GV60 Canadian Deposit - Local Dealer Information & Timelines

[PythonNF]

I’m confused. How does a higher sticker price reduce lease payments? Residual value - particularly for a specific model - is a percentage of sticker price, where the difference between the two is the depreciation expense that lease payments must cover.
If we assume residual value at lease end is 50% of the original cost, depreciation expense on a $100K vehicle is $50K, vs. $25K for a $50K vehicle. In the first case, the lessor’s monthly payments need to cover twice the cost of the second, even though the residual of the first vehicle would be twice the second.
A higher cost vehicle doesn’t result in lower lease payments.

I didn't say it was less, but what I meant is that is not proportionally higher. For example if advanced is $70k with 50% residual then your financing value is $35k. If Performance is $80k with $40k residual then you are financing $40k. 14.3% increase in cost but only 8.75% increase in lease.

 

[mike_1103]

I'm trying to reconcile what you originally said - there were 600 pre-orders already when you placed your deposit with you now being 263 in queue. Something doesn't add up with what your dealer is telling you.

Trying to reconcile as well, so I'll try to sum it up:

• On March 21st, Dealer (Genesis Rive-Sud) told me there were 600+ pre-orders (did not specify Advanced, Performance or both);
• I pre-ordered a White on Black Performance GV60 on March 23rd;
• Dealer did not promise me anything (aside from telling me that I must hurry if I want to take delivery this year) but said Performance should get on the ground faster;
• Yesterday (April 13th) he confirmed I was number 263 for both models, and my car will be built in 2023.

Let's assume there were around 650-700 pre-orders on March 23rd when I put my name in the queue, and they will deliver 400-450 in 2022, then my 263 is possible:

• Scenario 1: I was number 650, they confirmed 400, I am now number 250;
• Scenario 2: I was number 700, they confirmed 450, I am now number 250;

Does that makes sense?

 

[mike_1103]

I agree it is strange. My Dealer sent me a screenshot of my order in their system.
My order has been placed on March 14 (9 days before Mike) and my rank is 378.

I pre-ordered mine online and my order has been associated with the Laval dealer.

Will you get your cart this year? If so, it confirms that the queue changed. You were 378 and I was probably 650-700, but now you are confirmed for this year, and I am 263 for the next batch.

 

[NLJ]

I suspect they build based one trim first and interior colour second and then exterior colour!

 

[PythonNF]

Sometimes the lower trade in value vs higher resale works in your favour.
Trades are painless. Plus you get the reduced benefit if the trade in view vs private sale value is only within a few thousands.

With trade in your total is:
MSRP - Trade in = Subtotal
Subtotal + Tax = Total

If you sell privately:
(MSRP - Downpayment) + Tax = Total

If you owe on your vehicle, don't tell them how much you owe. Just ask them what they will offer you. Sometimes they f$%k around and make it look like they're doing you a favour paying off your car but giving you wholesale value or less!

Same thing for leasing. If you trade in against the lease, the tax is calculated on the difference between MSRP & trade in. If you put a down payment against the lease, the tax is calculated on full MSRP.

 

[Looney100]

Same thing for leasing. If you trade in against the lease, the tax is calculated on the difference between MSRP & trade in. If you put a down payment against the lease, the tax is calculated on full MSRP.

Not sure what province you're in, but here in AB, there is no PST, so our incremental trade-in savings is just 5%. I can see how trade-ins would be pretty compelling in HST provinces.

I've found there to be plenty more than a 5% premium available through a private sale. It's nice to have the trade-in offer as a back-up, though I've yet to use one. I'm still on the fence as to lease vs. buy for the GV60. If I go with a lease, I suspect a trade-in is out of the question as my current vehicle's used value is only about $10K less than what I'd pay to buy the GV60, and Genesis isn't about to make payments to me each month.

 

[PythonNF]

Not sure what province you're in, but here in AB, there is no PST, so our incremental trade-in savings is just 5%. I can see how trade-ins would be pretty compelling in HST provinces.

I've found there to be plenty more than a 5% premium available through a private sale. It's nice to have the trade-in offer as a back-up, though I've yet to use one. I'm still on the fence as to lease vs. buy for the GV60. If I go with a lease, I suspect a trade-in is out of the question as my current vehicle's used value is only about $10K less than what I'd pay to buy the GV60, and Genesis isn't about to make payments to me each month.

I'm in Newfoundland & we pay 15% HST so trading in will be a significant savings.

 

[Jaws]

My deposit was placed Feb 8, and supposedly I'm 37th on the build list. I ordered a Performance in matte white (colour will be changed to something else). The dealer rep was vague on ETA. My wife might be looking for something a bit bigger so the fallback is the eGV70, but I'd prefer to stick with the E-GMP if possible. Hopefully once she drives the GV60 it will suffice.

My crystal ball says Advanced comes in at $67k and $76 for Performance. Should the the Performance get close to $80k I'll wait to see what Audi comes up with on the new PPE platform or consider the eGV70. The Q4 etron doesn't impress me, and I will be jettisoning a SQ5 for the GV60 (fingers crossed).

 

[jerry_jones]

Will you get your cart this year? If so, it confirms that the queue changed. You were 378 and I was probably 650-700, but now you are confirmed for this year, and I am 263 for the next batch.

I have just spoken to a my sales manger, he said that there are only 300 cars allocated to be shipped to Canada for all of 2022.
Two batches of 150 cars. First batch arriving June-July, second batch arriving October - November 2022. Any orders later than number 300 are arriving sometime in 2023.

So if your order number is less than 300 you should be getting your car this year.

 

[Looney100]

I have just spoken to a my sales manger, he said that there are only 300 cars allocated to be shipped to Canada for all of 2022.
Two batches of 150 cars. First batch arriving June-July, second batch arriving October - November 2022. Any orders later than number 300 are arriving sometime in 2023.

So if your order number is less than 300 you should be getting your car this year.

I mentioned the build number thing to my sales persona while ago, and he suggested it was of little value as there may be limited correlation between order number and build order.
With people getting confirmations of build dates, I hope we’ll all have certainly shortly.

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[ohnoyuji]

There aren't a unlimited number of color Choice versus trim. Once they will announce the pricing there may be people canceling their order. For those who order late their dealer might escalate to her earlier delivery. We're all speculating. The dealer want to make money too, seeing that many other coming through but no delivery hurts the dealer sales. You wonder why Canada Genesis doesn't want to announce the pricing. Are they waiting for American? On Facebook gv60 groupe, the American only selected state will get their order filled.. but Canadian wasn't. You guessed American order must be bigger than ours. Anyone object that their gv60 will be built in the states?

 

[jerry_jones]

I mentioned the build number thing to my sales persona while ago, and he suggested it was of little value as there may be limited correlation between order number and build order.
With people getting confirmations of build dates, I hope we’ll all have certainly shortly.

He also told me that they are matching pre-orders with production units in stream, so depending on color choice and advanced vs performance someone might order late March yet get their order before someone who ordered February 8th on opening day. That could also explain how some people who ordered later have earlier build date numbers.

I saw this happen when I ordered an Ioniq 5 for my wife. The order placement numbers were quite accurate. As people cancelled our order numbers got smaller.

He also said that they are not custom building cars on preorder deposit do to the problems they had with Ioniq 5 cancellations, when they had custom build the cars based on preorders. Hyundai Canada eventually emailed me to say to keep my position I needed to enter into a firm contract to purchase or my precoder would be cancelled. This even though in the preorder application it said you could cancel right until car was delivered to your respective dealership and did not have to enter into a purchase contract.. It made me mad enough that I cancelled my Ioniq 5 Ultimate and preordered a GV60.
I kept my wives preorder for delivery in August 2022.

We may see the same thing happening at Genesis if they get a lot of cancellations.

 

[upa]

He also told me that they are matching pre-orders with production units in stream, so depending on color choice and advanced vs performance someone might order late March yet get their order before someone who ordered February 8th on opening day. That could also explain how some people who ordered later have earlier build date numbers.

I saw this happen when I ordered an Ioniq 5 for my wife. The order placement numbers were quite accurate. As people cancelled our order numbers got smaller.

He also said that they are not custom building cars on preorder deposit do to the problems they had with Ioniq 5 cancellations, when they had custom build the cars based on preorders. Hyundai Canada eventually emailed me to say to keep my position I needed to enter into a firm contract to purchase or my precoder would be cancelled. This even though in the preorder application it said you could cancel right until car was delivered to your respective dealership and did not have to enter into a purchase contract.. It made me mad enough that I cancelled my Ioniq 5 Ultimate and preordered a GV60.
I kept my wives preorder for delivery in August 2022.

We may see the same thing happening at Genesis if they get a lot of cancellations.

I am surprised Hyundai is back to asking for sales contracts pre delivery considering their production delays and the fact a contract implies bilateral obligations. They did the same for me when I ordered my Kona EV in 2019 but couldn't deliver until the next model year. The previously signed sales agreement very much worked in my favor when they insisted I pay the new year model price increase. I would would have totally rinsed and repeated but not surprisingly they did not offer the same arrangement when I ordered an i5 last year.

 

[Looney100]

He also told me that they are matching pre-orders with production units in stream, so depending on color choice and advanced vs performance someone might order late March yet get their order before someone who ordered February 8th on opening day. That could also explain how some people who ordered later have earlier build date numbers.

I saw this happen when I ordered an Ioniq 5 for my wife. The order placement numbers were quite accurate. As people cancelled our order numbers got smaller.

He also said that they are not custom building cars on preorder deposit do to the problems they had with Ioniq 5 cancellations, when they had custom build the cars based on preorders. Hyundai Canada eventually emailed me to say to keep my position I needed to enter into a firm contract to purchase or my precoder would be cancelled. This even though in the preorder application it said you could cancel right until car was delivered to your respective dealership and did not have to enter into a purchase contract.. It made me mad enough that I cancelled my Ioniq 5 Ultimate and preordered a GV60.
I kept my wives preorder for delivery in August 2022.

We may see the same thing happening at Genesis if they get a lot of cancellations.

You made the right decision. That is a slimy move by Hyundai. I could never commit to buying a car before I’ve seen and driven it.

 

[gitSehT]

Stopped by the dealer since I was driving past and was told the GV60 's in Canada have all gone to head office in Markham to go through final QC before going to dealerships for test drives (those with pre-orders get first drives) first week in May.

 

[Looney100]

Stopped by the dealer since I was driving past and was told the GV60 's in Canada have all gone to head office in Markham to go through final QC before going to dealerships for test drives (those with pre-orders get first drives) first week in May.

I struggle to believe that. QA happens at the factory, not a marketing office. Shipping hundreds Of cars to some location, finding people to inspect, then loading them up again to ship to final destination is a tonne of difficult, expensive, and not entirely necessary work.

 

[gitSehT]

I struggle to believe that. QA happens at the factory, not a marketing office. Shipping hundreds Of cars to some location, finding people to inspect, then loading them up again to ship to final destination is a tonne of difficult, expensive, and not entirely necessary work.

Genesis head office is at the Hyundai plant in Markham, I don't think it is hundreds of cars, probably 1 or 2 per dealer (22 in Canada). Not sure why they would lie about this....

 

[NLJ]

I struggle to believe that. QA happens at the factory, not a marketing office. Shipping hundreds Of cars to some location, finding people to inspect, then loading them up again to ship to final destination is a tonne of difficult, expensive, and not entirely necessary work.

That's where the Ontario bound vehicles are kept. When I bought in 2018, they checked against inventory there. I still had to wait two weeks cause they had to go through inspection first.

 

[Looney100]

Okay. Maybe not as crazy logistically as I had thought. I hope it's true, because it means we'll be seeing our vehicles shortly.

 

[Birdman56]

Not so crazy at all Loony100. Check out latest update on forum.

First Canadian GV60 pics! Spotted in Milton Ontario​