Undervalued

[Amill]

As the proud owner of my third Genesis, I find myself unfortunately having to sell my 2015 Ultimate and I am curious if anyone can help me understand why the resale is so terrible right now? Last time I checked there were only about four of them within a few hundred miles of where I live. When I bought the car a year ago I was salivating to get my hands on it and I flew out to Arizona and drove 900 miles back. Now I barely get a nibble and auto trader keeps lowering the suggested fair price. Any thoughts would be appreciated.

 

[greekgeek]

It's a sedan, sedans are out of fashion. It's a hyundai, they never were in fashion. It's expensive to fix, meanwhile they are known to have lots of problems.

It's 6-7 years old, and not getting better with age!

 

[skipgen]

Seems to be a big delta between the cars named "Hyundai" compared to "Genesis" even with similar options & mileage. A "Hyundai" Genesis is MUCH cheaper than a "Genesis" G80.

The 2015-2016 cars seem to be a victim of "brand snobbery"...

 

[carguy75]

Seems to be a big delta between the cars named "Hyundai" compared to "Genesis" even with similar options & mileage. A "Hyundai" Genesis is MUCH cheaper than a "Genesis" G80.

The 2015-2016 cars seem to be a victim of "brand snobbery"...

Well, the Genesis G80 models are newer by default than the Hyundai Genesis 2015 and 2016 models, so most G80 models are going to have a better resale value based on age alone.

Can you post an example of the big price delta you mentioned among a 2017 G80 vs a 2015 Hyundai Genesis with similar options and mileage in the same area?

In my area I cannot even find a used 2015 or 2016 Hyundai Genesis for sale in a 50 miles radius to even compare to a used 2017 G80 on Auto Trader.

My 2015 5.0 Ultimate "trade-in" value is about $17k-19k with 80k miles per Kelly Blue book; so not bad for a 6 year old Hyundai.

However, the safety recalls issued by Hyundai is probably killing the resale value of the car.

Note: I just check Kelly Blue book and you are right. A 2017 G80 5.0 with 80k miles in my area trade-in value is $22k-25k compared to my 2015 5.0 Ultimate $17k-$19k with the same mileage. A big difference in only two years of age.

 

[SuperKing]

When I traded in my 2011 Sonata Turbo in 2016, I got $18k for it. After 6 years, my Genesis 5.0... a car that cost twice as much as my Sonata is worth the same after the same amount of time... lol

 

[dcrob95]

As the proud owner of my third Genesis, I find myself unfortunately having to sell my 2015 Ultimate and I am curious if anyone can help me understand why the resale is so terrible right now? Last time I checked there were only about four of them within a few hundred miles of where I live. When I bought the car a year ago I was salivating to get my hands on it and I flew out to Arizona and drove 900 miles back. Now I barely get a nibble and auto trader keeps lowering the suggested fair price. Any thoughts would be appreciated.

Have you checked Carvana? Just playing around, I entered my vehicle info a few weeks ago and I would've been happy with their offer for my '15 5.0, but unfortunately I had no idea what vehicle I would get if I got rid of my Genesis so I still have it.

 

[jimbrown618]

I am keeping mine till it becomes an issue with repair cost. The car is paid for with just under 100km on it and all is good. Still loving the car after two years and will enjoy it....anything I see to replace it will be a big expense...

 

[carguy75]

I am keeping mine till it becomes an issue with repair cost. The car is paid for with just under 100km on it and all is good. Still loving the car after two years and will enjoy it....anything I see to replace it will be a big expense...

Same here.

I like my 2015 5.0 Ultimate. No other car I want has the entire package(active suspension,HUD, styling,HP,etc) unless I spend $50k plus or buy a used fully loaded Cadillac or German make that are money pits to keep running.

Even the new 2021 G80 styling do not sway me away from my 2015. However, I do like the newer GV70 models.

 

[glennk]

Same here.

I like my 2015 5.0 Ultimate. No other car I want has the entire package(active suspension,HUD, styling,HP,etc) unless I spend $50k plus or buy a used fully loaded Cadillac or German make that are money pits to keep running.

Even the new 2021 G80 styling do not sway me away from my 2015. However, I do like the newer GV70 models.

GV70 is going to be my next ride after the Genesis craps out. Closest thing to an X3 M40i without the grossly inflated sticker or German reliability. Hyundai/Genesis may not have brand name cache, but its coming ever closer to European marques. It still has a ways to go to compete with Japanese reliability and build perfection.

I have a 2015 Genesis V8 Ultimate with 46,600 miles. Just for giggles, I had it valued at my local dealer and was quoted $21500. Not sure if it is the low mileage or the remaining 10/100,000 bumper-to-bumper service contract that gave me a higher quote. One of the Service Advisors has been eyeing my car and told me to call him if i want to sell.

 

[carguy75]

GV70 is going to be my next ride after the Genesis craps out. Closest thing to an X3 M40i without the grossly inflated sticker or German reliability. Hyundai/Genesis may not have brand name cache, but its coming ever closer to European marques. It still has a ways to go to compete with Japanese reliability and build perfection.

I have a 2015 Genesis V8 Ultimate with 46,600 miles. Just for giggles, I had it valued at my local dealer and was quoted $21500. Not sure if it is the low mileage or the remaining 10/100,000 bumper-to-bumper service contract that gave me a higher quote. One of the Service Advisors has been eyeing my car and told me to call him if i want to sell.

Sounds about right for your trade in value based on your mileage. My 2015 5.0 Ultimate has nearly twice your mileage and goes for about $19k. Your remaining 10year/100k mileage warranty is only good for you and not the second owner; so it may not be a factor in your trade in.

Look like we both will be posting in the GV70 forum in the next few years.

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[skipgen]

Sounds about right for your trade in value based on your mileage. My 2015 5.0 Ultimate has nearly twice your mileage and goes for about $19k. Your remaining 10year/100k mileage warranty is only good for you and not the second owner; so it may not be a factor in your trade in.

Look like we both will be posting in the GV70 forum in the next few years.

I'm not really an SUV guy... But the GV70 has my attention. Almost more like a wagon than a SUV to me.

 

[glennk]

Sounds about right for your trade in value based on your mileage. My 2015 5.0 Ultimate has nearly twice your mileage and goes for about $19k. Your remaining 10year/100k mileage warranty is only good for you and not the second owner; so it may not be a factor in your trade in.

Look like we both will be posting in the GV70 forum in the next few years.

I have a Hyundai Protection Plan Vehicle Service Contract. It is 10/100,000 and is transferable for a fee. I think it retails for around $4k.

 

[glennk]

I'm not really an SUV guy... But the GV70 has my attention. Almost more like a wagon than a SUV to me.

Its a couple inches closer to the ground compared to the X3.

 

[hrdc69]

Yes its really insane how used car prices are so high. My 2015 3.8 Ultimate was worth about 15k in Jan 2020 with around 29k miles. Now here it is 2 years later and my mileage has gone up to 43k so if there wasn't a pandemic affecting car prices I assume my car would now have a value around 10-11k.

Instead Carvana now values it at $25.4k (see picture) and 3 weeks ago they had a slightly higher value of 26.7k. I have a 10/100 HPP platinum warranty which I could get a pro-rated refund of around $1.1k meaning all together I could get around $27k.

Problem is anything I want to buy is also expensive and it would be hard to find anything approaching the quality of my current car for a good price.

 

[glennk]

Correct. If you don't need a car, selling it could net you a fortune. Used car sales was in the service area last time I was there. They were handing out cards wwith valuations just based off the information in the system. Had a few takers and they had a check in their hands in 30 minutes. Unbelievable.

Of course, they had no new GV70, GV80, G70 or G80's in stock. They had a few G90's with mark down stickers in the windshield. Most have been on the lot for months and nobody wants them.

 

[carguy75]

Correct. If you don't need a car, selling it could net you a fortune. Used car sales was in the service area last time I was there. They were handing out cards wwith valuations just based off the information in the system. Had a few takers and they had a check in their hands in 30 minutes. Unbelievable.

Of course, they had no new GV70, GV80, G70 or G80's in stock. They had a few G90's with mark down stickers in the windshield. Most have been on the lot for months and nobody wants them.

The G90 models are nice cars, but very expensive for German ultra luxury brand owners that the cars are targeting to sell to. Most people that drive ultra luxury cars do not care about buying a bargain luxury brand name. They usually want the brand that creates the most envy and appeal; like Mercedes, Lexus, BMW, Cadillac. The Genesis brand does not have that kind of respect yet. Hence why the G90 seem to just sit on the lots until they are marked down very cheap to the point that they are priced like a G80 or less.

In my opinion; Genesis is more like a driving a Volvo or Acura; nice car but not going to make anyone envious who can buy a $70k+ German luxury car; so that is why many people who can afford one new do not buy a new G90. Not a status brand that properly shows that you can shell out $70k for a ride. Just my opinion.

 

[glennk]

Yeah, the G90's are above Invoice but not by much. Genesis is giving $2500 cash back and interest rates at 0.9% for 72 months. Told my sales guy I'd take a G90 V8 at Invoice plus the dealer cash, 0.9% but that he has to give me $30,000 for my car. He's "thinking about it". lol !!! I don't anticipate a deal. I still have over 2 years left in my warranty, so I'm in no rush. If I wanted to be annoying, I could use my corporate discount but I know that would definitely go past their thresh hold. And, I do have new Michelins on the car.

Genesis pilfers mostly Cadillac sales. They just can't compete with Lexus or the Germans. I don't think of Volvo as luxury. Their cars are too stiff, their interface is slow and the superchargers are super unreliable. As for Acura, Genesis is ahead.

 

[greekgeek]

Yes its really insane how used car prices are so high. My 2015 3.8 Ultimate was worth about 15k in Jan 2020 with around 29k miles. Now here it is 2 years later and my mileage has gone up to 43k so if there wasn't a pandemic affecting car prices I assume my car would now have a value around 10-11k.

Instead Carvana now values it at $25.4k (see picture) and 3 weeks ago they had a slightly higher value of 26.7k. I have a 10/100 HPP platinum warranty which I could get a pro-rated refund of around $1.1k meaning all together I could get around $27k.

Problem is anything I want to buy is also expensive and it would be hard to find anything approaching the quality of my current car for a good price.
View attachment 43397

Wow, that is awesome lol. Considering that most people bought new at heavy discount from MSRP, it truly is insane that people are buying at these prices such that Carvana can make that offer and still profit. On a 7-8 year old car...

 

[SuperKing]

I got my 2020 G90 at over 30% off if you want any indication on what people are willing to pay for them. The dealers here won't even stock them, not even a demo car anymore because they can't sell them. The dealer told me nobody's even come to look at one in over a month.

 

[carguy75]

Yeah, the G90's are above Invoice but not by much. Genesis is giving $2500 cash back and interest rates at 0.9% for 72 months. Told my sales guy I'd take a G90 V8 at Invoice plus the dealer cash, 0.9% but that he has to give me $30,000 for my car. He's "thinking about it". lol !!! I don't anticipate a deal. I still have over 2 years left in my warranty, so I'm in no rush. If I wanted to be annoying, I could use my corporate discount but I know that would definitely go past their thresh hold. And, I do have new Michelins on the car.

Genesis pilfers mostly Cadillac sales. They just can't compete with Lexus or the Germans. I don't think of Volvo as luxury. Their cars are too stiff, their interface is slow and the superchargers are super unreliable. As for Acura, Genesis is ahead.

Volvo are actually very very nice luxury cars in the Inscription trim models. Especially the S90 models. Volvo Inscription trim leather is high grade and wears well. Much better than the lame leather in my 2015 Genesis 5.0 Ultimate(top trim at the time) that easily peels away from light wear. However, I do not know what quality of leather is used in the G90.

In my opinion the G90 and other Genesis models are the best deal for luxury owners not looking for a "prestigious" badge to define who they are in the eyes of others.