Buyers remorse

javon7065

Hello. looking for some advice. I bought a 2024 Hyundai Kona three months ago. I put $10,000 down. It’s a 72 month loan. now I have some regrets and I would like to buy another vehicle, lease in fact. How long do I need to wait before I sell this vehicle and be able to recoup something on my $10,000 investment, if that’s even possible? I was thinking a year. Any advice is appreciated.

Thanks,
Joe

Michaell

javon7065 said:

Hello. looking for some advice. I bought a 2024 Hyundai Kona three months ago. I put $10,000 down. It’s a 72 month loan. now I have some regrets and I would like to buy another vehicle, lease in fact. How long do I need to wait before I sell this vehicle and be able to recoup something on my $10,000 investment, if that’s even possible? I was thinking a year. Any advice is appreciated.

Thanks,

Joe

The car is worth what it's worth, on trade in. Compare that to the outstanding loan balance to see if you have positive or negative equity. WIth $10K down, I should think you have some positive equity.

You should be able to trade in the car at any time.

qbrozen

Not an investment.

Hopefully you took advantage of big incentives. I would need far more details to determine where you stand.

stickguy

the big DP should mean you have decent equity. You can also take it to a Carmax and get an on the spot purchase offer (or do it online) to get a real baseline.

but for almost sure you are going to lose money based on what you paid for it. but that won't change if you wait. So without questioning the why, if you are going to do this, better off doing it now most likely. The Kona is not going to appreciate.

javon7065

qbrozen said:

Not an investment.

Hopefully you took advantage of big incentives. I would need far more details to determine where you stand.

Right, investment is the wrong word. What details would you need?

javon7065

stickguy said:

the big DP should mean you have decent equity. You can also take it to a Carmax and get an on the spot purchase offer (or do it online) to get a real baseline.

but for almost sure you are going to lose money based on what you paid for it. but that won't change if you wait. So without questioning the why, if you are going to do this, better off doing it now most likely. The Kona is not going to appreciate.

Thanks for the advice. I will check out CarMax as suggested.

xwesx

Add'l details typically include year, make, model, trim, options, color, mileage, and state/region. Oh, and whether it has any hits/runs/errors (assumed 'no' for this one).

javon7065

OK. It's a 2024 Hyundai Kona SEL with 3,312 miles on it. Color is Denim and it's located in Pennsylvania. As of today, $23,400 is the payoff amount. Bundled with the loan is an extended warranty that cost $3000 that will be refunded at a pro-rated amount when I sell the vehicle. And yes, no hits/runs/errors.

Michaell

javon7065 said:

OK. It's a 2024 Hyundai Kona SEL with 3,312 miles on it. Color is Denim and it's located in Pennsylvania. As of today, $23,400 is the payoff amount. Bundled with the loan is an extended warranty that cost $3000 that will be refunded at a pro-rated amount when I sell the vehicle. And yes, no hits/runs/errors.

I'm not sure about the warranty being refunded. If you pay off the loan early, the pro-rated amount will reduce the payoff amount, not refunded back to you.

kyfdx

Michaell said:

javon7065 said:

OK. It's a 2024 Hyundai Kona SEL with 3,312 miles on it. Color is Denim and it's located in Pennsylvania. As of today, $23,400 is the payoff amount. Bundled with the loan is an extended warranty that cost $3000 that will be refunded at a pro-rated amount when I sell the vehicle. And yes, no hits/runs/errors.

I'm not sure about the warranty being refunded. If you pay off the loan early, the pro-rated amount will reduce the payoff amount, not refunded back to you.

If you're paying it off, that's the same thing.

javon7065

@Michaell said:
I'm not sure about the warranty being refunded. If you pay off the loan early, the pro-rated amount will reduce the payoff amount, not refunded back to you.

Well, the sales guy did say that, but of course, that can mean nothing. I will check the paperwork. that did indeed happen to me on my last vehicle with my gap insurance. The amount that was left was just deducted from the amount owed.

qbrozen

@javon7065 said:
OK. It's a 2024 Hyundai Kona SEL with 3,312 miles on it. Color is Denim and it's located in Pennsylvania. As of today, $23,400 is the payoff amount. Bundled with the loan is an extended warranty that cost $3000 that will be refunded at a pro-rated amount when I sell the vehicle. And yes, no hits/runs/errors.

This is AWD, right?

The warranty is typically a separate item but the loan doesn’t treat it as such. So I agree I think the payoff on vehicle is 23.4k and you’d have to separately apply for a refund on the warranty that you’d get as a check later.

UNFORTUNATELY, zero have sold at dealer auction. 2023 models are at about $20k, which I don’t think bodes well for you. You may be right at payoff, meaning your $10k down is completely sunk… well, minus the refund check for the warranty.

Eating $7k is going to be an expensive lesson.

Now, if you can TRADE it, you at least would get a tax credit on the new vehicle. So maybe another $2500 there? Hopefully a $2500 refund on the warranty. That would put you at a $5k net loss.

javon7065

qbrozen said:

@javon7065 said:

OK. It's a 2024 Hyundai Kona SEL with 3,312 miles on it. Color is Denim and it's located in Pennsylvania. As of today, $23,400 is the payoff amount. Bundled with the loan is an extended warranty that cost $3000 that will be refunded at a pro-rated amount when I sell the vehicle. And yes, no hits/runs/errors.

This is AWD, right?

The warranty is typically a separate item but the loan doesn’t treat it as such. So I agree I think the payoff on vehicle is 23.4k and you’d have to separately apply for a refund on the warranty that you’d get as a check later.

UNFORTUNATELY, zero have sold at dealer auction. 2023 models are at about $20k, which I don’t think bodes well for you. You may be right at payoff, meaning your $10k down is completely sunk… well, minus the refund check for the warranty.

Eating $7k is going to be an expensive lesson.

Now, if you can TRADE it, you at least would get a tax credit on the new vehicle. So maybe another $2500 there? Hopefully a $2500 refund on the warranty. That would put you at a $5k net loss.

Thanks for the insight. Yes, it is AWD but you only get the tax credit for electric vehicles, correct? Since I have another car to use I might try and sell this private to get the higher price but it's still too new to get a valuation. What I really don't like about it is the lack of horsepower at only 145. Maybe I should just keep it and get a late model Ford Taurus SHO which should give me what I am looking for.

Michaell

javon7065 said:

qbrozen said:

@javon7065 said:

OK. It's a 2024 Hyundai Kona SEL with 3,312 miles on it. Color is Denim and it's located in Pennsylvania. As of today, $23,400 is the payoff amount. Bundled with the loan is an extended warranty that cost $3000 that will be refunded at a pro-rated amount when I sell the vehicle. And yes, no hits/runs/errors.

This is AWD, right?

The warranty is typically a separate item but the loan doesn’t treat it as such. So I agree I think the payoff on vehicle is 23.4k and you’d have to separately apply for a refund on the warranty that you’d get as a check later.

UNFORTUNATELY, zero have sold at dealer auction. 2023 models are at about $20k, which I don’t think bodes well for you. You may be right at payoff, meaning your $10k down is completely sunk… well, minus the refund check for the warranty.

Eating $7k is going to be an expensive lesson.

Now, if you can TRADE it, you at least would get a tax credit on the new vehicle. So maybe another $2500 there? Hopefully a $2500 refund on the warranty. That would put you at a $5k net loss.

Thanks for the insight. Yes, it is AWD but you only get the tax credit for electric vehicles, correct? Since I have another car to use I might try and sell this private to get the higher price but it's still too new to get a valuation. What I really don't like about it is the lack of horsepower at only 145. Maybe I should just keep it and get a late model Ford Taurus SHO which should give me what I am looking for.

Most states will only charge sales tax on the difference between the cost of the new car and the value of the trade in.