Why NO ONE is Buying the NEW Hyundai Santa Fe in 2024
Why the Hyundai Santa Fe Might Be a Great Used Car Deal (But Not So Much New)
As I drive past my local Hyundai dealership every morning, I can't help but notice the row of Santa Fe SUVs prominently displayed. They've got a distinctive Lego-block design that somehow works, except for those afterthought taillights. But looks aside, is the Santa Fe a smart buy? Let's dive into the numbers and see why this SUV might be a better deal used than new.
The Santa Fe's Sales Slump
Despite a recent redesign, the Santa Fe's sales have taken a nosedive:
Historical sales: Around 120,000-130,000 units annually since 2014
Current year: Only about 75,000 sold, might not reach 100,000
Comparison: Far behind competitors like the Honda CR-V (268,000) and Toyota RAV4 (319,000)
More in line with: Nissan Rogue and Subaru Forester
Inventory Insights
The current inventory situation reveals some interesting points:
Total inventory: 21,000 Santa Fes
Majority are gas models (75%), with only 25% hybrids
Split between model years: 10,000 2024 models, 7,000 2025 models
Trim levels: 40% Calligraphy, 20% each for Limited and SEL
Pricing and Discounts
Let's focus on a 2024 Limited AWD model:
MSRP: $46,825
Target discount: 8-10% off sticker
Potential selling price: $43,079 (with 8% discount)
Current Incentives
Hyundai is offering some incentives, but they're not particularly exciting:
2024 models: 2.99% promotional financing for 60 months
2025 models: 4.99% financing
No cash rebates for buyers
Lease terms: 64% residual at 36 months, 12,000 miles/year, $750 lease cash
Lease Analysis
After crunching the numbers, the lease option doesn't look great:
Monthly payment: $531 (excluding sales tax)
Even with a 12% discount, it might only drop to the high $400s
The Used Santa Fe: A Hidden Gem
Here's where things get interesting. When I looked at used Santa Fes, I found some incredible deals:
2021 Santa Fe Limited with under 40,000 miles: Typically around $27,000
Fully loaded with features like ventilated seats, remote starter, and more
Conclusion
While the new Hyundai Santa Fe might not be the best deal right now due to high MSRPs and subpar lease terms, the used market tells a different story. If you're in the market for a well-equipped midsize SUV, a slightly used Santa Fe could offer tremendous value.
Before making a decision, always do your research and compare prices in your local market. And if you found this information helpful, why not check out the original video for more details and insights?
