Used GV60

[ljnelson109]

I am looking at a used GV60 Advanced with 24k miles on it. I have not seen in person yet and am fairly confident in my general "used car danger signs". The Carfax is clean, 1 owner, private use, in service for about 10 months. So, to me, that says it didn't spend extensive time in the shop. No accident is documented (but again, I will look). The photos looks like it could stand to be cleaned up a bit. It is being sold by a Hyundai dealer.

So, what am I missing? I know I will sacrifice the 3 years of EA charging with a new one. I presume that all of the remaining warranties should transfer. If the price is right, can anyone tell me what I would sacrifice with an early GV60 (manufactured 2/22). Were there any significant updates during the production year? Is there any way for me to gauge the traction battery health? (without a scanner)

Thanks in advance

 

[Grayson]

The 10-year/100,000 mile Powertrain Limited Warranty is lowered to 5-year/60,000 miles for second and subsequent owners. You do get the remainder of the 5 year 60k mile limited warranty. I think you also lose the free 3 year concierge service:

Genesis Service Valet is available for original purchaser of the vehicle from Authorized Genesis Retailers during the scheduled maintenance period which includes scheduled maintenance and normal wear, parts replacement or warranty repairs to your vehicle for 3 years or 36,000 miles, whichever comes first.



That's why I decided to buy a new Advanced for $10.5k below MSRP ($7500 fed tax credit and $3k through bargaining).

 

[ljnelson109]

Thanks Grayson. This is very helpful. I guess some of that explains the sharp depreciation for the first year. I wish we could still do the $7500 tax credit. The only option for getting that now is the lease game which honestly I am not thrilled to play.

Right now they are asking $15k less than the MSRP for the used one. Depending on negotiation, I could potentially pay less.

Historically though, we have always come to the same conclusion as you. We have only ever bought one used car that was less than 10 years old!

 

[Grayson]

Thanks Grayson. This is very helpful. I guess some of that explains the sharp depreciation for the first year. I wish we could still do the $7500 tax credit. The only option for getting that now is the lease game which honestly I am not thrilled to play.

Right now they are asking $15k less than the MSRP for the used one. Depending on negotiation, I could potentially pay less.

Historically though, we have always come to the same conclusion as you. We have only ever bought one used car that was less than 10 years old!

Yeah, I had to play the lease game. I'm towards the end of it; did the buy out and am waiting for the title to be sent to me.

I usually buy 3 year old vehicles at a steep discount, used cars aren't discounted as much these days. I hadn't bought a new car since 1996 prior to this GV60.

 

[pippa]

I was looking at used ones as well, and couldn't make them make sense for the minimal savings.

to be fair, I found the lease game fairly simple. I 'leased' the car July 14, asked for and received a buyout offer the next week and sent in a check a few days later. received an email today from genesis finance that the title has been mailed.

 

[Grayson]

I was looking at used ones as well, and couldn't make them make sense for the minimal savings.

to be fair, I found the lease game fairly simple. I 'leased' the car July 14, asked for and received a buyout offer the next week and sent in a check a few days later. received an email today from genesis finance that the title has been mailed.

Nice, I leased on 7/24/23, mailed the check on 7/28/23, Payment posted to account 8/1/23, and waiting for e-mail that title has been mailed. How many days between payment posting and the e-mail for you?

 

[pippa]

Nice, I leased on 7/24/23, mailed the check on 7/28/23, Payment posted to account 8/1/23, and waiting for e-mail that title has been mailed. How many days between payment posting and the e-mail for you?

took longer than I expected, actually. just checked my emails, they processed the payment July 29th, sent an email that it *had* been processed July 30th...soo, almost two weeks.

 

[Grayson]

took longer than I expected, actually. just checked my emails, they processed the payment July 29th, sent an email that it *had* been processed July 30th...soo, almost two weeks.

Thanks. I got the e-mail that it had been processed on 8/5, so I guess I'm 6 days behind you and should receive the e-mail about the title in about 6 days

 

[ljnelson109]

Thanks for the feedback guys. Did either of you calculate any costs that cut into the $7500 savings? I did a refi one time in the first month of a new a new vehicle (in Maryland) and it cost me a few hundred dollars. Had to pay an additional lien fee, some interest on the original loan, a title fee, and maybe something else. It was not devastating but on that vehicle, I only received an additional $1000 rebate for financing with Ford, so it was almost 40% of the savings lost to fees! (15 years ago)

 

[Grayson]

Thanks for the feedback guys. Did either of you calculate any costs that cut into the $7500 savings? I did a refi one time in the first month of a new a new vehicle (in Maryland) and it cost me a few hundred dollars. Had to pay an additional lien fee, some interest on the original loan, a title fee, and maybe something else. It was not devastating but on that vehicle, I only received an additional $1000 rebate for financing with Ford, so it was almost 40% of the savings lost to fees! (15 years ago)

There is a $300 buyout fee and a $300 fee I couldn't account for (maybe lease origination?). I don't know if I'll have to pay additional to what I already paid for License, Title and Reg. Are you still in MD? I'm in MD.

______________________________

Help support this site so it can continue supporting you!

 

[ljnelson109]

There is a $300 buyout fee and a $300 fee I couldn't account for (maybe lease origination?). I don't know if I'll have to pay additional to what I already paid for License, Title and Reg. Are you still in MD? I'm in MD.

Yes I am. Howard County. It looks like the supply of '23 Advanced with the ash interior is gone in MD. Going down to VA tomorrow to take a closer look at 1. If I decide I want to move forward with the GV60 at this point, I am not sure if I feel like dealing with the additional hassle of an out of state purchase. I may watch for any '23 stragglers to arrive or possibly just wait for a '24. It sounds like '24s may be showing up very soon.

I wonder if you bought one of the units we looked at or were tracking!

 

[GreyGV60]

24k miles driven in 10 months for any care are lot of miles!

 

[ljnelson109]

24k miles driven in 10 months for any care are lot of miles!

For some people, maybe. I drive about that and only have a 15 mile drive to work everyday. This car was in this state and I see a lot of people around here do that kind of mileage.

The rate of the miles doesn't scare me. I presume that was a lot of fast charges, though. And some of the warranty sacrifices give me pause.

 

[GreyGV60]

For some people, maybe. I drive about that and only have a 15 mile drive to work everyday. This car was in this state and I see a lot of people around here do that kind of mileage.

The rate of the miles doesn't scare me. I presume that was a lot of fast charges, though. And some of the warranty sacrifices give me pause.

Maybe I misunderstood. But if the car has 24k miles in 10 months that's 2400 miles a month. If you drive 15 miles x 2 each day that's only 900 miles a month. If driving 2400 miles a month, within 3 years that car will have over 80k miles. Your powertrain warranty as the 2nd owner will expire at 60k miles. For me that would be putting too many miles on any car so soon. But that's just my personal opinion.

 

[Grayson]

Yes I am. Howard County. It looks like the supply of '23 Advanced with the ash interior is gone in MD. Going down to VA tomorrow to take a closer look at 1. If I decide I want to move forward with the GV60 at this point, I am not sure if I feel like dealing with the additional hassle of an out of state purchase. I may watch for any '23 stragglers to arrive or possibly just wait for a '24. It sounds like '24s may be showing up very soon.

I wonder if you bought one of the units we looked at or were tracking!

I bought mine from Chantilly VA. Advanced, Black with Ash interior

 

[EVsquatch]

Hi All,

New to the forum. Can @Grayson73 tell us what dealer in MD he purchased his Advanced from?

 

[ljnelson109]

Maybe I misunderstood. But if the car has 24k miles in 10 months that's 2400 miles a month. If you drive 15 miles x 2 each day that's only 900 miles a month. If driving 2400 miles a month, within 3 years that car will have over 80k miles. Your powertrain warranty as the 2nd owner will expire at 60k miles. For me that would be putting too many miles on any car so soon. But that's just my personal opinion.

Sorry for the confusion. In my area, even though I moved close to work, I still do a lot of driving. It is not a crazy commute but sadly a lot of driving. I drive more in the evenings and weekends than I do for commuting. This is often the opposite of a lot of people in their routines. My primary vehicle will be 3 years old in January. It has 65K miles. Even though it spent 6 weeks in the body shop last year after a deer incident. And it is not the only car I own. All I was trying to say is that the mileage, for the Mid-Atlantic region, is not uncommon or alarming. In many ways, 5k miles for that period would be more of a concern for me.

 

[pippa]

Thanks for the feedback guys. Did either of you calculate any costs that cut into the $7500 savings? I did a refi one time in the first month of a new a new vehicle (in Maryland) and it cost me a few hundred dollars. Had to pay an additional lien fee, some interest on the original loan, a title fee, and maybe something else. It was not devastating but on that vehicle, I only received an additional $1000 rebate for financing with Ford, so it was almost 40% of the savings lost to fees! (15 years ago)

in my case, there was a $300 buyout fee, but nothing else.

 

[EVsquatch]

Sorry for the confusion. In my area, even though I moved close to work, I still do a lot of driving. It is not a crazy commute but sadly a lot of driving. I drive more in the evenings and weekends than I do for commuting. This is often the opposite of a lot of people in their routines. My primary vehicle will be 3 years old in January. It has 65K miles. Even though it spent 6 weeks in the body shop last year after a deer incident. And it is not the only car I own. All I was trying to say is that the mileage, for the Mid-Atlantic region, is not uncommon or alarming. In many ways, 5k miles for that period would be more of a concern for me.

I already looked at this exact GV60 a few weeks back and it was a hard pass.

The dealer was extremely pushy and something just felt off. After doing extensive research I decided that the risk of a significantly used EV (24K in 10 months is a lot of wear) was too great given the reduction in powertrain and battery warranty to only 5 years. In this case it’s 4 years but only 36,000 miles. Also, how did the previous owner charge? If they were putting that many miles on the vehicle they likely fast charged a fair bit and that adds a lot of wear on the battery.

There are a lot of very expensive components in this vehicle and there is almost no reliability data because it is first year production. Also, depreciation is severe and continues to drop significantly. The range will be a factor in two years when most OEMS will have vehicles on the road with 300-500 miles of usable range.

I would lease or buy a new one. You wil get the full 10 year warranty on battery, powertrain, roadside assistance, maintenance, valet service, and free three years of charging. New ones are sitting on dealer lots and aging and now is the time to bargain.

My suggestion is to not fall into the used EV trap. You, at a minimum want to be covered for the battery degradation and powertrain for as long as possible with a new production vehicle.

 

[ljnelson109]

Thank you EVSquatch. I really am a bit disappointed by the reduction in warranty coverage. Has this become common in the industry? I can't recall ever seeing factory warranty reduced for 2nd owner except for the 2008-2010 fad of "lifetime powertrain" that some of the OEMs were doing. It almost makes me uneasy about the resale value of these vehicles. If we are hesitant to buy used, then so might others be hesitant and therefore resale value is impacted. Hmmm