Have you ever asked yourself – “Why does Hyundai depreciate so fast?”
Perhaps you have an old Hyundai, and now you are thinking of selling it to buy a different vehicle. But just when you thought you could get a good deal out of it, you discovered that the value is not as great as how you expect it to be.
Ever wondered why this is so?
Learn more about Hyundai cars’ value, why they depreciate fast, and decide if they are a smart investment or not. Let’s jump right into it.
Why Do Hyundais Depreciate So Much
The resale value of a Hyundai is somewhere in the middle. It’s definitely not the worst, yet you can’t brag about it to your friends either.
For instance, the Hyundai Tucson and Elantra are good up until the 7th year while the Sonata depreciates as quickly as in its fifth year.
When buying a new vehicle, you want to keep in mind the depreciation issue. After all, you want to maintain the value of your car for as long as possible. This way, you can sell it at a good price when the time comes.
Let’s talk about the Hyundai Genesis, for example. It is a luxurious-looking car at first glance, with all the finest interior and impeccable overall performance. But did you know that within the first year of purchase, this vehicle already loses its value by 38 percent?
This is quite serious considering how expensive the vehicle is. In fact, the G70 is priced at over $33,000 at the time of writing while the G90 can go as high as $75,000 or more. It boasts of that luxury feel and dependability that a sedan has to offer.
However, it is disappointing to know that even before the second year of purchasing this vehicle, the value already goes down. Sure, the repairs required for a Hyundai Genesis are not as pricey or finicky as when you have a McLaren or Lamborghini break down. Yet, the depreciation rate is so dramatically fast that it does not seem to make so much sense.
It is not the same for all Hyundai Genesis, however. For instance, the 2019 proves to be a solid bet as you only need to pay about 66 percent of the price as brand new, yet with as much as 83 percent of the car’s life remaining.
The same holds true with the 2016 and 2018 models that are just as attractive and with a solid value. In terms of maintenance costs and predictable expenses for the remaining years, we can say that these models are not so bad in terms of resale value.
If what you look for is a luxury car, yet you don’t care much about that flashy badge right on the grille, then you may go for the Genesis. The price may be 38 percent less the next year, but it still runs well, with little issues, and not as expensive upfront as other luxury vehicles.