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Discussion Starter #1 (Edited)
Giving all of us another reason to love Hyundai.

At least it seems that way. I've always felt owning a car for 10+ years was the way to go when buying new, but I know there are a lot of people that like having new cars all the time.

What do we think?

Hyundai Press Release said:
HYUNDAI ASSURANCE EVOLVES TO FEATURE ALL-NEW GUARANTEED TRADE-IN VALUE

FOUNTAIN VALLEY, Calif., 04/20/2011
Renewing its industry-leading focus on consumer protection, Hyundai today announced the introduction of the all-new Hyundai Assurance Trade-in Value Guarantee. The Guarantee is a direct result of Hyundai’s sensitivity to consumer preferences and is made possible by the strength of Hyundai’s residual values, now among the highest in the industry.

This newest addition to the Assurance suite of programs eliminates concern about depreciation by giving Hyundai owners a guaranteed value for their vehicle in months 24 through 48 of ownership. The program will be applied to all new vehicles purchased on or after May 1, 2011 at no additional cost to consumers. Because of the exceptional quality of its vehicles, Hyundai offers more car for the money now, and more money for the car later, under this guaranteed trade-in program.

All Hyundai vehicles sold in the U.S. are covered by the complimentary Hyundai Assurance program, which currently includes the 5-year/60,000-mile fully transferable new vehicle warranty, Hyundai’s 10-year/100,000-mile power train warranty, five years of complimentary Roadside Assistance and now Trade-in Value Guarantee.
“Hyundai Assurance is a partnership with our owners in their purchase of a vehicle,” said John Krafcik, president and CEO, Hyundai Motor America. “Depreciation is the single highest cost of car ownership. While Hyundai’s depreciation is now among the lowest in the industry, Assurance will remove many of the barriers and concerns about vehicle ownership. Through Assurance, we share in our owners’ investment, and the Trade-in Value benefit extends this partnership from the initial purchase all the way through what we hope will be the consumer’s next purchase of another Hyundai.”

Hyundai Assurance Trade-in Value Guarantee is valid for all new cars sold through participating U.S. Hyundai dealerships. The guaranteed trade-in value is determined by the Automotive Lease Guide (ALG) forecast of future value. Customers can trade in their qualifying vehicle towards the purchase of a new Hyundai vehicle during months 24 through 48 of ownership. At the time of trade-in, the customer’s vehicle will be assessed to determine the current market value and compared to the guaranteed value. If the assessed value is higher than the guaranteed value, the customer will be able to apply that value toward the purchase of a new Hyundai vehicle. If the assessed value is less than the guaranteed value, the customer will be able to use the guaranteed value toward the purchase of a new Hyundai vehicle financed through Hyundai Credit.

At time of trade-in, the customer must show proof of vehicle maintenance at the recommended intervals through authorized Hyundai dealerships. Coverage is only applicable when the current market value of a vehicle drops below the guaranteed trade-in value of the vehicle. Lease vehicles are not covered by the Trade-in Value Guarantee.

For a full list of eligibility requirements, please visit: www.Hyundai.com.


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I liked the fact that I could buy a relatively new Hyundai for a lot less money. I want to let someone else take the hit on depreciation.
 

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Hyundai Press Release said:
At time of trade-in, the customer must show proof of vehicle maintenance at the recommended intervals through authorized Hyundai dealerships.
I have an issue with this statement. Doesn't that go against the Magnus-Moss Warranty Act by forcing you to have the maintenance done by Hyundai dealers?
 

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I would guess the Hyundai trade-in assurance is not a warranty, and thus the Mag-Moss Warranty Act does not apply.
 

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So instead of losing money to depreciation, it's lost to a Hyundai dealer to do all the maintenance.

Looks like this assurance is more of a way to assure the dealer does the maintenance and gets your money.
 

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I did all my scheduled maintenance on the Elantra at the dealer, I don't feel that it cost all that much. The 30/60K were a few hundred, but other than that, there's nothing big that the dealer really makes out on.

The likelihood that you would need the assurance, because market value is much lower than the ALG forecast value is very slim anyway. In the event that this assurance were actually useful, dealers would be getting creamed on people turning in leases that are worth much less on the market than what they expected [therefore having undervalued the lease payments].

This is more of a promotion than a program. Just like the other assurance things. Wasn't there a ridiculously low number of vehicles turned in from the job-assurance program (lose your job, bring the car back)? They still advertised the heck out of it though, and sold a lot of cars on "piece of mind."
 

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I did all my scheduled maintenance on the Elantra at the dealer, I don't feel that it cost all that much. The 30/60K were a few hundred, but other than that, there's nothing big that the dealer really makes out on.

The likelihood that you would need the assurance, because market value is much lower than the ALG forecast value is very slim anyway. In the event that this assurance were actually useful, dealers would be getting creamed on people turning in leases that are worth much less on the market than what they expected [therefore having undervalued the lease payments].

This is more of a promotion than a program. Just like the other assurance things. Wasn't there a ridiculously low number of vehicles turned in from the job-assurance program (lose your job, bring the car back)? They still advertised the heck out of it though, and sold a lot of cars on "piece of mind."
The lease rates on Hyundais are astronomical. I don't think they lose anything.
 

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Up in Iglooland you guys get hosed on everything. Leases aren't too bad down here (though I'm not a fan of lease programs).

New Elantra is $169/month for 36 month lease ($6084 for 3 years).
Sonata is $199 for same term ($7164)
 

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I have an issue with this statement. Doesn't that go against the Magnus-Moss Warranty Act by forcing you to have the maintenance done by Hyundai dealers?
As much as I like Hyundai, this statement sounds a little gimmicky. My 2005 Elantra will be 6 yrs old next month, and I have spent less than $300 on maintenance. But I do just about ALL of my own maintenance, so I'm just paying mostly for parts, oil, filters, etc. Only money I've spent at the dealership (so far) is in the Parts Dept - not one dime in the service dept. Dont get me wrong - I have no issues with the service department at the dealers. I just have had no occasion to use them to this point, except for a minor warranty issue or recall. That will likely change as the car, and I, get older and more service is needed.

My selling dealer in Atlanta had a gimmick going when I purchased the car - "Free tires for life" - guaranteeing the customer would never spend a dime on tires. Sounds good till you read the fine print, requiring that ALL maintenance be done at their dealership. In addition, their periodic service was over and above the standard recommended Hyundai service, so in the end you pay a lot for those free tires ;)

I remain a solid Hyundai supporter, and if I had to buy a car tomorrow, the first one I'd look at would be the Sonata. But I'll probably keep the Elantra for another 5 or 10 years - it has been great. Maybe they will have an all electric Sonata in about 2020 that can go 500 miles between charges - that would get my attention :)
 

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interesting. a little off topic, and im not sure if its all hyundai dealers right now or just a local thing, but both of the "close to me" hyundai dealers are offereing 1000$ over BB on any hyundai trade ins.
 

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