Are US dealers nuts? $16k-$17k for a 2011 Sonata?!

[MrZ]

Curious as to how much Sonatas sell for 2nd hand in the US, I searched Craigslist Los Angeles for 2nd hand 2011 Sonata prices. Effectively now 3 years old, I was very surprised to see dealers (and even private sellers) trying to flog GLS models for $16k (oh, sorry, $15,998 ) or even more! Weren't these cars only $20k brand-new?! Here in Australia, cars are generally worth no more than 60-65% of their original value after 3 years, which would equate to 12-13 grand for a 20k new car?

[MikeyTG]

Supposedly the old formulas for used car values no longer work. They were accurate when cars were scrap at 100K miles, but modern cars last longer so used cars are worth more. Makes buying used even less attractive, for a little more you can get a new one.

[MrZ]

Originally Posted by MikeyTG

Supposedly the old formulas for used car values no longer work. They were accurate when cars were scrap at 100K miles, but modern cars last longer so used cars are worth more. Makes buying used even less attractive, for a little more you can get a new one.

Are you sure modern cars last longer - I notice you're in NJ. Don't they use salt on the roads there in winter? Doesn't this eat away at the car? I heard that in the north, cars are basically junk after 10 years (or less) due to the salt?

[destro]

Originally Posted by MrZ

Are you sure modern cars last longer - I notice you're in NJ. Don't they use salt on the roads there in winter? Doesn't this eat away at the car? I heard that in the north, cars are basically junk after 10 years (or less) due to the salt?

LMAO. Yes, they last longer. Do you see road salt as melting away cars in America? With just halfway caring, the biggest problem is nut and bolts under the vehicle rusting together. Not a big deal at all if you try. Plenty of 200k, 300k, and 400k mile vehicles that are still running around.

Not sure of California, but even the base models are advertised at $23k. And when you are talking about to country to country, it's very hard to compare prices in a real way. There is too much that is different to compare, fairly. Even some differences between Canada and the US in how things are, and we can play tennis with each other across the border.

[fatabbot]

Originally Posted by MrZ

Curious as to how much Sonatas sell for 2nd hand in the US, I searched Craigslist Los Angeles for 2nd hand 2011 Sonata prices. Effectively now 3 years old, I was very surprised to see dealers (and even private sellers) trying to flog GLS models for $16k (oh, sorry, $15,998 ) or even more! Weren't these cars only $20k brand-new?! Here in Australia, cars are generally worth no more than 60-65% of their original value after 3 years, which would equate to 12-13 grand for a 20k new car?

The high used car values in the U.S. over the last few years are just an anomaly. New car sales tanked with the financial crisis in 2008 and haven't really recovered until this year. Fewer new cars being purchased means fewer used cars being sold or traded in for new ones, which leads to abnormally strong used car values for all makes and models.

Used car prices have likely peaked and will have a considerable ways to drop over the next couple of years as we start returning to a 14-16m annual rate of new car sales.

[mrmr256]

High prices for used cars is a good thing. It means you can trade your sonata in and get a decent trade-in value. Hyundai now retains its value as good as toyota and Honda do, especially in the US.

[Mikemu]

KBB suggested retail is just under $17k for that model. My guess is you can probably buy one for 15 or so. And it's not three years old until the 2014s are out which isn't for several more months.

[MikeyTG]

Originally Posted by MrZ

Are you sure modern cars last longer - I notice you're in NJ. Don't they use salt on the roads there in winter? Doesn't this eat away at the car? I heard that in the north, cars are basically junk after 10 years (or less) due to the salt?

My last Sonata was a 2001, I drove it for 160K miles before replacing it in 2/2012. It had a little rust around the rear wheel arches, this could have been repaired. The exhaust was noisy and the driver's power window didn't work. Otherwise it's life was mostly trouble free, no major failures, a few early issues were covered by the warranty. In the end the engine didn't burn oil and the auto trans was still working, even though I never changed the trans oil.

Earlier cars (1970s - 1990s) I had were oil burning rust buckets by 100K miles (mostly american, but one was a toyota), major troubles would start after 50k miles or so.

[jimrinflorida]

My 2011 Limited/Navi/Turbo with 30k miles is worth $22,221 (Private sale)according to KBB.com. I think that's fantastic being I paid $28,500 for a $31K dollar vehicle brand new 2 years ago.

[floebrian]

My wife wants a new Santa Fe 2.0T. I didnt figure they would offer me much for her 2011 sonata 2.0T no nav. I was right, they only offered me 16K
Lets just say im gonna sale it myself.