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Hyundai Sonata Prices Paid and Buying Experience

6610 messages,  Last post on Dec 03, 2009 at 8:47 PM

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What is this discussion about? Hyundai Sonata, Sedan

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#4494 of 6610 Re: Should I take this deal ?? [sujan] by davis22 Mar 18, 2008 (8:02 pm)
Replying to: sujan (Mar 17, 2008 1:28 pm) Sorry, the actual price of the car was $14,799.
#4495 of 6610 Re: Bought a Sonata today - $14,998 + TTL [b612markt] by jaxs1 Mar 18, 2008 (8:04 pm)
Replying to: b612markt (Mar 18, 2008 7:36 pm) The GAP insurance was very pricey considering that you financed about $7000 below MSRP plus tax after discounting, the rebate and then your down payment. The $600 GAP insurance cost looks like it actually increased your need for it since it increased your total investment in the car by a significant amount.   Looks like you swapped maybe risking $1K-$2K if the car got totaled in the first year or two in return for guaranteeing to lose $595.   Very high cost in relation the amount of benefit it's providing. That doesn't seem like it makes any sense except for the dealer to increase their profit in the sale. Replies to this message: m6user (Mar 18, 2008 8:50 pm) jaxs1 (Mar 18, 2008 10:01 pm)
#4496 of 6610 Re: Bought a Sonata today - $14,998 + TTL [jaxs1] by m6user Mar 18, 2008 (8:50 pm)
Replying to: jaxs1 (Mar 18, 2008 8:04 pm) I guess I agree with you. I always thought Gap insurance was only needed on leased vehicles although I can see it on a new car with a small down and guaranteed to depreciate fairly quickly. I would have probably put down more money rather than pay the gap ins.   Anyway, sounds like they did a good job of negotiating. I'm suprized that Patrick Hyundai in Schaumburg wasn't a player as they tend to advertise some very good prices usually. Replies to this message: jaxs1 (Mar 18, 2008 10:01 pm)
#4497 of 6610 Re: Bought a Sonata today - $14,998 + TTL [m6user] by jaxs1 Mar 18, 2008 (10:01 pm)
Replying to: m6user (Mar 18, 2008 8:50 pm) Yes, it sounds like he paid about $18000 + tax and license (maybe $1000-$1500) $19500 at most minus $3000 rebate is $16500 minus $2000 down payment is $14500 financed.   Is an insurance company really going to pay that much less than the remaining $14K-$14500 loan balance if the car got totaled in the first year to justify paying another $595 for gap insurance? He could have also put the $600 spent on the gap insurance down and reduced the loan payoff and therefore also the need to have gap insurance.
#4499 of 6610 GAP Insurance by kyfdx HOST Mar 19, 2008 (3:39 am)
Yes.. that is a little pricy.. and, I wouldn't have bought it..   But, given the historical depreciation rate of Hyundais, I'm sure he'd be more than just $1K-$2K upside down, if something happened to his car in the next couple of years... Replies to this message: jaxs1 (Mar 19, 2008 7:20 am)
#4500 of 6610 Re: GAP Insurance [kyfdx] by jaxs1 Mar 19, 2008 (7:20 am)
Replying to: kyfdx (Mar 19, 2008 3:39 am) If he tried to trade it in to a dealer within a year he would probably be more than $1-2K upside down, but insurance payouts on totaled vehicles are more generous than the minimal amount a dealer would give you for a trade-in since an insurance settlement pays you "replacement value" to buy a similar vehicle as yours was at the time it was totaled as opposed to a dealer paying you below wholesale for your trade so they have room to resell at a nice profit. You can look up private party value of a 2007 GLS automatic and see it wouldn't be that far under the loan payoff especially if he had put that $595 towards lowering the loan balance even more. The 2008 would be valued at least slightly more than the numbers shown for 2007s.
#4501 of 6610 Re: Bought a Sonata today - $14,998 + TTL [b612markt] by bhmr59 Mar 19, 2008 (11:42 am)
Replying to: b612markt (Mar 18, 2008 7:36 pm) Progressive offers GAP insurance.   In CT, the cost is $27 per six month policy.   b612markt should check to see what Progressive would charge on his policy & if more attractive see if he can rescind it from his purchase. Replies to this message: b612markt (Mar 19, 2008 3:28 pm) slamtaz (Mar 19, 2008 6:18 pm) bhmr59 (Mar 19, 2008 6:42 pm) jcee1 (Mar 23, 2008 5:24 pm)
#4502 of 6610 Re: Bought a Sonata today - $14,998 + TTL [bhmr59] by b612markt Mar 19, 2008 (3:28 pm)
Replying to: bhmr59 (Mar 19, 2008 11:42 am) The reason I got the Gap insurance is because Hyundais depreciate so quickly. You all make an excellent point and I didn't realize that Progressive offered Gap insurance. I'll check it out and see if I can rescind it from the purchase. Thanks for the heads up!   I'm absolutely loving the new Sonata. Replies to this message: slamtaz (Mar 19, 2008 6:18 pm) bhmr59 (Mar 19, 2008 6:42 pm)
#4503 of 6610 Re: Bought a Sonata today - $14,998 + TTL [b612markt] by slamtaz Mar 19, 2008 (6:18 pm)
Replying to: b612markt (Mar 19, 2008 3:28 pm) The reason I got the Gap insurance is because Hyundais depreciate so quickly. You all make an excellent point and I didn't realize that Progressive offered Gap insurance. I'll check it out and see if I can rescind it from the purchase. Thanks for the heads up!   I think there's a lot of insurance companies who offer GAP coverage, because we have it with AAA and my co-worker have it with American Family. And yes, the coverage is a lot lower as compared to what dealers offer.

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