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Prices Paid: Buying & Leasing Experiences Hyundai Sonata Prices Paid and Buying Experience
5180 messages, Last post on Jul 24, 2008 at 9:11 PM
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Hey Guys, Firstly, thanks for everyone posting your experiences it's definitely comforting to know what others success in this nerve-racking venture has been. I stopped by the dealership tonight and feel like I was severely jerked around, so wanted to post what occurred and get others' feedback to see if I am expecting too much. I am looking for a '08 Sonata Limited (I4, due to gas prices and cost) Trading in my "Good" condition, '04 Elantra GT My thoughts going in: Invoice Pricing on an '08 I4 Sonata is $21,710 after destination charge. TMV Pricing (on 12/28) is: $23,014. I settled on a figure of roughly $22,300 for the car based on these two figures. For my trade in, I figured I would get $5900. Edmunds used car appraisal is: "Clean" (Most matching description) - $6,323 "Average" - $5,420 Kelly Blue Book (for Dealer Trade-In) is: "Good" (Most matching description) - $6935 "Fair" - $6,030 So based on all the above figured and to ensure there were not many issues with my expectations on what to expect for my Trade-In, I set the number at $5,900. With that being said, I went in and met with the sales man. We walked the lot and determined there was a Sonata present that met what I was looking for. We went back to his desk to discuss the deal. He initially had me fill out a short paper with some information on it and he went to have my trade-in evaluated. After returning the deal he provided me was: $22,320 for the vehicle. $5000 for my trade. $1039 Tax $109 TTL He had ran my credit and as I suspected I did not qualify, he stated, for the 0%/72 month, but did qualify for a lower interest rate of 2.9% through HMFC on a 48 month term. He indicated the monthly payment would put me somewhere (I forget exact) around $450 per months. He stated in order to lock in this 2.9% interest rate that I would be required to put $4,500 down (to which any prior discussion around down payment I advised that I was not interested if at all possible in putting a down payment - so this was a bit of a shock!) I immediately advised him that I would not be able to put $4,500 down on the vehicle and again was more than satisfied with my own car and was only there to see if I could get in to the Sonata for a monthly payment not substantially higher than my current payment of $250.00 per month. He took this in and started reworking numbers with no down payment included and I advised him to use a 72 month term. With the reworked numbers he said it still came to above $450 per month. This is when I advised him we need to start breaking down the cost of the car and the trade-in. I asked about the vehicles price. Break down this figure. What is included in the $22,320. Where is the $1000 rebate? Where is the $500 Value Owner Coupon? Where is that in his equation. He stated these discounts were already applied to get to the $22,320 figure. Stop the boat. What? This is where I told him that, in essence, he is selling me the car then for the $22,320 price + $1,500 (rebate/coupon) = $23,820. Far above the $22,300 I aimed to purchase the car for. I told him this. He asked what numbers I had figured. I told him that invoice on the vehicle + destination charge was roughly $21,700. I said I figured to ensure that I am not asking for too much I would expect to pay $600 above invoice for $22,300. I told him THEN, I would receive my $1,500 in discounts giving me a final price of $20,800 for the car. NOT $22,320. I then told him that I thought $5,000 for the trade-in was substantially shy of what I figured to get. I told him that through the various appraisals I have had done and research I have performed I was looking to get higher than this. At this point I told him $6300 for the trade-in. He quickly scribbled through the $5000 figure and said he would go to $5,500. At this point he got up and left for a short time and came back with the numbers re-worked. Basically this occurred for about 15 minutes and the final deal he offered to me was: $22,320 for the vehicle (after the rebates and everything, so he basically did not discount the car at all) $5,500 for the trade He then stated on the last deal that it would be required to put $1,000 down to receive the 3.9% financing. He previously stated that I did not receive a $500 rebate through HMFC as I did not qualify for the 0%, but at this point later, indicated now I did and could put this toward the $1000 being required down, and pay $500 cash. I told him this was not an issue but I still did not feel I was getting a fair deal. I told him I would think about it, of course, with no intentions of doing so as the mis-matched stories of rebates and not and at one point in the conversation my girlfriend asked "Do you have to pay the sticker price on the car?" and he attempted to state that yes, you do. I told him that most people may do that, but with some research you can often find that the sticker price is a suggested retail price and not typically reflective of the price you can ultimately achieve with knowledge of the various dealer incentives and invoice pricing. I felt overall I was jerked around quite abit with sales tactics designed to confuse me with the various "requirements" to get the deal that was at that point being offered. Down payment required, then not. 2.9%, then 3.9%. Not clearly addressing where my rebate and value owner coupon is being applied, the inflated cost of the car and having a HMFC rebate or not. So I come her confused and frustrated. A) Were my original expectations too steep? B) Do you qualify for a $500 rebate for financing through HMFC, even if not for the 0% interest? C) If you receive a deal of say, 3.9% interest as I was offered am I still able to use the $1000 consumer rebate and value owner coupon? D) At this point he is scheduled to call me back tomorrow, how would you handle this? Part of me says to not answer the phone or answer it and let him know that regardless of what he was able to miraculously come up with and work out over the night/morning that I am no longer interested - or give him hard figures that I won't budge on and if he can work it, he can, if not - done deal. E) I called my bank today and they were closed but the IVR indicated my loan "payoff amount" was $6,735 - the salesman stated it was $7,100. What would cause this discrepancy. I just made my payment 1.5 weeks ago and I am not charged $300/mo in interest, my current rate was 7.9%. This is only the second time I have purchased a new vehicle and though I realize my approach is likely not the most graceful, it's honest and straight-forward. So summary: He states: $22320 Price of vehicle ($1000 rebate, $500 value owner coupon apparently already applied) -$1000 down ($500 rebate for HMFC Financing / $500 Cash) ----------------------------------- $22320 -$5,500 trade-in --------------------------------- $16,820 + 1,093 Tax ----------------------
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CONTINUED: $17,913 + $109 TTL -------------------------------- $18,022 +$7,100 Current car payoff ------------------------------- $25,122 financed  3.9%/72 mos = $390/Mo Looking for advice, Cargain |
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Replying to: cargain (Dec 28, 2007 8:12 pm) I don't know the details of the HMFC rebate, but the general $1000 rebate and value owner coupon should apply no matter what the financing is. If I were you I'd find out when they close on Dec. 31, go in there about 2 hours before closing, and lay my "best and final" offer on the table. And see what they say. The attitude you used with the dealer--"I don't really need this car, but for the right price I'll do the deal" is the right one. Stick to it. |
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Well... the good news is I purchased a car!! 2008 Hyundai Sonata Limited V6 w/ Sunroof (Ebony Black/Black Leather Interior) I feel like I got a decent deal and most importantly, purchased a car from a very straight-forward and honest salesman/dealership - to which, I really was beginning to think did not exist. This was a very smooth transaction and I would highly recommend Lee at Fred Beans Hyundai in Doylestown, PA.What a great experience and IMO an excellent dealership that I would purchase another car from. With that being said, here are the details of my deal, what do you guys think? Edmund's True Market Value: $25,677 Edmund's Invoice Pricing: $24,170 Cash Delivered Price of Vehicle: $23693 (Before Rebates of $1000) Total Cost of vehicle OTD (after Taxes, Title, Tags, GAP, etc): $24,451. So I figured for roughly $300 more than invoice pricing on Edmund's I got GAP and all my taxes included ($1,081 + $130 TTL). I felt it was a decent deal and the atmosphere was nice. Though they also indicated I did not qualify for the 0%/72 months they were able to get me 1.9%/72 months. Overall I was pleased. I still think I could have done better in some regards but feel that this was fair for everyone involved.
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Replying to: cargain (Dec 29, 2007 9:53 pm) Welcome to the club! |
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Replying to: cargain (Dec 29, 2007 9:53 pm) Either way they are financing for way below the true costs of money. Enjoy your new car!! |
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| 2008, Limited 4cyl, w/sunroof and mats, $21949 - minus $1000 rebate (loyalty & HMFC rebate), and 0% financing, $20949 plus tax, tags, etc. | |
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Went to Hyundai of Tempe, AZ to start and they would not negotiate below invoice, left and headed up to North Scottsdale Hyundai. Traded in a 04 XG350 that we had run up the miles to 60k on already and wanted a warranty since we still had a car payment, owed 11500 on it. Were given 8500 for it. A little below what I thought I should get but close enough. Got the 08 GLS auto with pop pack & matts, no sunroof. Got it for 15,900 and 72 mos 0% thats with rebates etc, and owing tax, title and license. Kept trying for 14,800 as people 6 mos ago were getting that but dealer would do no more. One issue though, wanted the Hyundai backed 10/100. Dealer did not bother to tell us that they dont offer the Hyundai warranty and sold us a 3rd party warranty not recognised by Hyundai. Figured it out the same night and got it cancelled. But was not happy about it. FYI not all dealers sell the hyundai backed warranty thats through JM&A. Hyundai USA does not support their own warranty anymore and are only going with a 3rd partyy JM&A. But is optional for dealers to carry it!!!!!
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Replying to: rx2man (Dec 31, 2007 1:45 am) I am not one for third part warranties either, but it looks like this one could be OK. For more info - http://www.jmagroup.com/consumers/consumers.aspx# |
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| I may not have made my post clear enough. The Hyundai warranty is now administered by JM&A. However not all dealers sell the warranty. My dealer tried to slide in a 3rd party warranty without me knowing, not the JM&A one. A month and a half later they still have not refunded to Hyundai financial. Horrible dealership experience!!!!! | |
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