Future owner needs advise from current owners

[kayv369]

I am currently researching to purchase a used Genesis. I started out wanting the 3.8 but as i read more and more reviews and posts I see that there may be more value in the 4.6 in resale. Plus the difference in MPG isn't enough to steer me away from the 4.6.

I am currently driving a leased 2012 Nissan Altima S. I traded in my fully loaded maxima for it and i am looking to get that luxury aspect back. I have about 11 months left on my lease. Trade value is around 12.6k but pay of is 17.1k so i have about 4.6k in neg equity. I can probably knock that down 2k with down payment.

There are 4 cars that i am looking at and where i need the advise is if these vehicles have the value to roll the neg equity into it, or am i best suited for waiting out the lease. I just had a 3rd child so the space of the Genesis would really help.

Toyota dealer -
2010 3.8 Fully loaded 39.5k miles silver w/ blk $19.7k

Hyundai dealer -
2011 4.6 Fully loaded 38.4k miles titanium w/ blk CPO $22k
2011 4.6 Fully loaded 26.1k miles silver w/blk CPO $24k
2012 4.6 Fully loaded 42k miles titanium w/saddle CPO $24k


thanks in advance

 

[Gunkk]

Go with the 2012 4.6 and add a Hyundai Platinum protection plan for another kilobuck.

 

[kayv369]

Go with the 2012 4.6 and add a Hyundai Platinum protection plan for another kilobuck.

with those plans do they usually go by years or miles or both and what is the average cost of the Platinum plan

 

[dg_moore]

with those plans do they usually go by years or miles or both and what is the average cost of the Platinum plan

The HMA Platinum Plan will cost about $1200-1400.
The number of miles/months they will cover depends on the current age and mileage of the car, but there is no price discount for coverage offered lasting less than 100K miles or 10 years.
Check with Jim Ellis Hyundai in Atlanta for a good deal.

 

[kayv369]

OK the 2011 CPO 4.6 genesis 38.4k miles the dealer did a rough estimate of 26660 out the door. According to kbb.com the car is valued at 27-28. Hoping to talk him down some more

 

[Gunkk]

Drive both the 2011 and the 2012. Better suspension, ride on the 2012.

 

[kayv369]

Drive both the 2011 and the 2012. Better suspension, ride on the 2012.

So you think the 2012 with platinum protection is the best bet too?

 

[427435]

Keep driving your lease car. You are just digging your hole deeper.

 

[kayv369]

Keep driving your lease car. You are just digging your hole deeper.

After crunching numbers I am really thinking about doing that. I got that itch lol

 

[kayv369]

Is there a website that gives you a true value for your car. Edmunds, kbb.com, nada and true car all give you different prices

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[RWMissouri]

I've never leased a car so am not an expert in this matter. But if you can walk away from the Altima in 11 months the dealer or manufacturer will eat the depreciation; not you as I understand. Why would you pay more than it would be worth? I'd wait it out and hand in the keys; understanding of course that the mileage and condition would fall within the acceptable guidelines or you would get docked.

Why don't you use the next few months and research "real world" numbers on ebay and other sites? If you are looking at a three year old car I would think you ought to be able to get a good deal. Just make sure that the miles are low and in good condition.

Wouldn't be interested in an Equus would you? I know of one that just got traded in with only 10K on the clock. It is a 2011 model. Just arrived at the dealer on Friday. Apparently flawless. Have no idea of its true value.

 

[kayv369]

I've never leased a car so am not an expert in this matter. But if you can walk away from the Altima in 11 months the dealer or manufacturer will eat the depreciation; not you as I understand. Why would you pay more than it would be worth? I'd wait it out and hand in the keys; understanding of course that the mileage and condition would fall within the acceptable guidelines or you would get docked.

Why don't you use the next few months and research "real world" numbers on ebay and other sites? If you are looking at a three year old car I would think you ought to be able to get a good deal. Just make sure that the miles are low and in good condition.

Wouldn't be interested in an Equus would you? I know of one that just got traded in with only 10K on the clock. It is a 2011 model. Just arrived at the dealer on Friday. Apparently flawless. Have no idea of its true value.

Yeah I am way under my miles because I have an 02 passat I drive daily. Yes the dealer would eat the depreciation thats why I am leaning on keeping it. Any way I look at it I add 80.00 to my payment by trading it.

 

[RWMissouri]

Yeah I am way under my miles because I have an 02 passat I drive daily. Yes the dealer would eat the depreciation thats why I am leaning on keeping it. Any way I look at it I add 80.00 to my payment by trading it.

As I understand it, the residual value in the lease contract is considerably more than what it is truly worth. You wouldn't want to pay more than it is worth. What you need is to simply get out of it unless the dealer is willing to find a Genesis and make you a "deal." He may want a low mileage Altima if that is what he normally sells. I'm just thinking out loud.

What I think I would do is to advise him now that you will be turning it in because you just don't think it meets your standards. He, depending on his deal with the manufacturer, may decide to meet you halfway somewhere and save you some money. If he is a Nissan dealer he wants Nissans on his lot. A used car today is often worth almost as much as a new one. Who knows, maybe someone will roll in with a near new Genesis that he can buy right and you can work something out. Otherwise tell him you are walking.

Just so I am understood, there are two transactions in a trade. You buy his car and he buys yours. They must not be co-mingled. You need real numbers.

I've driven the Altima. I was not impressed. And I thoroughly detest and despise that CVT transmission. The Genesis has a deliciously smooth 8 speed "real transmission" and it can attain some rather remarkable fuel mileage figures from my own experiences. I am getting a real world 27.5 mpg in the time I have owned mine. (I use a spreadsheet for accuracy) But it is the V6 which is for me more than adequate and what I wanted anyway. I really don't think the V8 is necessary, personally speaking and I have driven a new R-Spec and it didn't especially get my juices flowing.

And I have also driven a new Equus but it is, in my opinion just overkill. I think the Genesis is just right. I bought mine right at just under $25K new but it is the base model. You might want one with the premium package though. Fitted with the wings on the trunk and hood and the center caps it is especially handsome sitting in my garage. I use it mainly for longer drives. I use my Sonata SE for city and normal driving purposes.

 

[kayv369]

I agree the cvt is annoying

 

[Mark_888]

I agree the cvt is annoying

Even more annoying is reaching retirement age and realizing you haven't saved any money during you life, and you will have to live in poverty the rest of your life.

 

[kayv369]

Retirement age lol. What is it now 73. I am 34 and unfortunately for me the conventional way of saving for retirement is not going to work. That is a whole different thread on its on

 

[Mark_888]

Retirement age lol. What is it now 73. I am 34 and unfortunately for me the conventional way of saving for retirement is not going to work. That is a whole different thread on its on

Not many people work until they are 73, since it is hard to find a job at that age (even if one is physically able to work), unless you are talking about being a greeter at Walmart. So I guess your retirement plan is to win the lottery?

 

[kayv369]

Not many people work until they are 73, since it is hard to find a job at that age (even if one is physically able to work), unless you are talking about being a greeter at Walmart. So I guess your retirement plan is to win the lottery?

Lottery? Come on now. All I am saying is that for my generation social security is not going to be around and the 401k/pension funds are not going to cut it. My financial advisor has me setup on a plan but I am not putting all my eggs in that basket. By this conversation I am taking it that you're at least 10-15 years older than me

 

[Mark_888]

Lottery? Come on now. All I am saying is that for my generation social security is not going to be around and the 401k/pension funds are not going to cut it. My financial advisor has me setup on a plan but I am not putting all my eggs in that basket. By this conversation I am taking it that you're at least 10-15 years older than me

I don't want to get into a political discussion about retirement funding, but you asked for advice. I would say that since you have negative equity on your current lease, you can't afford to switch cars right now.

 

[clum553946]

I'd go with a 2012 or newer as the suspension was tweaked starting 2012 & you get the 8 speed tranny. I just bought a 2012 4.6 with 27k miles for 24,600. It was a one owner car that got traded in on an Infiniti. I would suggest waiting until your lease is up otherwise you'll be upside down on your Altima ( the negative aspect of leases). If & when you do pull the trigger, the 4.6 is much more responsive & fun to drive. I test drove the 3.8 first, but really liked the 4.6 a lot better. Also, the car gets between 30 -31 mpg on the highway. The town mileage is a bit brutal at around 18 mpg, but I can live with it! Also, if you wait til the lease is up, the Genesis' should be a little lower in average prices. Just shop for the right one!