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Hyundai Elantra Prices Paid and Buying Experience

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Comments

  • :confuse: :confuse: What worries me about the push for the GAP warranties is that - what - they don't believe in their product??? Didn't give me a warm fuzzy after purchasing a vehicle to buy GAP insurance. We declined and may try our insurance company to see how much it is - since we have a year to decide.

    Right now ad in paper says you can get a base model Elantra 4-door for $11,900 but that's including all the rebates no one (but perhaps a handful of people who are in military, and just graduated from college) can get. Still think it's shady how they group all discounts into the advertised printed price even though one didn't apply to the Elantra at all.

    You got a great deal @ $10,000! Way to go. I suspect our deal on the E/T would have been much better if the cash for clunkers was still in effect. I applaud your good deal! Nice to hear some people do so well. :shades:
  • backybacky Twin CitiesPosts: 18,681
    What worries me about the push for the GAP warranties is that - what - they don't believe in their product???

    No, more like the dealers believe in padding their profit margins. ;)
  • I'm cracking up. Thank you for the morning giggle! ;)
  • Any new vehicle you buy will likely drop in value when you drive it off the lot (hence the need for gap coverage). Granted, some vehicles depreciate faster than others, and some folks know how to wrangle a better deal than others, so it's not always necessary, but not a bad idea to get.

    That said, it only works when you finance the car -- not buy it outright.

    Last time I made the mistake of purchasing gap coverage was when buying a SUV (non-Hyundai). Paid $450 from the dealer... Realized I could get it cheaper online (~$250), and even cheaper-yet via my auto insurance (something like $6 for every 6 months). Needless to say canceled the coverage with the dealer (although it took FOREVER to get a refund).

    In my case, the auto insurance route was the lowest cost... But even my credit union (which I found out offers gap coverage for vehicles they have loans on) offered it for ~$200.

    Bottom line: Don't buy gap coverage from the dealer, period.
  • fushigifushigi Posts: 1,232
    A large down payment can also eliminate the need for gap coverage since it's less likely you'll ever be upside down on the loan.
  • I went on HyundaiUSA web site this morning to look for new rebates and incentives starting Feb 2nd and it said no special offers available. The $1500 Elantra rebate and other rebates ended Feb 1st. I'm wondering if they just haven't posted new rebates yet or if they will not be offering any rebates this month.
  • backybacky Twin CitiesPosts: 18,681
    It usually takes a couple days or more to post the new rebates. Keep checking the site.
  • Just picked up a 2010 Elentra SE 4 dr sedan with premium package for $16,700 plus tax and license (this price includes the $1500 rebate). Extras on this car are bluetooth, mudflaps, and carpets. The sticker price for this car is $20,200 - so I think I got a real good deal. The car was purchased from Manly Automotive in Santa Rosa, Calif. and I worked with sales mgr. Robert Trompeter and his asst. Barry Silk.
  • Son's girlfriend is about to sign a contract for a 2007 Elantra with under 25k miles automatic, heated seats - loaded I'm told. Dealership was asking $13,000 (laughing - I know) she has talked them down to $10,000 but I think she can do better - anyone else have input? In a hurry - she's waiting for insurance check for her totalled vehicle to arrive to finish the deal - she only has a $100 committment.

    Thanks!
  • smesusmesu Posts: 7
    At $8500 buy it, assuming it is an SE. These are great cars but you are looking at a 3 year old econo car which dealers aren't paying much for and with a value that will take a fair hit with the arrival of the 2011. The new re-designed Elantra will have a longer wheelbase, larger engine, 6 speed trans and new sheet metal. If you can hold out until the end of the year there will surely be substantial incentives on these great 2009/2010 cars. Although in SE trim the Elantra is as good as a Civic EX-L, the 2007-2010 Elantra is a car to be used and kept because the real world resale value just isn't there.
  • backybacky Twin CitiesPosts: 18,681
    First, this is a pretty rare car. A search for 2007 Elantras within 500 miles of the Twin Cities (which includes Chicago and KC) with less than 30k miles and no more than $10k found ONE--and it was a stick shift SE and no options, for $9995 in rural Indiana. SEs are pretty rare in general--a lot more GLSes out there, and those don't have the desirable ESC (or bun warmers for that matter). KBB for the car you are looking at in the Twin Cities is $13,300 retail in excellent condition. KBB trade-in value for Excellent condition is $9050. So the dealer's original offer wasn't out of line, although it was on the high side (as they usually are). I think $10k is a very good price for that car. If the buyer can get them down to $8500, they should grab it and run--run very fast.

    Waiting until the next-gen Elantra comes out will affect prices on the new Elantras on lots--not as much on used ones. And as I said, SEs are very rare. Although the 2011/2012 Elantras will likely have ESC standard across the board, so maybe not as important to get the SE then.
  • smesusmesu Posts: 7
    NHTSA mandates that 95% of vehicles must have ESC by 2011 and all by 2012. Since this will be on every Accent (etc) on up, it will have an effect on the resale value of any non ESC car, similar to what non airbag cars had seen. It is also estimated to reduce fatalities by as much as 56%. Pretty strong argument to make sure the car you purchase now and plan on driving for the next 3+++ years is so equipped. It also deserves mention that Hyundai's famous 10/100,000 warranty is for the original owner and not transferable, depending on purchase date an 07 will have between 1 and 2 years of the 5/60,000.
    Paying $10,000 for what is probably a 4 year old econo car goes against the grain. Dealers are paying no way near book unless they build it into your lease or purchase and asking price is really selling price. You should have seen what I was ASKING for my house in '06, could have bought a small island.
  • backybacky Twin CitiesPosts: 18,681
    A 2007 Elantra is at most a little over 3 years old, not 4. And the SE has ESC, so I'm not sure why you brought up ESC except to point out that it makes a 2007 SE even more valuable. As for warranty, yes, when you by a used car you give up some things such as the full factory warranty. But if this car is at a Hyundai dealer, it might be eligible for the Hyundai extended warranty, which will restore the 10 year/100k powertrain warranty.

    As I said, if someone can buy a loaded 2007 Elantra SE with under 25k miles from a dealer for $8500, they should run fast before the dealer calls the police and reports a theft. If you have purchased such a car for such a price in the recent past, please tell us all how you did it.
  • Yes, a large(r) down payment offsets the need for gap coverage. But, lets take a worst-case scenario..

    You buy a brand new car... put a big down payment on it. A week later, you're in a bad car accident and it's totalted. The insurance company covers what you owe (as you put a big down payment on it). That's good and all, but it's not like the insurance company is going to also give you your big down payment back.
  • Sounds like you got a good deal. I just bought a 2010 Elantra GLS with sunroof, carpeted floor mats and mudguards for $16,251 out the door including doc fees, destination charge, new plates, 6.25% sales tax, etc. I got price from internet sales manager on line and went in to buy the car. No hassles, no gimmicks. Beat other dealers in the area by at least $1000. I am very pleased with this deal.
  • Your price doesn't sound bad either, local Hyundai dealers here want $16,600 for that package but our market is highly inflated compared to other areas.
  • fushigifushigi Posts: 1,232
    I'd take my chances with the larger down payment. For one, you can buy auto insurance that will replace a car with brand new in the first year of ownership. For another, the odds odds of getting into such an accident are slim. Also, with a larger down payment you not only save $ by avoiding gap insurance you save money by paying less interest on the loan. Your monthly payments will be smaller as well. And your credit position pre-purchase will be better as you've demonstrated the ability & fiscal responsibility to save up that large down payment.
  • You make a compelling case... For certain folks. For others, I still believe going the route of low (or ideally no) down payment and a long-term loan might be the way to go.

    * Interest rate car is financed at. (If you could get 0%, there's NO reason to put any more than necessary to get 0% on your downpayment)
    * How much gap coverage costs
    * How much insurance option to get a brand new replacement car within a year costs (assuming your current auto insurance even offers it as an option)
    * Rate of depreciation of vehicle
  • consumerwiseconsumerwise Posts: 26
    edited February 2010
    Not sure if this belongs in here since we are talking insurance now. However, we always buy a policy that gives "replacement" value on cars as well as "replacement vehicle" option. We totaled a vehicle many years ago and were young and nieve and didn't know about the replacement vehicle policy - the check they wrote would not cover the car we totaled (less than a year old). We could have insisted the insurance company give us a vehicle with comprable miles, make/model which would have been smart - but when you are in your 20's - you usually cash the check and do not read the complete policy. Now, when we shop around for insurance, we always say, "replacement vehicle/replacement value" on everything including our home-ownership insurance.
  • smesusmesu Posts: 7
    Shop around, knowledge is power. Dealers are dealing for market share and a person with a ready checkbook is always in charge. Don't be mislead by "buy owner" asking price or even "book" price. Here is a holiday sale emailed to me from my dealer. It lists a new 2009 for $10,199. Most probably a stick but its not 3 1/2 years old.

    2009 Hyundai Elantra GLS Internet Price Start from $10,199
    MSRP: $16,725.00
    Stock Number: 9E9894
    VIN: KMHDU46D89U609894
    Exterior Color: Silver
    http://www.wpbhyundai.com/online-specials/new-vehicle-specials.jsp
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