Genesis Prices starting to come down

[redrocks]

Just noticed that Fairfax Hyundai (Virginia) is staring to cut their Genesis prices:

Drivetrain: RWD
Type: Sedan
Color: Titanium Gray Metallic
Transmission: Automatic
Engine: Gas V8 4.6L/281
VIN: KMHGC46FX9U032304
Stock #: 90834
Dealer Comments:
MSRP: $42,150
Internet Price: $39,182

rivetrain: RWD
Type: Sedan
Color: Platinum Metallic
Transmission: Automatic
Engine: Gas V8 4.6L/281
VIN: KMHGC46F89U040420
Stock #: 90838
Dealer Comments:
MSRP: $42,100
Internet Price: $39,141

Two V8's at $2000 below MSRP

Similar discounts on V6's

http://www.fairfaxhyundai.com/ou/fairfax-hyundai/console.do?page=f_new

 

[drew0020]

Lower prices are always good news. I am thinking of offering $36.5 for the V6 or or $38.4 for the V-8. Not sure if either will be taken, but its worth a chance.

Also, what are the current residuals and money factor for leasing through 1/5/09?

 

[redrocks]

Lower prices are always good news. I am thinking of offering $36.5 for the V6 or or $38.4 for the V-8. Not sure if either will be taken, but its worth a chance.

You'll have a better shot at the V6's since most dealers have a higher number of v6's in stock. Good Luck! Hyundai needs to meet those sales goal!

 

[drew0020]

You'll have a better shot at the V6's since most dealers have a higher number of v6's in stock. Good Luck! Hyundai needs to meet those sales goal!

I drove both cars, but didnt really notice the difference of the V8. Of course I didnt really need to push the car. I am guessing with the two internet specials you posted though that dealers are beginning to deal on the v8's as well.

 

[Vlad92]

It might just be the local market here in Nebraska, but I got a base V6 (MSRP $33K) for $29,700 three days ago. Fairfax is showing their base V6 for $31,223. Based on my research that seemed liked a great deal.

My residual was 59% (12K miles / year) with a money factor of .00027 for 27 months.

 

[goaliedad30]

I bought a base V6 here in Northern California yesterday for $30,200. Almost $3,000 under MSRP, and around $1,000 under "invoice".

 

[GS300rich]

hopefully the lower pricing will help move them off dealer lots

 

[gcarper]

Good - if I can get a V8 with tech for $2500 under invoice - HMA just won over another customer..

Hoping for better incentives come Jan 5th.

 

[Richard Ft. Lauderdale]

Lower prices could be due to a couple of factors. Those of us who had to have one were willing to pay list price when they first came out and we now have one. Second the economy is the worst in the life time of most of us. Third the Korean won is down 30% from where it was in July. It was actually down more than 40% a few weeks ago from where it was in July.

So dealers are probably paying less and the demand is less. Economics 101 says the price should be less.

 

[YeahRightNC]

My dealer here isn't cutting any deals. Went to buy a 2009 V6 w/technology package. Sticker was $40,743 (overpriced). I offered them $37,200 cash, with a trade in my 2006 Azera Limited/Ultimate (28K miles, and not a scratch on it). They offered me $11K for the Azera, and knocked off a whopping $500 from the sticker.

I wasn't interested - average condition trade is 12K+, factoring in the car's condition, mileage, and service history, I'm not willing to let it go for that. The "sales manager" came in and showed me a black book wholesale price of $8K for that car. I called B/S on it, asked for my keys back and left.

Guess they aren't hungry enough, yet. I did my research: $37,176 is the MOST that the dealership would have paid - it's a big dealership, and they sell a lot of cars, so I know they got a better deal than that, plus they have their holdback (which I was told today was about $1,200). They figure someone will come in, willing to pay sticker, so they didn't want to make a deal. I had a bit of negotiation room, but if they call me back now and try to negotiate, I'll stick to my numbers. Prices will come down eventually, and we're heading into a slow couple of months, in a tough economy.

It was a beautiful car, tho - silver with black interior. I'll keep looking.

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[drew0020]

No luck here in NC either. Originally I was told that they would do the Costco price of $36,863 but then they backed away. I like the car a lot, but I cannot imagine these cars flying off Hyundai lots. The two dealers I visited both had 10 in stock.

I will stick with my BMW 330i for the time being until the NC dealers get with the program and are willing to deal a little bit more. Funny thing is the BMW dealers ive spoken too have provided much better deals on 2009 335i's but the prices have gone up since 2006 and the residuals down significantly.

My dealer here isn't cutting any deals. Went to buy a 2009 V6 w/technology package. Sticker was $40,743 (overpriced). I offered them $37,200 cash, with a trade in my 2006 Azera Limited/Ultimate (28K miles, and not a scratch on it). They offered me $11K for the Azera, and knocked off a whopping $500 from the sticker.

I wasn't interested - average condition trade is 12K+, factoring in the car's condition, mileage, and service history, I'm not willing to let it go for that. The "sales manager" came in and showed me a black book wholesale price of $8K for that car. I called B/S on it, asked for my keys back and left.

Guess they aren't hungry enough, yet. I did my research: $37,176 is the MOST that the dealership would have paid - it's a big dealership, and they sell a lot of cars, so I know they got a better deal than that, plus they have their holdback (which I was told today was about $1,200). They figure someone will come in, willing to pay sticker, so they didn't want to make a deal. I had a bit of negotiation room, but if they call me back now and try to negotiate, I'll stick to my numbers. Prices will come down eventually, and we're heading into a slow couple of months, in a tough economy.

It was a beautiful car, tho - silver with black interior. I'll keep looking.

 

[YeahRightNC]

Where in NC are you? I'm in Charlotte - went to a dealership in SC, since the sales tax is much more attractive.

I've considered driving to NJ to get a good deal - apparently that's a good area to get decent pricing.

I don't mind a dealership making a profit - that's why the are in business - but I do mind them taking advantage of their customers. I'm a loyal customer - they get all of my service work (which I am fanatical about); things get done by the maintenance schedule or before, and I've sent numerous customers over the year.

The trade-in game frustrated me - heck, I could sell the car to CarMax for more than that.

 

[drew0020]

Where in NC are you? I'm in Charlotte - went to a dealership in SC, since the sales tax is much more attractive.

I've considered driving to NJ to get a good deal - apparently that's a good area to get decent pricing.

I don't mind a dealership making a profit - that's why the are in business - but I do mind them taking advantage of their customers. I'm a loyal customer - they get all of my service work (which I am fanatical about); things get done by the maintenance schedule or before, and I've sent numerous customers over the year.

The trade-in game frustrated me - heck, I could sell the car to CarMax for more than that.

Im in Charlotte, NC originally from the NY area. Went to two very big dealers in NC, both had lots of stock, neither really budged, and neither really know how to treat a prospective car buyer (at least compared to BMW).

 

[muisui]

Interesting dealer experience today also... I ordered a 2005 S4 Avant (V8 4.2) back in 2004 summer (think about how the housing boom back then). The dealer willing to cut a deal quick enough to hold my feet and I end up paying 1500 over invoice. Then 3 years later, I traded the S4 for a Toyota Sienna (new facelift and new engine on 2007). The dealer sold at Carsdirect price (invoice) plus a full tank of gas and 0% finance. Then my wife brought a 335xi to replace her aged Mini Cooper 8 months ago. We paid just $500 over BMW dealer invoice.

Now, with the econ situation like this, I offered the hyundai dealer 38000 to purchase a V6 Tech. Or do a promotion lease... 38000 claimed No way and only want to lower a couple hundreds... Or offer me 2.7K down with 599 monthly (12K per year) for 27 months...

I test drove a 3.8 Tech today, without the badage, it is a Lexus. (or better than a Lexus). But are these really flying off the lot like the mini we go 6 years ago? (we need to wait for 5.5 months back then). I doubt it.

 

[drew0020]

Interesting dealer experience today also... I ordered a 2005 S4 Avant (V8 4.2) back in 2004 summer (think about how the housing boom back then). The dealer willing to cut a deal quick enough to hold my feet and I end up paying 1500 over invoice. Then 3 years later, I traded the S4 for a Toyota Sienna (new facelift and new engine on 2007). The dealer sold at Carsdirect price (invoice) plus a full tank of gas and 0% finance. Then my wife brought a 335xi to replace her aged Mini Cooper 8 months ago. We paid just $500 over BMW dealer invoice.

Now, with the econ situation like this, I offered the hyundai dealer 38000 to purchase a V6 Tech. Or do a promotion lease... 38000 claimed No way and only want to lower a couple hundreds... Or offer me 2.7K down with 599 monthly (12K per year) for 27 months...

I test drove a 3.8 Tech today, without the badage, it is a Lexus. (or better than a Lexus). But are these really flying off the lot like the mini we go 6 years ago? (we need to wait for 5.5 months back then). I doubt it.

They wouldnt take $38K? I think thats way too high for this car, but thats me.

 

[111R]

The dealer I went to in Houston acts like the Genesis is made of gold.

Salesman told me that they usualy ask 2 to 3k above sticker for the v8 and most buyers pay sticker to 1k over sticker.

At 42 to 43k, the Genesis does have to compete with other brands' CPO cars. That's one thing the dealer doesn't get.

 

[cviz]

I was at my Hyundai Dealership today to pick up my New Genesis and the place was packed. I couldn't believe how many people were looking to buy cars. I was in another Hyundai dealership earlier in week, during a snow storm, figuring my wife and I would be the only ones there; no way, at least another 5 folks were there looking to buy cars.

There were rumors floating around at dealership that Hyundai is planning to do a price increase on the Genesis in next few months. I'm not sure how true that is; but I definitely believe there will be no rebates or incentives on the Genesis in the months to come.

My dealer sold 14 Genny's in December, so they are starting to move off of the lots quicker. I believe this is due to the positive press the Genesis is getting. Also, Hyundai is planning a big advertising campaign this year starting with the Super Bowl. So we may start see more of these great cars on the road very soon.

 

[drew0020]

I was at my Hyundai Dealership today to pick up my New Genesis and the place was packed. I couldn't believe how many people were looking to buy cars. I was in another Hyundai dealership earlier in week, during a snow storm, figuring my wife and I would be the only ones there; no way, at least another 5 folks were there looking to buy cars.

There were rumors floating around at dealership that Hyundai is planning to do a price increase on the Genesis in next few months. I'm not sure how true that is; but I definitely believe there will be no rebates or incentives on the Genesis in the months to come.

My dealer sold 14 Genny's in December, so they are starting to move off of the lots quicker. I believe this is due to the positive press the Genesis is getting. Also, Hyundai is planning a big advertising campaign this year starting with the Super Bowl. So we may start see more of these great cars on the road very soon.

Maybe your dealership is offering better prices because the two dealers I have visited have had plenty of cars on the lot with very little traffic.

The car is great, but the timing is poor. If it wasnt for the price and features (most of which I have not wanted before and could live without) I would be in another bimmer no questions asked, but with this economy I am trying to be a little smarter with my money.

 

[gcarper]

There is no way in the world they will increase the pricing in a recession. The market just moved from a 16MIL Unit market in the USA to 11MIL Unit market. The upscale market is getting hammered. Especially with these dismal stats.

GENESIS Sales YTD:

June: 30 Units
July: 619 Units
August: 1177 units
September: 1029 units – median monthly – will not achieve sales goal of 20,000 Sedans…..
October 1121 units
November : 1,151 units
Total YTD Sales 5,127 units (74% off target of 20,000 Sedan sales for 2009)

Also note the downward trend for BMW, MB, INF, LEX, AUDI, and Acura…. The numbers in bold are YTD and the Aug, Sept, Oct and Nov unit results… The Genesis is starting to hurt the Lexus GS sales…….. hence their $7000 incentive you can get with aggressive negotiation and their recent $599 Lease (AWD, NAV, GS350, 10K per year)


BMW 5-Series (14,595): 5,287 | 2,423 | 3,958 | 2,927
Mercedes E-Class (10,011): 2,681 | 2,968 | 2,098 | 2,264
Infiniti M (4,667): 1,211 | 1,077 | 1,193 | 1,186
Hyundai Genesis (4,478): 1,177 | 1,029 | 1,121 | 1,151
Lexus GS (4,203): 1,686 | 977 | 819 | 721
Audi A6/S6 (4,085): 1,520 | 1,090 | 758 | 717
Acura RL (1,081): 316 | 259 | 272 | 234


In the National Capital Region here in DC (which is usually recession proof) - this dealership traffic is off 40% - when I go in I am usually the only customer in the building... Most salesmen will tell you that they need to incent this car -the local dealer here in VA now has 16 of them on the lot... and they aren't moving.. I would like to help them with that little problem - but it is going to take some incentives to get me to consider a first year Hyundai!

The few times I have seen other people - it's usually first generation buyers buying econoboxes not upscale sedans.

It is also interesting to note that Consumer Reports put the Genesis in the upscale sedan category verses the Luxury Category (Lexus ES- $41.2K, Infiniti G RWD - $35K, Infiniti G AWD - $39.4, Acura TL - 35K, Cad CTS - 40.8K, etc.).

I like the underdog - but I can't personally part with $40K in an unproven product when I can get a CPO for much less in a proven product. I also am trying to research cars that are built here verses overseas. This was never a concern until recently - the buying habits of this household are going to change to support US built products - the unemployment #'s are scary and I don't want to contribute to that downward spiral with my buying habits.

 

[musher51]

GENESIS Sales YTD:

June: 30 Units
July: 619 Units
August: 1177 units
September: 1029 units – median monthly – will not achieve sales goal of 20,000 Sedans…..
October 1121 units
November : 1,151 units
Total YTD Sales 5,127 units (74% off target of 20,000 Sedan sales for 2009)

I realize this thread is on a different theme than "actual sales vs goals", but you've dredged up the same flawed analysis that you did in that thread last week. HMA's goal was not to sell 20,000 Genesis sedans in calendar 2008 - but rather in 2009, which is three days old - so please stop propogating this table with your annotated comments to that effect. It's not accurate. If HMA can sell an average of 1,667 Genesis per month during '09, they'll achieve their goal. Monthly sales for the last half of 2008 are trending in the right direction to enable that to happen.