Used G70 value

[tarhoosier]

Every few months I explore used car values for the G70. I know that used cars as a market are in a rising price momentum now. I see that for my car specifically, 2019 G70, Elite, RWD, 2L, 11k mi currently, that the value has increased over the past eight to ten months, both trade in and private party sale. This "increase" of value would be lost in the purchase of a new(er) car with attendant value increases. Nonetheless, though Genesis/Hyundai could not have foreseen car values years in advance, it appears my residual value will be higher than the anticipated amount in my lease calculation. I have one year to go on the lease. Regardless of values I will likely buy the car at that time for the residual plus lease end costs. It has been good to me and Covid has knocked down my driving so I have many more miles to enjoy.
Anyone else do this exercise?

 

[joschneider]

Ive been looking at selling my G70 for months, so I can get a more practical car that better fits the way I spend my time now. I dont use my G70 the way I used to, and would get more enjoyment out of something I can take camping/fishing/my dogs in without worrying about the paint or interior. A rocketship is nice, but I just dont care as much about that anymore. At first I was prepared to take a wash on a trade in, but now with this market I would come out ahead by about at least 5 grand. All the online trade in sites are offering crazy money, and the stinger forums seem to also be full of people taking advantage of the market.

Unfortunately its almost impossible to buy a new car right now, so that trade in value might be moot. Tried to buy a car last week, sales guy told me that he can sell all cars off the trailer so if Im not willing to pay MSRP Id be better off waiting. Since I was planning on selling the G70 anyways it might come down to me paying more for my next car, as long as I can get enough for my trade it would all even out.

 

[mmmmeebs]

I check the values of my two cars every few days. I started a spreadsheet tracking the value offered from Carvana, Vroom and Carmax. I then extrapolate to a 'straight line depreciation' for years of life and mileage to get a better feel of how those values translate into long term 'value for the money so far' on the car.

 

[KusaKusa]

I check the values of my two cars every few days. I started a spreadsheet tracking the value offered from Carvana, Vroom and Carmax. I then extrapolate to a 'straight line depreciation' for years of life and mileage to get a better feel of how those values translate into long term 'value for the money so far' on the car.

If you could make that a Google Sheets and share, that'd be great .

From the beginning of my lease, I was planning to buy it at the end. The low residual made it likely that the buy out price at the end would be lower than the actual resale value of the car. The present situation just makes that resale value higher but doesn't change anything about the buy out choice. From a financial standpoint, the buy out option is still the most cost effective, as it's effectively a cheap used car (due to Korean car depreciation/residuals) with a history I know of and with my ass in the seat instead of someone else's.

The difference now is that the splurge option of selling my lease and going to another new car is cheaper. New cars are a bit more expensive and likely to be at MSRP or above, but used cars are even MORE expensive/valuable in comparison, making a change from used to new a better idea. But I'm not sure what new car I'd hypothetically change to if I were to do this. The G70 hits a sweet spot where it's large enough to be quietish, small enough to be agile, luxurious in its interior, and for a good price. I don't really like the look of the new G70 either. I'll probably just wait until a new car comes out that resonates with me.

 

[ryan_g]

If you could make that a Google Sheets and share, that'd be great .

From the beginning of my lease, I was planning to buy it at the end. The low residual made it likely that the buy out price at the end would be lower than the actual resale value of the car. The present situation just makes that resale value higher but doesn't change anything about the buy out choice. From a financial standpoint, the buy out option is still the most cost effective, as it's effectively a cheap used car (due to Korean car depreciation/residuals) with a history I know of and with my ass in the seat instead of someone else's.

The difference now is that the splurge option of selling my lease and going to another new car is cheaper. New cars are a bit more expensive and likely to be at MSRP or above, but used cars are even MORE expensive/valuable in comparison, making a change from used to new a better idea. But I'm not sure what new car I'd hypothetically change to if I were to do this. The G70 hits a sweet spot where it's large enough to be quietish, small enough to be agile, luxurious in its interior, and for a good price. I don't really like the look of the new G70 either. I'll probably just wait until a new car comes out that resonates with me.

I'm in this exaaaact situation right now. Would love to take advantage of the high resale values, but there aren't many other options I'd consider right now and the refreshed G70 isn't worth the money to upgrade right now. Fingers crossed for a full redesign sooner than later!

 

[PJ Genesis]

Took advantage of a Vroom buyout offer that was $750 less then what I paid for the car last year- I ate the taxes and dealer fee. Thought that was a good option to get away from the weak dealer network in my area. While the car was ok, the service and support was my worst experience ever.

 

[50jae]

I'm in this exaaaact situation right now. Would love to take advantage of the high resale values, but there aren't many other options I'd consider right now and the refreshed G70 isn't worth the money to upgrade right now. Fingers crossed for a full redesign sooner than later!

Same story here. My lease is up in December and I am planning a buyout. My residual value is waaay under market price due to low mileage and also current market. I can't find anything else at the moment that would convince me to swap my G70. Maybe if the IS500 is as good as it's hyped up to be, but I'd be sacrificing awd for the winter which is questionable, and I'd rather use the extra money towards our family car. So I may be sticking with this G70 until the next full redesign, hopefully using a wet DCT or at least a ZF auto.

 

[Beefer]

My lease is up in Nov. I do not want to own the car without a warranty.

But my residual is also very low. Plan is to buy it out and immediately sell it to make some $$. I am at 9,500k miles...which is insane for a 2.5 year old car.

Not a fan of the new G70...I would consider the FULL refresh. But that won't be around in time.

Also...because of Covid...I just don't go anywhere.

So I need to find my next car. I would consider the new Kia or Hyundai electrics (I think)...but I think they will get pricey. I might just lease a loaded Sonata...or buy an absolute shitbox until the new G70 comes out.

What would be great is if Geneses could extend my lease by another year (or 2) and also extending the existing full warranty. Not sure if that is even possible.

 

[KarmaPolice]

My lease is up in Nov. I do not want to own the car without a warranty.

But my residual is also very low. Plan is to buy it out and immediately sell it to make some $$. I am at 9,500k miles...which is insane for a 2.5 year old car.

Not a fan of the new G70...I would consider the FULL refresh. But that won't be around in time.

Also...because of Covid...I just don't go anywhere.

So I need to find my next car. I would consider the new Kia or Hyundai electrics (I think)...but I think they will get pricey. I might just lease a loaded Sonata...or buy an absolute shitbox until the new G70 comes out.

What would be great is if Geneses could extend my lease by another year (or 2) and also extending the existing full warranty. Not sure if that is even possible.

I got mine around September 2019 right before covid really hit and til now I have about 6600 km's on it...

 

[Kram]

My lease is up in Nov. I do not want to own the car without a warranty.

But my residual is also very low. Plan is to buy it out and immediately sell it to make some $$. I am at 9,500k miles...which is insane for a 2.5 year old car.

Not a fan of the new G70...I would consider the FULL refresh. But that won't be around in time.

Also...because of Covid...I just don't go anywhere.

So I need to find my next car. I would consider the new Kia or Hyundai electrics (I think)...but I think they will get pricey. I might just lease a loaded Sonata...or buy an absolute shitbox until the new G70 comes out.

What would be great is if Geneses could extend my lease by another year (or 2) and also extending the existing full warranty. Not sure if that is even possible.

The "full coverage" basic warranty is 5yrs / 60,000 miles correct? You should have 2 years warranty remaining assuming it was a three year lease.

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[Beefer]

^ That is Canada. I am in the USA.

 

[Kram]

^ That is Canada. I am in the USA.

I'm in the USA as well, and my warranty is 5yr/60,000 mile basic (full coverage) and 10yr/100,000 mile power train. I am certain of this as I just purchased my vehicle a few weeks ago and the warranty is one of the things that sold me on it. This if for a 2021 model year vehicle. Unless the older models had a different warranty, you should be covered for 5 years..

 

[KusaKusa]

Same story here. My lease is up in December and I am planning a buyout. My residual value is waaay under market price due to low mileage and also current market. I can't find anything else at the moment that would convince me to swap my G70. Maybe if the IS500 is as good as it's hyped up to be, but I'd be sacrificing awd for the winter which is questionable, and I'd rather use the extra money towards our family car. So I may be sticking with this G70 until the next full redesign, hopefully using a wet DCT or at least a ZF auto.

Ooh, the IS500 is a neat idea. I was thinking about a used LC500, but it's definitely on the higher price side and the missus was very uncomfortable when trying the seat in an auto show. The V8 would be a great visceral experience vs the 4 popper I have and should have similar torque shove down low while having a naturally aspirated response. But using the IS platform could have the older 8 speed transmission hold it back, and the interior and tech are really disappointing. It'd feel bad to downgrade on the latter...

 

[50jae]

I'm in the USA as well, and my warranty is 5yr/60,000 mile basic (full coverage) and 10yr/100,000 mile power train. I am certain of this as I just purchased my vehicle a few weeks ago and the warranty is one of the things that sold me on it. This if for a 2021 model year vehicle. Unless the older models had a different warranty, you should be covered for 5 years..

You are correct, those in the US who buyout their lease keep the 5y/60k full warranty as well as 10y/100k powertrain. It's only those who buy secondhand that lose the full powertrain warranty unless it's a CPO. I might benefit from the full 10 y warranty time length based on the rate I am driving my G70.

Ooh, the IS500 is a neat idea. I was thinking about a used LC500, but it's definitely on the higher price side and the missus was very uncomfortable when trying the seat in an auto show. The V8 would be a great visceral experience vs the 4 popper I have and should have similar torque shove down low while having a naturally aspirated response. But using the IS platform could have the older 8 speed transmission hold it back, and the interior and tech are really disappointing. It'd feel bad to downgrade on the latter...

The IS500 is basically the engine and lexus reliability/service, everything else just seems compromised compared to the G70. No AWD, ancient auto box that's likely worse than the one in the current G70, higher sticker price, probably heavier/less nimble. I am also a fan of the LC500 but at that price, a 718 GTS 4.0 would be so much better imo and my aspirational car if I make it big.

 

[XGC75]

I just closed a deal on a used 2021 3.3T AWD Elite for $41.5k retail with 1,600 miles on it - $45k OTD with TTF and shipping 700mi away. New was $49.9k retail. The thing still has protective film on the emblem on the steering wheel.

From where I'm sitting I think the used market for luxury sedans is still fairly normal. Trucks, small SUVs and family sedans under $20k are absurdly inflated.

 

[Beefer]

I'm in the USA as well, and my warranty is 5yr/60,000 mile basic (full coverage) and 10yr/100,000 mile power train. I am certain of this as I just purchased my vehicle a few weeks ago and the warranty is one of the things that sold me on it. This if for a 2021 model year vehicle. Unless the older models had a different warranty, you should be covered for 5 years..

Opps...you are right. I was thinking 3 years for the included service and the connected services.

 

[tarhoosier]

Received my county tax bill today. My state and county tax motor vehicles (plus trailers, planes, boats, etc) as personal property unless held as company assets. In the past the vendor to the county of used car values has used numbers that were not realistic to our local used car market. I have gone through the trouble of appealing my tax value once with an Infiniti using multiple online records of values computed by reputable sites. My appeal was upheld and my value dropped and that lower value continued over the years I had the car. I checked the value listed today and with this new market for used vehicles the County tax value is less than the retail. This is a rare occurrence. I caught a break.

 

[pulsar]

Received my county tax bill today. My state and county tax motor vehicles (plus trailers, planes, boats, etc) as personal property unless held as company assets. In the past the vendor to the county of used car values has used numbers that were not realistic to our local used car market. I have gone through the trouble of appealing my tax value once with an Infiniti using multiple online records of values computed by reputable sites. My appeal was upheld and my value dropped and that lower value continued over the years I had the car. I checked the value listed today and with this new market for used vehicles the County tax value is less than the retail. This is a rare occurrence. I caught a break.

Property tax on your vehicle? Strange concept. You have to pay that each year? Do you also have property taxes on your house and an income tax on your salary? Texas has property taxes but none of that other nonsense. I appeal my property value yearly, if I had to do that on my cars too, would become a hassle for sure.

 

[tarhoosier]

Annual property tax on real estate? Yes. Income tax on various sources of income? Yes. Annual tax on vehicles payable with annual license plate renewal? Yes. Sales tax? Yes, 8% (some exemptions).
North Carolina.

 

[pulsar]

Annual property tax on real estate? Yes. Income tax on various sources of income? Yes. Annual tax on vehicles payable with annual license plate renewal? Yes. Sales tax? Yes, 8% (some exemptions).
North Carolina.

Come to Texas. License plate renewal at $70.00 and state inspection at $38.50 is annual fee for one car. No income tax though. My property tax and school taxes are just over $5k. Texas gets us there. I’ve ridden my Harley thru the Carolina’s, beautiful to ride thru on two wheels.