Genesis price drop

[xAcura]

Hi all, so I bought a 2009 genesis tech with 30km about a year and a half ago and I paid 27k for it. At the time I did my research and it was a good price for what I was getting, at time of purchase I actually had two dealerships try to low ball each other. Anyway now I see the price has dropped to 20k, I didn't expect that, is it cuz it's a hyundai (my first)?

I'm looked for a second car and was thinking sante fe but it they drop value this fast it think I will move on

As for the price I paid, I know we pay more for this car in Canada and it included 4 year certified pre owned warranty. Also I must say I do love the car, which is why I was willing to invest in hyundai again

Thoughts?

 

[PMCErnie]

Your hypothesis seems quite inexact without specifics. By the way, used car prices in general were higher two years ago due to economic downturn factors at that time.

 

[7i bigblock]

Canada pricing is different than here in the USA. You did not state current mileage and condition or where you found the new pricing . In this site you will find what people are paying for new and sometimes used Genesis Sedans. I went into Edmunds and ESTIMATED todays value in the USA for your car. Trade $16000, private sale $18000 and dealer retail about $19000-20000. I can tell you new base 2013 sedans can be had for around $27000 and 2013 rspec sedans for about $38000. Hope this helps, here in the USA the Genesis Sedan does well on keeping its value, but you have to buy at the right price, almost no one pays MSRP and also sell it at the right price . Here you will find some dealers gave members premium trade credit for their cars. But you are almost always better to sell it yourself. Thanks 7i bigblock

 

[Gen 4.6]

I bought my Genesis first of all because I love the car and not because I was looking for a car that can retain it's value...if I did that I might have ended up with a car I did not love or enjoy driving everyday...just my thought and mine only so I take full responsible for my own quotes

 

[Epiphany]

Also Canadian, bought the same car (09 V6 sedan premium+tech) with 60000km on it for 17k taxes in 6 months ago.

 

[xAcura]

PMCErnie - what specifics are you referring to? at the time of purchase which was 1.5 yr ago the car cost me $27k (/w tech package and certified preowned warranty) with the 30,000km. Car has no claims, no dings or dents, interior is perfect, and had one previous owner. Now it has approx 55,000km on it and interior and exterior are still in mint condition. Its seems like similiar vechiles are priced around the 20k price point. I've owned a fair amount of cars in my time, mostly Japanese, and ive never had one drop in price so quickly. I understand cars are depreciating assets which is why I usually buy them when they are about 4 years old and they have already significantly depreciated (usually about 50%).

Gen 4.6 - I also bought the car cuz I love it but at the same time I thought it would retain decent value