Thanks for pointing it out this way in terms of total cost of ownership. I wasn't thinking of it that way and was focused on the g70 being more bang for your buck based on a lower msrp.Look at total cost of ownership. What will you pay for a G70? What will you pay for a comparable car? Good chance is will cost you about 10k more up front for a competitive other brand. When you trade or sell them in five years, what did each cost you to own? Even with a 10% difference over 5 years the cost of ownership is pretty close. For a couple hundred bucks a year I'd rather have the car I really want.
If cost is the rational decision maker, best buy is probably a four year old Corolla.
Lease it--you pay less, take less risk, and at end of lease if you like the car and the resid is in line or better than market, you've got upside there.I agree that it seems premium cars lose value much faster. Prior to my current car, I had two performance oriented cars. I sold one after it was 5 years old and only lost 35% off original purchase price brand new. The more recent car, I kept for 7 years (also bought it new), and it only lost 35% of its value (65% residual value after 7 years is amazing). I was shocked to see my current car worth barely over 50 percent after 4 years and with barely over 20k miles on it.
Hesitant to buy a g70 new seeing the depreciation, especially if I don't end up keeping it for a long time. I'm still debating...
Yeah, Kia was offering well over $10k off so you could get a Stinger GT2 in the low 40's. That included 7700 in lease cash. A lot of people were leading, then buying out the lease a month later. Genesis hasn't done such huge incentives but maybe next spring if sales languish. Which unfortunately would not bode well for the G70 - I want it to do well but also want a great deal. The main in incentive to buy new is the 10 year warranty if I end up wanting to keep it long term.
keep in mind those places are all low balling you there just out to make money. when i sell a car i go by market value honestly and then private sell it . if you sell market value price, it still will be a great deal for the buyer consider he or she will not be paying any tax or fee's .ect........Just for curiosity,
I shopped for trade value. Checked Carvana, Carmax, BMW, Acura, Lexus, and even Kia...
Best offer I got was $36k, worst was Carvana for $29k! Wow.
I thought my Chevy Camaro was bad. I was surprised given all the good press and awards. Genesis has a long way to go to break the mold and be recognized as a true luxury brand.
For context, my car has 2500 miles, is perfect, and is a 2019 3.3T sport with all the packages minus AWD which hurt the value for my area. MSRP was $51k and purchase price was $45k (luckily).
Looks to be about a 10 to 20k depreciation right off the lot depending on how good a deal you get.
Plus, cars are not popular right now.
I need to stop buying brand new cars...
Big expensive sedans historically have the worst depreciation, so if you like those, they are great buys used [probably because those original buyers are the types to either pay massive lease money for a few years or just buy and trade to get the newest one every model refresh]....purchasing a brand new car is a all around bad investment, unless you work for a dealership and get employee incentives. depreciation is normal for example look at a mercedes benz S class brand new $120k ish look at them used 2 or 3 years old its like half the price. THATS JUST SICK!
Yeah, I swap cars every year or two... leasing is the better option except that I commute 100 miles per day. So, leasing mileage would end up costing me in the end and would be almost as bad as my purchase losses.After my last two new car purchases I have learned to just be able to live with buying a used car with low miles that is about 2-3 years old, since I will still have modern ride at a discount price. I only paid about $25k on my 2015 Genesis 5.0 Ultimate with 45k miles in 2018. The car was in nearly new condition. However, I swap cars a lot(every 5 years or so) so buying new usually just set me up to be upside down on nearly all my trades. I only started to break even on trades after i started to trade in used cars when my last new car purchased was totaled out in an accident and I started to buy used.
New cars are nice to own, but are bad investments if you swap cars often. In that case it would be better to lease if you must have the newest ride every 3 years or so.
I have seen brand new at this price.