G70 US Availability?

[Edmguy]

I can't believe no one commented on this from the video @Tonester posted!:


So who is going to be the first person to crash trying this out? lol

 

[Bamm1]

2. I do not see any evidence that Genesis has terrible resale value. That was something that was thrown out by a poster here as a fact. I took a quick look at the residual for the G80 and currently it’s 54.7% . Also take a look at
Genesis G80 Wins ALG's 2018 Residual Value Award in Competitive Premium Fullsize Segment

Right around the time that Hyundai switched over to having a stand alone Genesis brand (with one model) the residual value was pretty terrible. This may no longer be the case but since it was the case for an extended period of time in the past it is believed to be true today.

Articles like these (spanning 2015-2017) perpetuated the notion (Genesis is ranked # 1 Worst in both):

• https://www.cheatsheet.com/automobiles/the-worst-depreciating-around.html
• Autotrader - page unavailable

As a side note, one of the G70's chief competitors, the BMW 3 series, is currently ranked as the forth worst.

 

[Bamm1]

KBB released an article yesterday that highlights a little more of the differences between the different engines and then again between the trim levels throughout...

Also, let it be noted that while it said that pricing will be released later, it did say that the car will be on sale in August.

2019 Genesis G70 First Review | Kelley Blue Book

How did this: "the performance-tuned G70 3.3T Dynamic Edition optimizes weight with Michelin Pilot Sport 4S tires (replacing Pilot Sport 4) and a tire repair kit, adds performance brake pads, and offers a bespoke key cover."

Turn into this: "The G70 3.3T Dynamic Edition features a choice of rear- or all-wheel drive, Michelin Pilot Sport 4S summer tires, performance brake pads, unique suspension tuning and upgraded cooling."

Unique suspension tuning and upgraded cooling might change my mind on considering this limited edition model. A tire repair kit and bespoke key cover were not really doing it for me as I could always switch out the tires and pads myself while I throw the spare in the garage.

references:
Genesis Newsroom
2019 Genesis G70 First Review | Kelley Blue Book

 

[stingermang]

Right around the time that Hyundai switched over to having a stand alone Genesis brand (with one model) the residual value was pretty terrible. This may no longer be the case but since it was the case for an extended period of time in the past it is believed to be true today.

Articles like these (spanning 2015-2017) perpetuated the notion (Genesis is ranked # 1 Worst in both):

• https://www.cheatsheet.com/automobiles/the-worst-depreciating-around.html
• Autotrader - page unavailable

As a side note, one of the G70's chief competitors, the BMW 3 series, is currently ranked as the forth worst.

I used to be in a barbershop quartet in Skokie, Illinois. It was called Forth Worst. The baritone was this guy named Kip Diskin, big fat guy, I mean, like, orca fat. He was so stressed in the morning...

 

[Mcc]

This may no longer be the case but since it was the case for an extended period of time in the past it is believed to be true today.

In this case past history does not predict future performance. A lot of things have changed with Genesis in 2017 and there is no reason to make the assumption that residual value would not change also.
The articles you cite are for 2014 and 2015 cars. They are even still calling them Hyundai/Genesis. If you look at 2018 it is entirely a different story. Time has changed Genesis residuals for the better.
10 Luxury Cars with the Highest Residual Value

 

[Bamm1]

In this case past history does not predict future performance. A lot of things have changed with Genesis in 2017 and there is no reason to make the assumption that residual value would not change also.
The articles you cite are for 2014 and 2015 cars. They are even still calling them Hyundai/Genesis. If you look at 2018 it is entirely a different story. Time has changed Genesis residuals for the better.
10 Luxury Cars with the Highest Residual Value

My post was not trying to refute your claims. I was just trying to explain where people's preconceived notions came from in regards to residual value. The general buying public (including some on this forum) may still think it sucks based on old information. Perception is not reality but it impacts sales none the less.

 

[Mcc]

My post was not trying to refute your claims. I was just trying to explain where people's preconceived notions came from in regards to residual value. The general buying public (including some on this forum) may still think it sucks based on old information. Perception is not reality but it impacts sales none the less.

Ok I understand now. My point was that perception becomes reality unless the new facts are brought forward. I appreciate your clarification.

 

[Truffleshuffle]

In this case past history does not predict future performance. A lot of things have changed with Genesis in 2017 and there is no reason to make the assumption that residual value would not change also.
The articles you cite are for 2014 and 2015 cars. They are even still calling them Hyundai/Genesis. If you look at 2018 it is entirely a different story. Time has changed Genesis residuals for the better.
10 Luxury Cars with the Highest Residual Value

To be fair, genesis as a separate entity has only been around for a year, and lets just say their rollout strategy has been terrible. They still don't have a clear path forward on a dealer network separated from Hyundai and in a market where sedans are dying and SUV's are taking over their offerings are 3 sedans and they are probably at least 18 months away from releasing a SUV stateside. As much as I appreciate their value proposition I'm not entirely positive the genesis brand will even be around 5 years unless they continue to rely on their parent company for capital

As a luxury brand entering the market right now they should immediately be telling consumers about their future roadmap (they do talk some about SUVs), but there should be realistic target dates for hybrids and fully electric vehicles (below class fuel economy on a 2.0 t and terrible numbers for the 3.3 are inexcusable now) with autonomy baked in. Instead we got a two month long social media campaign on the essentia concept car and a super limited edition of the g90 that they'll probably sell through100 units.

I'm just cautious when genesis touts residual value awards when I can see pricing of used genesis on car gurus and autotrader that seem to be at odds with that.

 

[devellis]

To be fair, genesis as a separate entity has only been around for a year, and lets just say their rollout strategy has been terrible. They still don't have a clear path forward on a dealer network separated from Hyundai and in a market where sedans are dying and SUV's are taking over their offerings are 3 sedans and they are probably at least 18 months away from releasing a SUV stateside. As much as I appreciate their value proposition I'm not entirely positive the genesis brand will even be around 5 years unless they continue to rely on their parent company for capital

As a luxury brand entering the market right now they should immediately be telling consumers about their future roadmap (they do talk some about SUVs), but there should be realistic target dates for hybrids and fully electric vehicles (below class fuel economy on a 2.0 t and terrible numbers for the 3.3 are inexcusable now) with autonomy baked in. Instead we got a two month long social media campaign on the essentia concept car and a super limited edition of the g90 that they'll probably sell through100 units.

I'm just cautious when genesis touts residual value awards when I can see pricing of used genesis on car gurus and autotrader that seem to be at odds with that.

Talking too much about the future is kind of a double-edged sword. It does indicate that the plan is to stick around, grow, and offer new things. That conveys a greater sense of permanence to potential buyers. The other edge is that people might say, great, I'll wait for that stuff. If too many people do that, then the ability to make good on those optimistic projections is eroded.

Genesis has rolled out concept cars and designs for SUVs. It's provided rough time frames for them (although those seem kind of like Elon Musk time frames at this point). Not sure they can do much more at this point.

Buying a car from them now, as I've said all along, entails a bit of a gamble. If they stick to their $50,000 figure for the top Sport model with all the bells and whistles, I think people will be comfortable taking that risk. If that happens and the company can get on a steadier footing, then I think prices, and profitability, will go up.

I think they've been very smart shooting for a top price of roughly $50K. If they stray much above that, the risk seems to increase rapidly. And that risk is compounded if it keeps a lot of buyers away. That is, not only will a buyer who goes in at a considerably higher figure be buying a more expensive unknown but the future of the company will be on a less sure footing, compounding the unknowns and potential downsides.

I laud them for targeting the Sport at $50K. I think that represents the sort of value that will provoke buyers to take some risk. I hope when the figures finally come out, they match the expectation that's been created to this point by what they've told the automotive press. I predict a very warm customer reaction if that's the case (the G70 certainly will be at the top of my list of candidates) and a decidedly cooler one if it isn't.

 

[Mcc]

I'm just cautious when genesis touts residual value awards when I can see pricing of used genesis on car gurus and autotrader that seem to be at odds with that.

I’m not going to go into their roadmap which has been around for a while or their rollout which is exactly when they said it would be, ie 2018. BUT their residuals are in writing for their leases. What more do you want? Residual does not necessarily mean used price.

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[Truffleshuffle]

I’m not going to go into their roadmap which has been around for a while or their rollout which is exactly when they said it would be, ie 2018. BUT their residuals are in writing for their leases. What more do you want? Residual does not necessarily mean used price.

sorry I'm interchanging residual and resale value. As a consumer who buys I really only care about the latter.

 

[steelers84]

I think the problem these days is that leases in general just...suck. A 56% residual is somewhat average and beats out a lot of other cars, but that still puts you paying in the mid 20's on a 36 month lease for a car that you get absolutely nothing for after 3 years. I mean, the stinger (terrible residual, high MF) has $7,900 in rebates and you still end up paying well over 20k for a 36 month GT2. Granted, the entire new car buying experience is just a terrible financial decision, but I almost feel like leases these days are getting worse and worse.

Good friend of mine just leased a 2018 WRX and those cars DO NOT lose value. However, the residual was 54% for 3 years/12k miles. This car should be in the 60's for residual value but they don't rate it that high because they refuse to risk it.

My assumption is that whatever they do with the numbers and whatever lease cash they have available, for a 50k G70, it will cost roughly 23-25k over three years, depending on miles and tax.

 

[danygenesis]

I think the problem these days is that leases in general just...suck. A 56% residual is somewhat average and beats out a lot of other cars, but that still puts you paying in the mid 20's on a 36 month lease for a car that you get absolutely nothing for after 3 years. I mean, the stinger (terrible residual, high MF) has $7,900 in rebates and you still end up paying well over 20k for a 36 month GT2. Granted, the entire new car buying experience is just a terrible financial decision, but I almost feel like leases these days are getting worse and worse.

Good friend of mine just leased a 2018 WRX and those cars DO NOT lose value. However, the residual was 54% for 3 years/12k miles. This car should be in the 60's for residual value but they don't rate it that high because they refuse to risk it.

My assumption is that whatever they do with the numbers and whatever lease cash they have available, for a 50k G70, it will cost roughly 23-25k over three years, depending on miles and tax.

And you are putting VERY CONSERVATIVE numbers. Right now the G80 3.3t has a Resisual Value of just 51% on a 36/12k lease, 52% on a 36/10k. Lease cash is only $1500, If they put those numbers on the G70 the lease is more tha 25k in 3 years, plus taxes.

 

[kmooney4]

I'm looking to purchase to keep til it dies so resale value and residual value and everything like that aren't a big concern to me... So my question is this: if for some reason Genesis were to fold in 5 years, what would that mean for people who purchased a Genesis? How would service work? How would the warranty work?

Does anybody have any experience with a situation like this? Perhaps with Saturn or Pontiac a few years back maybe?

 

[BlancaGenny]

I'm looking to purchase to keep til it dies so resale value and residual value and everything like that aren't a big concern to me... So my question is this: if for some reason Genesis were to fold in 5 years, what would that mean for people who purchased a Genesis? How would service work? How would the warranty work?

Does anybody have any experience with a situation like this? Perhaps with Saturn or Pontiac a few years back maybe?

No experience myself but the old man has a G8 GT and his parts from GM will expire 31 December 2019. One of two things will happen:

- Like GM discontinuing Saturn and Pontiac, OE parts will be available from the manufacturer (Hyundai) for a given time period.
- Depending on which ones are successful, the ones they decide to keep manufacturing will fall back into the Hyundai lineup. I wouldn't imagine any falling back into the lineup because if they fail without the "Hyundai" name, why would they sell better as an actual Hyundai...?

For example, the G80. Going from a Genesis to a G80 and then back to a Genesis would mean the price would have to be cut. The G80 is holding its value more than the Hyundai Genesis for that exact reason; it doesn't have Hyundai in its name. It's weird how brand perception works. 99% the same car.

 

[Mcc]

Good friend of mine just leased a 2018 WRX and those cars DO NOT lose value. However, the residual was 54% for 3 years/12k miles. This car should be in the 60's for residual value but they don't rate it that high because they refuse to risk it.

Being risk adverse only goes so far. If indeed “those cars DO NOT lose value” then their leasing will reflect it. If not then they just want to make more on the lease.
Too high a residual and no one is going to buy it out at lease end
Too low a residual and no one will lease, too expensive.
It all depends on how the manufacturer wants to play it but I doubt it is because they don’t want to risk it.

 

[steelers84]

And you are putting VERY CONSERVATIVE numbers. Right now the G80 3.3t has a Resisual Value of just 51% on a 36/12k lease, 52% on a 36/10k. Lease cash is only $1500, If they put those numbers on the G70 the lease is more tha 25k in 3 years, plus taxes.

Exactly. That was my "best case" and it's still a terrible case (around $770 a month with a $1500 incentive). If the residual is 51% and the sale price is $49,000 with a $1,500 incentive, you're looking at around $850 a month. I think the only real option will be to buy unless you're willing to spend 25k+ over three years to lease this car. Only other hope is that they have crazy lease deals with an above average residual / low MF.

 

[steelers84]

Being risk adverse only goes so far. If indeed “those cars DO NOT lose value” then their leasing will reflect it. If not then they just want to make more on the lease.
Too high a residual and no one is going to buy it out at lease end
Too low a residual and no one will lease, too expensive.
It all depends on how the manufacturer wants to play it but I doubt it is because they don’t want to risk it.

Well, I only say it that way because you're pretty much getting robbed by leasing that car (and he knew that). If you look up 2015 WRX's right now, they all are selling in the ~20k range but his buyout is in the 15's (should be fine as long as he buy's the car out). He knew he was getting a bad deal, but it's the car he wanted, and the numbers are what the numbers are - you can negotiate the hell out of the sale price, but you can't negotiate the residual, and the dealer openly told him they lower the residual on those cars because they don't want you leasing them.

 

[Ed Okin]

I can't believe no one commented on this from the video @Tonester posted!:
View attachment 14598

So who is going to be the first person to crash trying this out? lol

Not me, but if you run across any other instructions on using the launch control I’d like the see that. Thanks!

 

[tymless]

So I found this to be rather interesting. Perusing the #G70 hashtag on Twitter, I found the post below, from "Saabkyle04" stating he just got the G70 "dropped off for the next week". His YouTube channel appears to be for in-depth reviews, so I wonder if Genesis is now sending their cars to press for their own in-depth/instrumented reviews, which would be another step forward from the press event which was more first drive and impressions.

https://twitter.com/x/status/1019685837938876417

Kyle Lindsey (@saabkyle04llc) • Instagram photos and videos

YouTube channel
Saabkyle04