How many lease owner planning to buy the car??

[GAgenesis]

Hi,
I am very happy with my Gennie. I am leasing it for 2 year which ends this Aug. I am planning to buy the car at the end of my lease. I would like to know if there is anybody else here who has the same idea.....

 

[dtreter]

I lease both the Sedan and the Coupe. Our lease for the sedan ends in 6 months. The car has been a real dream with no problems, not even a squeak, and we are going to buy it at the end of the lease. I still have 2 years left on the coupe so it is hard to tell whether we will buy it. It depends on how well it holds up but we have had no problems with it so far..

 

[sandy]

At lease-end, I expect to lease a 2011 and my son will buy this car...so long as it remains as trouble free and enjoyable to drive as it has been up till now (15,000 miles). After seeing and driving my Genesis my son did a one-eighty and got over his initial reaction "Dad, you're getting a what? A Hyundai? Your kidding, right?"

However, it will be interesting to see what makes more sense next February; buying my car for the residual or seeing what kind of deal can be made on certified used 2009 with comparable milage.

 

[jwaters943]

Count me in. I'm probably going to run this car into the ground. I'm guessing I should have mine paid off within 3-4 years time (my lease is up in 2 years), at which point I might get a second vehicle of some sort (probably a truck/SUV), but as for the Genesis itself, I'm planning on keeping it for at least another 7-8 years.

The only thing that would change my mind is if my car started developing problems, but if it's as reliable as it has been during the first 19-20 months of ownership I'm going to have the Genesis for a while.

 

[ilovemygenesis]

My lease is up in April 2012, i plan to lease another genesis at that time

 

[Disaster]

I imagine it depends on what people can negotiate for a buyout. We were real happy with our Volvo XC70 but they wanted $28,000 to buy it after two years and 23,000 miles. That seemed a bit steep to me considering we could buy a brand new one for $34,000. We ended up with the Genny instead...for only $2,500 more.

 

[BacktoHyundaibychoice]

If the 2011 Gen no longer has the Lexicon system I'll buy this '09. If it does, I'll be in a new lease.
I'm liking the 27 month lease versus previous 36 monthers and hope to get the same terms.

 

[ctxspy]

Hello, this is my 1st post here so here's a quick introduction: My name is Tomaj, and I'm a prospective buyer in northern NJ. I've previously leased a Sonata, and have been following the Genesis since before my dealer had ever heard of it

I checked them out in the showroom, great looking car.. My concern is that once you add the packages the price climbs up to 40k, which is a bit rich for my blood.

Considering the generous warranty, and promising reliability (plus available 10 yr bumper to bumper warrany as 2nd owner ), I am considering getting an off-lease model.

Anyone have ideas of what the estimated retail price will be for off-lease models and when leases will start to come to term? Presently there's few used Genesis out there, and they're still commanding high prices.

Thanks,
Tomaj

 

[Mark_888]

Considering the generous warranty, and promising reliability (plus available 10 yr bumper to bumper warrany as 2nd owner ), I am considering getting an off-lease model.

I assume you are talking about an add-on warranty? A new Genesis comes with the following warranties, some of which are not transferable to subsequent owners, so I assume you willing purchase an add-on warranty for a used car. Not even original new car owners have a 10-year bumper-to-bumper warranty.

10-YEAR / 100,000-MILE POWERTRAIN PROTECTION
Covers repair or replacement of powertrain components (i.e., selected engine and transmission/transaxle components). Coverage applies to original owner only. Second and/or subsequent owners have powertrain components coverage under the 5-Year / 60,000-Mile New Vehicle Limited Warranty.

5-YEAR / 60,000-MILE NEW VEHICLE LIMITED WARRANTY
Sometimes known as bumper-to-bumper warranty, but excludes certain components list below:

• Radio and audio systems (i.e., radio, compact disc player, DVD player, navigation system, and Bluetooth®): 3 years / 36,000 miles
• Paint: 3 years / 36,000 miles
• Battery: 3 years / unlimited miles (100% covered 2 years / unlimited miles; after 2 years and within 3 years, 25% cost of battery and 100% labor cost covered)
• Air conditioner refrigerant charge: 1 year / unlimited miles
• Adjustments: 1 year / 12,000 miles
• Wear items: 1 year / 12,000 miles (e.g., belts, brake pads and linings, clutch linings, filters, wiper blades, bulbs, fuses)

7-YEAR / UNLIMITED MILES ANTI-PERFORATION

5-YEAR / UNLIMITED MILES 24-HOUR ROADSIDE

12-MONTH / 12,000-MILE REPLACEMENT PARTS AND ACCESSORY LIMITED WARRANTY
Covers repair or replacement of any Hyundai Genuine Replacement Parts or Accessory supplied by Hyundai that is defective in material or factory workmanship, under normal use and maintenance.

8-YEAR / 80,000-MILE FEDERAL EMISSION AND PERFORMANCE WARRANTY
Covers repair or replacement of the following original Hyundai major emissions control components that cause the vehicle to fail to conform to an applicable EPA-approved inspection/maintenance program.

7-YEAR / 70,000-MILE CALIFORNIA EMISSION CONTROL SYSTEMS WARRANTY
Applies to vehicles manufactured to California specifications, which are distributed by Hyundai Motor America and registered in the states of California, Connecticut, Maine, Massachusetts, Rhode Island, or Vermont.

 

[Disaster]

The real value Genesis is the V6 without the Tech package. The V8 and Tech package raises the price $7K. IMHO, the V6, at 290HP, has plenty of performance. A couple of car mags got under 6 seconds for 0-60 with it. As neat as the tech package is, I couldn't see spending several thousand dollars for a nice screen and GPS. We have a portable GPS that cost $150 and the Lexicon stereo has USB MP3 integration and Ipod integration with the optional cord. I might have gone for it if it was as good as Ford's Sync system, but is no where near there yet.

There are several places to pull up used car estimates.

NADA guide:
http://www.nadaguides.com/Cars

Kelly Blue Book:
http://www.kbb.com/used-cars

Edmunds used car appraiser:
http://www.edmunds.com/tmv/used/index.html

All these have prices, for our 2009 V6 Genesis, with 20,000 miles, at $28K to $32K. We only paid $30,500 for it new. If I were you I'd seriously shop for a 2009 model. There are a few still available on showroom floors for fantastic prices.

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[ctxspy]

Mark_888, thanks for the details of the warranties. I was in fact referring to the add-on extended warranty. I was unaware of it until yesterday, the salesman mentioned it.

Disaster -- I'm familiar with the sites you mentioned but we're in a specific situation of 95% of all genesis having been sold new, so everyone's really speculating at what the off-lease price will be.. There's been limited used supply until now, but i expect that to change when the leases are up, hopefully driving prices down a bit.

Regarding the value proposition, the price of the base V6 is certainly more appealing but you get a few nice features with the packages like sunroof, upgraded leather, lexicon speakers, backup camera, and i'm sure i'm forgetting a few more.

I guess i'll ask my question another way -- what kind of residual values were you guys given when you leased these cars, and does anyone know when the first leases will be up?

 

[Disaster]

Regarding the value proposition, the price of the base V6 is certainly more appealing but you get a few nice features with the packages like sunroof, upgraded leather, lexicon speakers, backup camera, and i'm sure i'm forgetting a few more.

We bought the V6 with the premium plus for $30,500. It included the high end Lexicon stereo, leather interior, bluetooth and sunroof.

 

[Mark_888]

Mark_888, thanks for the details of the warranties. I was in fact referring to the add-on extended warranty. I was unaware of it until yesterday, the salesman mentioned it.

Regarding the value proposition, the price of the base V6 is certainly more appealing but you get a few nice features with the packages like sunroof, upgraded leather, lexicon speakers, backup camera, and i'm sure i'm forgetting a few more.

Anyone can purchase an extended warranty on any car. It is just a question of how much it costs, and who offers the warranty (dealer, manufacturer, third party, etc).

Sunroof is a negative for me. Cuts down on needed headroom.

 

[ctxspy]

Anyone can purchase an extended warranty on any car. It is just a question of how much it costs, and who offers the warranty (dealer, manufacturer, third party, etc).

Sunroof is a negative for me. Cuts down on needed headroom.

Mark, yes though this warranty is offered by Hyundai themself, correct? and it's "bumper to bumper". I don't know the specifics of the warranty but on the face it would appear that this is not your typical used car aftermarket warranty. Correct me if i'm wrong.


@Disaster -- that's a great price! My dealer threw out a number of 31k for a 'demo' V6 premium package w/6k miles. That would be sold as used, so the additional warranty would be an additional expense..

 

[Mark_888]

Mark, yes though this warranty is offered by Hyundai themself, correct? and it's "bumper to bumper". I don't know the specifics of the warranty but on the face it would appear that this is not your typical used car aftermarket warranty. Correct me if i'm wrong.

I have no idea if the warranty you are talking about is offered by Hyundai. You have to ask the dealer. Dealers sell all kinds of warranties including those offered by Hyundai, offered by the dealer, or offered by 3rd parties. Since not even new vehicles get a 10-year/100,000 mile bumper-to-bumper warranty, I would guess this would be expensive if offered by Hyundai.

On any add-on warranty, read the fine print and watch out for deductibles, exclusions, what locations the warranty is offered at (you might move to another city), etc. Typically salesman make a nice commission (up to 100% of the warranty cost) for selling ad-on warranties.

 

[dtreter]

I guess i'll ask my question another way -- what kind of residual values were you guys given when you leased these cars, and does anyone know when the first leases will be up?

The lease on our sedan 3.8 with tech package will be up next Feb. (27 month in Nov 2008). The residual value for purchase (if I remember right without pulling out my papers) is about $23,600. List was 40K and leased/purchased at $37,600.

 

[Vlad92]

I too did the 27 month lease (on a 3.8 base). My lease is up in March of next year. My residual value is $19,470. Cap cost was $29,700. I'm undecided what I'll do when my lease ends... I just hit 11K miles so I'll probably have around 21K miles at lease end... Would be nice if I could make money on the deal (flip the car). With sales tax and such I'm not sure if that would be possible.

 

[ctxspy]

hey thanks for those figures guys. Looks like in a few months there'll be some pretty nice deals on off-lease 09s.. mid 20's seems pretty reasonable!

 

[GAgenesis]

My residual will be 17,400 after 3 year lease on a 3.8 premier plus. Cap cost was 30,230.
I am thinking of buying the car and may get a good deal for the price. I think , I can negotiate with Hyundai for a better price. Do you think 17,000 will be good price to buy the car?
I didn't go for the tech package as I didn't like the backup camera and the funny control of the navigation. I had bought all my precious cars with tech pachage( honda accord,lexus ES300,acura) , and in my opinion they are a waste of money!!! Its just my personal opinion, So please don't flame....