Genesis Sales forecast

[KenT]

but like anything- the best part of this current economic downturn- is if you are in the market for cars, houses, etc. and have the money and/or credit rating- you are in a prime negotiating position.

 

[akcapgen]

I'm an architect. Over the weekend we were at a fellow architect's house for dinner... they had been planning a huge renovation of their house and kitchen.

That's on hold. They did find a replacement element for their sixties vintage Tappen oven, though!

 

[sandy]

IF this forum was a proxy for Genesis sales nation wide, things seem to slowing down. Where are the reports of new purchases/ leases and prices being negotiated?

 

[Stormy]

Hey all, I just leased a new Genesis 3.8 w/ Tech. Package yesterday.

Here are my thoughts:

1. When I was in the dealership, I was the only person there buying or even looking at cars for the 3 hours that it took (from 5:00 pm to 8:00 pm on a Thursday) to close the deal.

2. The salesman said that even though they are the biggest Hyundai dealership in the state (CT), this is the first Genesis they have ever sold.

3. I was told many times by the general sales manager, the salesman, and the business/finance manager that everything has frozen lately. People aren't buying, selling, or anything. Business has just ground to a halt in the automotive industry.

4. The general manager told me that just the other day, someone with a 800+ credit score got turned down for financing. Apparently the banks won't lend you any money at all if it's a second car, or if you are upside down on your mortgage.

Well, personally, I work in healthcare, which typically isn't affected as much during recessions. I got a great deal on a lease. I'm sure Hyundai and all auto companies will be hurting in the next few months or years. The way I look at it, this is a buyer's market. They are wanting to sell cars, but nobody is buying. If you have good credit, or walk in there with cash, you can pretty much make whatever deal you want.

This recession/depression looks really bad for a lot of people, but the way I look at it, I'm 34 and just starting to sink money into my 401k. I'll keep buying as the market goes all the way down, and when it eventually goes back up, I could retire with a pretty nice account. I'm sorry for those of you that might be closer to retirement that got hit really hard though.

Cheers!

 

[Stormy]

One other thing I wanted to say:

I can see the Genesis becoming a hot seller in this economy because people that might normally buy an S-Class or BMW 7-series or something much more expensive might decide to be more conservative and get the cheaper import (Genesis) with all the bells and whistles but $20k cheaper in price.

Then again, I live in the NE and things have always been strange here. For example, lately, no matter how bad the financial sector is, I've been getting tons of emails from recruiters; apparently hedge funds are hiring... I guess you can go long as the market goes up, then short it all the way down... money to be made no matter what as long as you're smart.

 

[njohnson]

Cool, which dealer did you buy the Genesis from in CT? I always drive by Meriden Hyundai

 

[sandy]

Hey all, I just leased a new Genesis 3.8 w/ Tech. Package yesterday.


Stormy - would you mind sharing the financial details of your lease? I'm in Ct, too and planning on leasing next month.

 

[Stormy]

Cool, which dealer did you buy the Genesis from in CT? I always drive by Meriden Hyundai

I bought it from Key Hyundai in Milford. I've never been there before but they seemed reasonably nice and it is a pretty decent dealership.

The only thing that bothered me is that they offer "free tires for life" but the catch is that you have to follow their "enhanced" maintenance schedule which will cost you way more than the tires ever will. Oil changes for $30 every 3k miles, Air filter changes for $50 every 12k miles, some odd $399 maintenance every 15k miles, etc, you get the idea. It's much more than the standard maintenance in your owner's manual. Well, you can choose not to do it and just buy your own tires when the original ones wear out. That's what I'm doing.

 

[Stormy]

Hey all, I just leased a new Genesis 3.8 w/ Tech. Package yesterday.


Stormy - would you mind sharing the financial details of your lease? I'm in Ct, too and planning on leasing next month.

It was the Hyundai finance special offer. Basically the V6 tech car is $39,500 plus $650 dest. charge. I did 15,000 miles a year, which equals out to $499 a month with 63% residual payoff after 24 months. The finance rate is something like 0.000001, so I look at it like a 2 year loan with no interest.

I had them take $1k off and with my trade ended up paying only $265 a month (incl. tax) for the lease.

Good luck! I love my car by the way.

 

[njohnson]

I bought it from Key Hyundai in Milford. I've never been there before but they seemed reasonably nice and it is a pretty decent dealership.

The only thing that bothered me is that they offer "free tires for life" but the catch is that you have to follow their "enhanced" maintenance schedule which will cost you way more than the tires ever will. Oil changes for $30 every 3k miles, Air filter changes for $50 every 12k miles, some odd $399 maintenance every 15k miles, etc, you get the idea. It's much more than the standard maintenance in your owner's manual. Well, you can choose not to do it and just buy your own tires when the original ones wear out. That's what I'm doing.

Yeah what a ripoff. Modern cars should not be every 3K miles for an oil change, hell there are some cars that have the recommended every 12K or 15K miles.

If I had the Genesis I would just be putting my own wheels and tires on anyways for the summer and then replacing the stock tires on the Genesis with pure winter tires. Town Fair Tire is pretty good with doing free rotations and with their tire coverage.



and $265 is a killer deal. If I could get that kind of rate I'd be driving it right now.

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[Stormy]

If I had the Genesis I would just be putting my own wheels and tires on anyways for the summer and then replacing the stock tires on the Genesis with pure winter tires. Town Fair Tire is pretty good with doing free rotations and with their tire coverage.

and $265 is a killer deal. If I could get that kind of rate I'd be driving it right now.

That's a good idea about using the stock wheels for winter tires. I might just do that, however I don't want to plow a couple thousand into upgrades on this car if I decide to just turn in the lease in 2 years and get a V10 AWD Genesis or whatever is out then....

As far as the lease goes, I did have about $10K for my trade applied directly to the downpayment so that's why the monthly is so low. If you had no trade you could probably expect to get out the door for about $2k plus $499/mo. (tech) or $399/mo. (standard).

 

[Simonwpb]

Attached are the October sales and YTD sales for Hyundai.
Hyundai actually sold more Genesis models in October than in September in spite of a 20% drop in all other Hyundai models sold for the month!! Not bad considering this was one of the worst months in automotive history.

Club Genesis in the US is still less than 4,000 retails...

Just about every other model of Hyundai saw declining sales over the previous month, so I think this is some kind of validation for the power of Genesis in a tough economy. What do you say?