The anticipated depreciation over the following ten years is shown in the figure below. These outcomes apply to cars that travel 12,000 miles annually on average and are in good condition. Additionally, it counts on a $31,801 initial selling price. Enter the purchase price, anticipated length of ownership, and yearly mileage estimate. We can estimate the Hyundai Sonata’s projected resale value using our depreciation calculator.
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Hyundai Sonata Value Decline
Although depreciation is challenging to prevent, it can be controlled. Depreciation is the gap between the vehicle’s initial purchase price and its eventual value. In our analysis, we utilize a 5-year period as an example.
A Hyundai Sonata with standard equipment costs, on average, $31,801 when purchased new. The typical residual value after five years of depreciation is $20,712. This is the vehicle’s suggested retail price. Prices for private sales and trade-ins will probably be lower. See how the model year, mileage, and resale value of your Hyundai Sonata will effect each other using our depreciation calculator.
Why Is It Important That The Hyundai Sonata Won The ALG Residual Award?
Awards for residual value, like as those the 2021 Hyundai Sonata received, are typically only cause for joy in the accounting division. However, customers may wish to pay heed.
ALG, a division of TrueCar, has ranked the 2021 Hyundai Sonata the best midsize sedan for residual value. Why is that significant? Both the consumer and the automaker benefit from it.
The ALG Residual Value Awards honor vehicles in 29 segments that are anticipated to retain the highest proportion of their manufacturer’s suggested retail price (MSRP) after three years. According to ALG, this is a crucial factor for consumers to take into account when determining the total cost of ownership for a specific vehicle.
ALG’s Pre-Owned Value Awards for the midsize and midsize utility two-row seating divisions have also been given to the 2018 Sonata and 2018 Santa Fe Sport, respectively. The vehicles with the lowest anticipated depreciation from two to five years old between 2020 and 2023 are given the 2021 pre-owned value awards.
With the 2021 Forester, Crosstrek, WRX, and Impreza being recognized as the top models in their divisions, Subaru emerged as the overall champion among mainstream automakers. The prize for best premium brand went to Lexus.
According to Eric Lyman, chief industry analyst at ALG, “Residual values are a significant measure of an automaker’s success and actually assist assess the overall health of a brand or particular model.” “Relative values are important for consumers to consider when purchasing their next car since they shed light on the whole cost of ownership of a vehicle. When the time comes to sell or trade it in, a car that has won the ALG Residual Value Awards will retain more of its value in comparison to similar models.”
That applies to car owners who take into account the whole cost of ownership. Most people don’t because they plan to keep their cars for longer than three years after they purchase them. But leasing is a another matter.
The projected value of an automobile in three years is used to determine leasing rates. A manufacturer can lease their automobiles for less money than rivals thanks to a higher resale value. When it comes time to sell the three-year-old automobile, they will make their money back.
Having an automobile that is worth more when it comes time to get insurance benefits the consumer as well. Say the unthinkable occurs and an accident results in the total destruction of your two-year-old car. A vehicle with a higher residual value will result in a larger insurance payment. Even though it won’t seem like much, the extra $700 will be helpful if you still have $15,000 left to pay off your debt.
The same may be stated if, after three years, you decide to sell or trade in your Sonata. It will cost more to buy it back from the dealer, but you should also receive a greater trade-in value as a result. Even a private sale ought to bring much more cash than comparable midsize sedans.
A sedan’s highest residual value
When purchasing a new vehicle, there are a lot of factors to take into account. Price, features, reliability, performance, and efficiency are what most buyers will pay attention to. Few people, however, think about how much the car will be worth when your ownership is through.
After all, you’ll want to have faith that you’ll be able to sell the car for a profit when the time comes for you to trade it in for a new Hyundai. It turns out that the 2021 Hyundai Sonata is a wonderful car to buy if you’re thinking about the residual value of the next car you buy. That’s what’s known as residual value.
Best and Worst Resale Value Vehicles
You are investing a lot of money into a depreciating asset when you buy a car. This indicates that the car’s value will decrease from what it was today to tomorrow. As consumers, we are wise and naturally want to spend as little money as possible, especially if it is a little portion of a large purchase like a car.
The greatest strategy to increase your resale value is to steer clear of vehicles that are less than five years old because depreciation is more rapid in this age group. To save money, buy as old as you are comfortable with. I think the older the better. Just make sure the vehicle is safe to drive and has no mechanical issues.
Investing in a brand that retains its worth effectively is the second best approach to guarantee resale value. Resale values for vehicles from brands like Jeep, Subaru, Porsche, Toyota, Lexus, and Honda are typically higher than those of their rivals. These cars retain their value better than most, but that doesn’t mean they don’t lose value just as quickly.
For automobile owners who frequently buy and sell their vehicles, brands like Volvo, Chrysler, Land Rover, and Acura, on the other hand, tend to have a really low resale value, making them money pits. Some of these cars will lose up to 61% of their value in the first five years.
Are Hyundais worth a lot when sold used?
The best way to characterize Hyundai’s resale value is as average; it’s not the best, but it’s also not very noteworthy either. At years 5 and 7, the Hyundai Tucson does perform better than average, and years 5 and 7 of the Elantra also show a little improvement. However, the Sonata is not a standout in the Hyundai portfolio because it performs significantly worse than average five years after purchase.
Our top choice for the Hyundai model year with the best value is the 2020. With the 2020, you would only pay, on average, 87% of the cost when new, and the car would still have 83% of its usable life.
For the Hyundai models, the 2019 and 2017 model years are also appealing and offer a fair price. Our rankings take into account a number of variables, such as the original new price, the current price, maintenance expenditures, and the remaining years of anticipated overall spending. Our top-ranked model year is the Hyundai model that offers the best value for the money.
Are Hyundai Sonata repairs expensive?
During the first ten years of ownership, a Hyundai Sonata will require maintenance and repairs costing approximately $5,998.
This is $1,098 less than the industry average for popular sedan models. Additionally, there is a 17.73% risk that a Sonata will need a significant repair at that time. Compared to competing automobiles in this segment, this is 3.77% better. The following graph shows how these expenses and the likelihood of repairs will rise over time.
Are Hyundai Sonatas durable?
In my search for a new vehicle, the Hyundai Sonata drew my attention. I believe itad be ideal, but I keep hearing how unreliable ita is. How long should a Hyundai Sonata last, exactly?
In less than two minutes, find out if your auto insurance is being overcharged.
The Hyundai Sonata is one of the most durable vehicles available because to its reputation for dependability and minimal maintenance expenses. In actuality, Sonatas are frequently reported to endure between 200,000 and 250,000 kilometers. Even some owners claim that their Sonata has lasted for well over 300,000 miles.
Given that the typical American drives 15,000 miles per year, it is reasonable to assume that your Hyundai Sonata will last between 13 and 17 years. Of course, you can only expect your car to last that long if you maintain it properly.
Although they may keep up reasonably well over time, cars are still just machines. Without routine maintenance, your car is likely to break down soon. To further understand what a proper maintenance schedule comprises, consider the following major auto maintenance tasks:
- freshening air filters
- Check the belts and hoses.
- Change and cleanse the fluids
- turn the tires
- alter the spark plugs
Remember that maintaining your Hyundai Sonata on a regular basis can help you keep it in peak condition for as long as feasible. However, no amount of maintenance will be able to keep you safe from auto accidents. Use the Jerry app to get the auto insurance you require at the most affordable price to guarantee that you always have the resources to repair your Sonata.
The Jerry app, a certified broker, assists customers in quickly comparing customised rates from more than 50 leading companies, including Progressive and Allstate. When you locate a quote you like, Jerry may assist you with changing coverage and even in terminating your current insurance. Jerrya users save $887 on average year on auto insurance, and signing up only takes a minute.
Is the Hyundai Sonata a high-end vehicle?
No, the 2021 Hyundai Sonata isn’t what most people would classify as a luxury car, but there are some aspects of this model that are extremely reminiscent of a high-end automobile. The inside of the 2021 Sonata in particular offers a refined, lovely atmosphere. There is a ton of luxury equipment on board, and the passenger space is generous.
The pricing is one thing that distinguishes the 2021 Hyundai Sonata from premium cars. More people can afford this equipment than typically do actual luxury brands. Hyundai is committed to offering impressive value in terms of content.
According to reviews, the 2021 Hyundai Sonata’s appealing inside feels more expensive than the sticker price would imply.
Hyundai might discontinue the Sonata.
According to numerous sources, Hyundai Motor Group plans to discontinue the Sonata midsize sedan, ending a run of more than three decades in the United States. The Chosun Ilbo, a Korean tabloid, was the first to disclose the demise of the Hyundai Sonata and claimed that Hyundai was not working on a new model.
Hyundai axed the Sonata for what reasons?
Although we assume that the sustained desire for SUVs also plays a significant factor in the decision, the Sonata is apparently being canceled in favor of future electric vehicles. Hyundai wants to be an all-electric brand by 2035, so it doesn’t make much sense to invest in gas-powered cars like the Sonata.
With what does Hyundai plan to replace the Sonata?
According to a Korean newspaper, the corporation is not creating a new version of the four-door and the present model may be discontinued around 2025.
- After the current generation of the Sonata mid-size car is finished, Hyundai is apparently going to stop making it.
- Since the 1989 model year, the Sonata has been available in the United States.
- The Sonata will soon be replaced by new EV vehicles, such as the Ioniq 6 sedan, in the lineup.
Hyundai and Kia are two of the main holdouts in the mainstream mid-size sedan sector, along with Honda, Toyota, and a few other automakers. This segment has significantly declined in recent years. However, a story from the Korean newspaper Chosun Ilbo suggests that even the popular Sonata brand could disappear from Hyundai’s range in the coming years. In response, a Hyundai representative informed C/D that “Sonata is still a key component of Hyundai’s product lineup and will be in the future. Any rumors about its future are only conjecture.”
The Sonata sedan is expected to be discontinued after the present model runs its course, possibly as soon as 2025, according to the report’s citation of sources at Hyundai. Given that the eighth-generation Sonata, which is currently on sale, made its debut for the 2020 model year, it is expected to get one final makeover before it retires permanently.
In favor of new EV models, the Sonata, which has two gasoline engines and a hybrid drivetrain, will gradually be phased out. The impending Ioniq 6 EV, a sedan, may effectively replace the Sonata in Hyundai’s portfolio, albeit it will likely be much more expensive than the Sonata’s current $25,545 base price. It was also recently stated by Hyundai that it would create electric vehicles and batteries at a new facility in the United States; however, it is currently unknown exactly which models would be produced there.
Additionally, it is unknown how this may influence the Kia K5 sedan, the Sonata’s corporate cousin. Sonata production is probably going to continue for a while, so we anticipate hearing more over the next year or so.
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