windmere said:
Robin, I'm really surprised at this news.
LOL.
I know you did lots of research,
so you must know that resale value is based on what people will pay, and
that is based on public perception and reputation. Even if Hyundai currently
made the most solid, best engineered cars on the planet today, and half of
all Hondas were lemons, the resale value of a Sonata would still be less
than the Accord in 5 years - because it takes longer than that for
perception to catch up with reality. People in general believe Japanese cars
are more reliable and better built than Korean cars. (even though I have
learned that is a myth, society still believes it). Any listing of used
vehicles will show you that Hyundais depreciate much faster than Hondas or
Toyotas, even if this is completely unjust. You would be better off buying a
2 year old Sonata, which has already depreciated, if you plan to sell it in
5 years. All you have to do is take it to an independent mechanic and get it
fully inspected, and see all the maintenance receipts. It will still have
part of the warranty as well. However - I realize that if you really want a
car that isn't going to work for you.
I drove my new Hyundai for 18 years - it had no resale value after about 15
years.
Just curious - what did you do with it?
This is the only way you will get your money's worth. If that is not
your lifestyle, you will need to justify your total car expense somehow on a
spreadsheet, because resale price has to be considered, not just insurance,
gas, repairs, and initial cost of the new car. After 5 years you will be
buying a new car again, prices will be higher, and you will lose much of
what you put into the Sonata. It makes no sense - if you don't mind losing
the money, then you should lease if you only keep cars 5 years, and don't
get attached to them, and don't really enjoy making them last, or get bored
with them. In leasing you are only paying for the portion of the car's life
that you use; then you give it back. If you do mind losing money, you should
keep the car at least ten years. If it's a good car, why wouldn't you want
to?
AFter 5 years, any car I've owned begins to look dated to me,
unattractive. I actually feel that way now about my 2001 Accord,
although I still find the interior attractive and enjoy the ride very
much. If I owned this car (rather than having leased it), I would be
keeping it another few years but I know around the 5-6 yr mark, the then
even more dated exterior would bother me to the point I would be looking
for a new car.
It is a personal choice, I am just mentioning the usual arguments. Let us
hope that in 5 years, the resale value of the higher end Hyundais will be
decent.
You see, I am also struggling with myself because I love the Accent. It is a
beautiful, and petite, and highly rated car, an honest and simple car which
I want. When I see one, I have to stare at it (the hatchback) because it is
so pretty. I will get out of my car and study it, and compare it to my
hideous, hulk-like Toyota. But I know if I want to trade it in anytime in my
lifetime, I will get nothing, because the depreciation is massive.
But Windmere, if I remember from what I saw on the Hyundai lot last
night, they're only $11,000-$12,000 or so, perhaps by pitting dealers
against each other, you could get it down even lower. You keep cars a
VERY long time. It would owe you nothing after ten years, and if you're
ready for another one, give the Accent to charity or as a wonderful gift
to a low income family you know. I can see that car would give you
tremendous pleasure, you are worth it, and deserve to be happy.
Well everything you said in this post about resale value is how I see it
too. So the next decision I have to struggle with is whether to lease
again (which means it wouldn't be a Hyundai - whaaaaa!), or gamble on
Hyundai's marketing efforts resulting in improved resale values in 5
years.
Robin
A simple
