Hyundai is offering me two options for my lemon '24 Santa Fe Sel FWD which was in the shop for over 30 days in Georgia. It had the transmission replaced at 800 miles and original battery replaced at 1200 miles. Here are the offers:
Buyback to start over at $0. I would then buy a new vehicle again. (edit)
Give me $8,500 to keep the current vehicle.
I’m trying to get an idea of what I should choose. I know that it’ll be listed as a lemon on the history report.
EDIT: Option 1 is NOT Hyundai giving me a new vehicle for my current one. I clarified it above.
Also, I might be moving out of state in a couple of months for a new job. $8500 would be nice for that, but I’d also need an AWD in the midwest.
I’ve never had a lemon. If it was me I’d go with #1.
Reading about this car in different forums it’s very good. Occasionally there’s a bad one and looks like you got one of those. The chances of you getting another one and having issues is slim to none.
Option 2 seems enticing if you needed $8500 cash, but selling it in the future will be difficult and you would probably lose more than $8500 long term (though I haven’t done the math).
@Jamie
Excellent analysis and you are spot on! People do NOT realize what a Lemon branding on the title does to your future resale value and this person is moving to the Midwest soon so getting an AWD version is a near must in my opinion. When that title gets branded, your loss will be more than $8,500 so unless you plan on keeping that car until it’s salvage value is ZERO (not most Americans at all), then get rid of it now and get a new one as the issues on the early 24 models have for the most part been rectified. I broker these deals all the time and I bought 2 gas model AWD Calligraphy SUVs in white and green in early March of 24 when they came out a week earlier. I had zero issues on my two but many did on these early ones but it seems like Hyundai got their stuff together now. I just traded my wife’s 24 AWD Gas Calligraphy in white to a dealer in Southern GA and it is sitting on their lot with 12k miles on it and it was baby kept in my garage. They are asking $41k for it if you are interested in it as we took a long trip to South FL with it last summer and a long trip to NC over Thanksgiving and it ran great and the Calligraphy is very nice upscale on the inside and has the beige and forest green interior. Good luck with whatever you do but do NOT take the easy money now or you will pay more later and with moving to a cold weather climate soon, AWD will be better for you in my opinion. Good luck!
Can you counter? If you have multiple cars where one is out for a little it’s not a huge deal option 2 is really nice, especially if you can ask them to throw in an extended warranty
I love the options on the limited, but not some of the calligraphy options.
Those 21" wheels are $400 to $600 per each tire. Limited’s 20" are about $150 each. I feel like I’d die of sticker shock each time I’d have to replace 1, let alone 4.
The leg relaxation extension is utterly useless for me after testing it out. (I used to have a 2017 Sorento SXL with an amazing leg extension.)
I don’t care about the roof assist handle.
Second wireless phone charger? Meh…
HDA2 looks very cool.
Nappa vs ‘regular’ leather? Meh…
Why is the calligraphy the only option for captain’s chairs?
If you have positive equity in the car, take the $8500, trade it in or sell it somewhere else and that adds to your down payment. Do also considered any tax implications from the $8500.
If you have negative equity, look at the details of the buy-back and how that would affect your outstanding debt, as well as any tax implications.
@Vic
No one is paying anything close to KBB for a lemon so option 2 ends up being a wash if you try to trade in. Go with option 1, but ask for the better trim/any perks you can get to sweeten the deal for all the hassle.
@Vic
I have negative equity that is about to get massively increased once LEMON goes onto the vehicle’s history, but there is also gap insurance from the original purchase in case of it being totaled.
What kind of tax implications might there be? This is something about which I am clueless. Thanks for bringing me it up!
Zen said:
What was your transmission doing? Or did it just completely fail?
It was jerking when slowing down when changing from 3rd to 2nd gear. The technician said that the transmission case was leaking and needed a full replacement.