I own a 2013 Hyundai Elantra hatchback purchased in August 2013 for $23300 everything included. Here we are almost four years later and my local Hyundai dealership is trying to entice me to trade in my car with special dealer invoice pricing and aggressive trade-in appraisals.
So I took the bait and scheduled an appointment today.
What’s my four-year-old car with 60,000 km worth to Hyundai? $6000.
Incredible. It’s lost almost 75% of its value in four years. No thanks Hyundai.
Their explanation was they would have to recondition it, paint it, etc. and of course want to make a profit on its resale where they would likely price it at $11,000 or $11,500 tops. So much closer to my ballpark value that I peg at $12K. Nevertheless, why would I give away $5K of value just to trade it in for a new car?
Their sales manager upped it to $8000 and I passed.
Initially they offered me $14250 and my trade-in to put me in the 2016 Elantra hatchback they valued at $23800 (more than I paid four years ago!)
No thanks. They brought it down to $12K and trade-in and even $11K as I walked out the door.
I’ll pass. And drive my Elantra into the ground.