Last post on Feb 15, 2013 at 11:34 AM
You are in the Hyundai Sonata
What is this discussion about?
Hyundai Sonata, Future Vehicle, Sedan
#3853 of 5326 Re: oh yeah! [ewg54]
Jul 14, 2010 (6:56 am)
"Some good points but I drive a car ten years before trade in and it is pretty used up by then. "
I also plan to drive a car for a long time. Replaced a 1994 with the 2006 Sonata, which is a very good car. I had hoped to drive it for just as long. But then Hyundai does this really crazy thing and creates the 2011 Sonata! So resale at 5 years is now important.
My 2006 Sonata will likely bring in about $1,500 less at trade in than my second choice car would have (according to NADA), even though the price I would have paid for that car was about the same. $1,500 isn't that much but when making a purchase, many on these boards would go out of their way even to save $500 so the back end must be important, too.
#3854 of 5326 Re: oh yeah! [noway6]
Jul 14, 2010 (7:22 am)
Well, it does happen. Happened to me in April 2009, and was very close to happening last February, with my wife's 2007 Sonata. In 2009, I made out very well and the replacement car was actually nicer than the totaled car (but used car prices were at a low point then). I don't worry about it, but I do keep up with the auto market as a hobby, and I know enough about cars such that I can find a car very quickly if one is totaled. That knowledge did come in handy in 2009, and last February I was able to quickly find several alternatives just in case the Sonata was totaled (but it wasn't). If someone is concerned about it, there's gap coverage.
Jul 14, 2010 (7:33 am)
Yes i agree that the new sonata is the latest and greatest until the new redesigned camry and accords come out, then it'll be back to its malibu/altima/fusion/mazda 6 status. this is to be expected and nothing to get too upset about. i don't foresee camry's or accords losing their top 2 status in the foreseeable future. the camry accelerator problem was basically some drivers not being able to distinguish the accelerator pedal from the brake pedal-- perhaps their right foot was dyslexic. the accord coupe obviously has the better looks than the sonata-- although sonata 4 doors has edge in exterior styling compared with other 4 door sedans until the redesigns come out like i say. you'll be seeing more and more sonatas on the rental lots shortly, so that'll drive down resale. avis just put in a huge order of the gold mist color or whatever it's called, as hyundai was stockpiling that color for rental units (doesn't show the dirt so rental companies save on car washes). glad i could help here.
#3856 of 5326 Re: oh yeah! [noway6]
Jul 14, 2010 (7:40 am)
If you lease a car then resale value is important because of early turn in. But if you keep a car for 8 to 10 years, not that important. Trade in value will be less than $2000 no matter if you have a Honda Toyota or Hyundai.
I traded in a 2001 Infiniti G20T w/150,000 miles on the Sonata and was offered $1500 at trade in but I got $2000.
And it was still a nice car.
#3857 of 5326 Auto Resale Value
Jul 14, 2010 (8:35 am)
I find it very difficult to believe that most people choose a new car based on it's forecasted resale value! I believe loyalty,price,epa ratings, style/features and convenience in that order are the real reasons. At one time safety features was a big factor but since almost all cars have caught up to 4 star plus it is no longer the determining factor. When leasing price takes into account resale value.
I chose the Sonata because I could get a fully equiped quality car for considerable less money than the boring Honda/Camry and with a 10 yr warranty. And as another poster stated when the new Honda/Camry comes out and catches up with the Sonata I may be interested if the price and warranty are comparable.
#3858 of 5326 Re: oh yeah! [alookman]
Jul 14, 2010 (8:39 am)
I stand corrected I did find 2011 Sonatas available at Avis along with Lincolns,Caddilac,Camry,Etc. However no Honda. Your are correct that Honda does not do fleet sales.
#3859 of 5326 Re: oh yeah! [schdy]
Jul 14, 2010 (8:41 am)
Honda does some fleet sales. I have rented Civics and Accords from Hertz before and have seen them in fleets in multiple cities. But I think the number of fleet sales for Honda is quite low, compared to those of other automakers.
#3860 of 5326 Re: oh yeah! [noway6]
Jul 14, 2010 (8:44 am)
Do you also know that it is much cheaper to insure a Hyundai than a Honda? My insurance is about $580 for a 2011 Sonata Limited (clean driving record, full coverage, 500 deductible). I was a bit surprise by the low rate. I used to own a Accord LX, the insurance policy for the same coverage, clean driving record was over $1000 when it was new and the during first few years of ownership. I can save a few hundred bucks a year in insurance cost to make up the difference in resale value. I can actually end up doing better with worse resale value. Yes, Honda Accord resale value is better. I got $1900 for my 99 Accord with 150K on it. It was at the most $1900 better. Don't forget you pay more up front.
#3861 of 5326 Re: oh yeah! [jimbres]
Jul 14, 2010 (9:08 am)
Nobody said that resale value is the most important consideration to buying a car....just one consideration. And the previous poster was correct...there is a reason for the higher resale value and those things can make the owership experience better. You can't deny that resale would impact even you if the car was totaled. You say that you have never totaled a car. I guess you don't need to buy insurance then.
Lots of people only keep cars for three or four years(not financially the best but hey, it's their money) so resale is important. People that lease have a big stake in resale(residual value) value. So to say that it's not important is just false. To say it's just not important to you is fine. I happen to agree with you because I do keep cars for 7-8 years usually so it isn't a big player in my decision. However, I digress to the earlier point about there is a reason a car has high resale value.....people like them and think they're worth more!
By the way, ALG, which is a respected source of info for setting residual values for car leases, has set the residual value of the 2011 Sonata at about the same or even slightly better than the Honda Accord. It's based on their formula so I don't quite know how it's figured but their computations are used by most leasing operations.
#3862 of 5326 Re: oh yeah! [noway6]
Jul 14, 2010 (9:24 am)
Honda Accords are very high on the auto thieves most wanted list and have been historically. Think it has something to do with there are so many of them on the road and their parts are valuable. This affects insurance rates to some degree. You also may have slipped into a cheaper age group for insurance or something else could have changed as well. Not saying any of things happened but there has to be a reason that a new car similar in price is that much cheaper for insurance.