unjust. You would be better off buying a
2 year old Sonata, which has already depreciated, if you plan to sell it in
5 years. All you have to do is take it to an independent mechanic and get it
fully inspected, and see all the maintenance receipts. It will still have
part of the warranty as well. However - I realize that if you really want a
car that isn't going to work for you.

I drove my new Hyundai for 18 years - it had no resale value after about 15
years. This is the only way you will get your money's worth. If that is not
your lifestyle, you will need to justify your total car expense somehow on a
spreadsheet, because resale price has to be considered, not just insurance,
gas, repairs, and initial cost of the new car. After 5 years you will be
buying a new car again, prices will be higher, and you will lose much of
what you put into the Sonata. It makes no sense - if you don't mind losing
the money, then you should lease if you only keep cars 5 years, and don't
get attached to them, and don't really enjoy making them last, or get bored
with them. In leasing you are only paying for the portion of the car's life
that you use; then you give it back. If you do mind losing money, you should
keep the car at least ten years. If it's a good car, why wouldn't you want
to?

It is a personal choice, I am just mentioning the usual arguments. Let us
hope that in 5 years, the resale value of the higher end Hyundais will be
decent.

You see, I am also struggling with myself because I love the Accent. It is a
beautiful, and petite, and highly rated car, an honest and simple car which
I want. When I see one, I have to stare at it (the hatchback) because it is
so pretty. I will get out of my car and study it, and compare it to my
hideous, hulk-like Toyota. But I know if I want to trade it in anytime in my
lifetime, I will get nothing, because the depreciation is massive. A simple
look at used car ads shows me this. And that is why I may get a used
one....or realize that if I buy it, I'm buying it for life. But you don't
have to listen to me. I'm the fool who thinks Hyundai is better than
Toyota.....

 

We generally keep a car for about 10 years (average) so NONE of them have
much resale value!

Just remember when you trade in a Hyundai and get less than you would on
another make....you initially PAID less for the Hyundai than you would have
for another make.

I got the 2004 XG350L in October and it is a fantastic car! We also have a
2001 Elantra GLS for the older daughter and a 2003 Elantra GT-5 door for
the younger daughter. All are reliable transportation with lots of features
for the price paid compared to Honda, Toyota, Nissan, etc.

Also remember you are getting a 5 year/60,000 bumper-to-bumper (virtually)
warranty with free unlimited roadside assistance/towing for 5 years, and 10
year/100,000mile warranty on the power train. You will NOT get that with
another make. This gives me "peace of mind". MOST warranties don't even
last as long as your payments...so then you are still making your monthly
payments AND having to pay for repairs!

 

Which you can also upgrade to a 10 year /100,000 miles bumper to bumper,
which includes a car rental. (Warranty 4B)

 

LOL.


I know you did lots of research,

Just curious - what did you do with it?


This is the only way you will get your money's worth. If that is not

AFter 5 years, any car I've owned begins to look dated to me,
unattractive. I actually feel that way now about my 2001 Accord,
although I still find the interior attractive and enjoy the ride very
much. If I owned this car (rather than having leased it), I would be
keeping it another few years but I know around the 5-6 yr mark, the then
even more dated exterior would bother me to the point I would be looking
for a new car.

But Windmere, if I remember from what I saw on the Hyundai lot last
night, they're only $11,000-$12,000 or so, perhaps by pitting dealers
against each other, you could get it down even lower. You keep cars a
VERY long time. It would owe you nothing after ten years, and if you're
ready for another one, give the Accent to charity or as a wonderful gift
to a low income family you know. I can see that car would give you
tremendous pleasure, you are worth it, and deserve to be happy.

Well everything you said in this post about resale value is how I see it
too. So the next decision I have to struggle with is whether to lease
again (which means it wouldn't be a Hyundai - whaaaaa!), or gamble on
Hyundai's marketing efforts resulting in improved resale values in 5
years.

Robin



A simple

 

Between this NG, The Hyundai Connection and another Hyundai site, I have
become convinced communicating with Hyundai owners who have purchased
Hyundai's for years up to recently, that this isn't a junk car (as was
my perception based on no knowledge whatsoever), there's tremendous
value for what you pay, and that any make has its problems.
Robin

 

There is not sure way to forecast the future but you can review the
past to aid in coming to conclusions.

For example go to www.edmunds.com to look up the present value of used
cars.

First look up the value of a 2000 Hyundai Sonata GLS V6.

Then look up the present value of other 2000 year models that were of
similar size and price. As an example the 2000 Chevrolet Malibu was
similar. The MSRP was close to the GLS Sonata and it also had a V6
engine. You will find that today the Sonata has a higher value as a
used car than the Chevy.

Make similar comparisons to other model year 2000 cars that were in
the same class and price of the 2000 Sonata GLS and you will get a
true picture of how much the Hyundai has depreciated in comparison to
the others. You might be surprised to find that the Sonata has not
suffered a depreciation that is out of line with some other popular
makes.

Old_Timer

 

I drove my new Hyundai for 18 years - it had no resale value after about
15

I still have it in my underground parking space to preserve it from the snow
and rain. The newer car which is sturdier is parked outside. I am still
deciding what to do, restore the Pony or give it away. I need to find a
mechanic who will tell me honestly how much it will cost and whether it can
be restored to driveable condition. If it costs more than a new car then
it's not worth it, obviously. But it's hard to give it up.

It is obvious that a car is not just an appliance to get you somewhere.
Therefore you should get the one you love the most now and accept that you
are going to trade it in when it becomes dated.

If you really have this feeling of affection for the Hyundai you drove, you
should get it. From previous posts I got the impression that you really
liked the Honda best but wanted to save money. Preferring the Hyundai
changes everything. The cost will probably balance out in the end and you
will have pleasure in getting something you really wanted. I think you were
looking forward to the change and the adventure so just go with your
instincts and say, to heck with it, this is what I want and I'm going to get
it.

 

This is why I buy used Hyundais. $5500 for 2001 hatch, with a stick,
and this car is one sweet little rocket to drive! And CHEAP.

Xiaoding

 

Which model is that? The Elantra?

 

do the other cars being looked at (honda etal) have both front & side air bags?

if not, then how does one put a $ value on having some side protection?

what the hell are most of the other manufacturers thinking ?

hyundai is the best value--including safest

i take "safest" back, because the steely volvo with the side airbags is
probably the safest

congress should hold hearings about why the usual compact & mid-range american
car does not have side air bags

when i went car shopping a couple of years ago, i let the salesmen of the
american side bag-less compacts know that i was giving 'em a fair shot

and, damnit, the labor union (uaw) is also a fool for (apparently) not
understanding what the side air bag protection means

maybe i just don't get it, while it enrages me to think oif the stupid on-going
reality

meanwhile, the korean hyundai shames the u.s manufacturers

 

Sorry, Accent L. My previous Hyundais all were auto, so I'm quite
suprised by the way the stick car zooms.

 

My 2002 Sante Fe is awarded 6 years 72,000 miles bumper to bumper
warranty with 10 year roadside assistance with their false advertising
on horsepower for it.

VERY NICE!

 

Hey, this is a very interesting thread guys !

Here is my 0.02 to it:

A national CAA survey (equivalent to the AAA) among 20000 respondants
performed in 2003 revealed the average cost of maintenance for passenger
vehicules is :

age of car
1 $200
2 $350
3 $500
4 $800
5 to12: $1100 per year

Survey respondants claimed driving an average of 19k km per year, or app
12k milles. (I am sure most respondants dont keep a detailed history of
repair costs. So let's add a couple of hundred dollars to the age 5 -12
figure.)

In the last 12 months, I spent $1400 on my 1998 Max. I drove 22k km. It now
has 103k km on the odometer.

In my estimation, the economical break point for owning a vehicule is when
it reaches 7-8 years old. At that point, the average yearly total cost of
depreciation, repairs and capital cost is at minimum. Beyond 8 years, the
average yearly cost does not get any significantly lower. As a matter of
fact, you increase the risk of being stranded, car downtime, time lost while
at shops, and loss of income if you depend on the car for such. The most
economical strategy is to buy a used car between 2 and 5 years old and keep
untill it reaches 7 or 8 years of age. A made myself a rule of thumb to
seriously consider getting rid of the car if the last 12 months actual costs
or next 12 months forecast exceeds $1500. But often emotions get in the way.
Or life has other plans.

 

Interesting, thanks for sharing this.