How to Get the Best Deal on a Hyundai Elantra: A Complete Guide
Are you in the market for a Hyundai Elantra? You've come to the right place! In this blog post, we'll dive deep into how to negotiate the best deal on this fantastic compact sedan. We'll cover everything from sales data to inventory levels, and even provide you with a target discount to aim for. Let's get started!
Why Consider the Hyundai Elantra?
The Hyundai Elantra is an excellent choice for budget-conscious buyers. Here's why:
Starting price under $25,000
Impressive fuel efficiency (36 miles per gallon)
10-year powertrain warranty
Despite these great features, Elantra sales have been declining in recent years. This trend isn't unique to Hyundai, though. The entire compact sedan segment has been affected as more consumers opt for subcompact SUVs.
Current Market Situation
Historical Sales Data
Elantra's peak sales: Around 240,000 units in 2015
Current annual sales: Approximately 140,000 units
Comparable models:
Honda Civic: 240,000 units
Kia K4: 140,000 units
Nissan Sentra: 152,000 units
Inventory Levels
Hyundai has a healthy inventory of Elantras, second only to the Nissan Sentra:
Nissan Sentra: 26,000 units
Hyundai Elantra: 16,000 units
Kia K4: 14,000 units
The most common trim levels are:
SEL Sport: 7,000 units
SEL Convenience: 5,000 units
How to Negotiate the Best Deal
Target Discount
For this example, we'll focus on the Elantra SEL Sport with an MSRP of $24,800.
Aim for: 10% off MSRP (about $2,500 off)
Settle for: 6.5% off MSRP (about $1,500 off)
This strategy should bring your target selling price to around $23,188.
Current Incentives
Hyundai is offering two options:
3.99% promotional APR for 60 months
$1,000 rebate (if not using the promotional APR)
Choose the option that makes the most sense for your financial situation.
Financing vs. Leasing
Financing Option
Assuming you finance $23,188 at 3.99% for 60 months:
Monthly payment: $442
Total 5-year cost: $28,057 (including taxes and fees)
Estimated 5-year resale value: $16,120 (65% of original price)
Pro tip: Used 2020 Elantra Sports with under 60,000 miles are selling for around $18,000, which is about 72% of their original price. This indicates excellent resale value!
Leasing Option
For a 36-month lease with 12,000 miles per year:
Residual value: 61%
Money factor: 0.0023
Lease cash: $1,250
Estimated monthly payment: $274 (not including tax)
Total 3-year cost: $12,166
What's the Best Choice?
While both options are attractive, purchasing the Elantra might be the smarter move. The depreciation is minimal, and with the promotional financing rate, your monthly payments won't be much higher than leasing.
Conclusion
The Hyundai Elantra offers incredible value for money, especially when you know how to negotiate. By aiming for a 6.5-10% discount off MSRP and taking advantage of current incentives, you can secure an excellent deal on this reliable and efficient compact sedan.
Remember to do your research, be prepared to negotiate, and don't be afraid to walk away if the deal doesn't meet your expectations. Happy car shopping!
