Why the Hyundai Elantra Is the Best Compact Car Deal Right Now
Are you in the market for a compact car? Forget the Toyota Corolla and Honda Civic - the Hyundai Elantra is where it's at! As someone who never used to be a fan of the Elantra, I'm surprised to find myself recommending it as the top choice in its class. Let's dive into why this car is such an incredible bargain and how you can snag an amazing deal.
The Compact Car Landscape
Before we focus on the Elantra, let's take a quick look at the current compact car market:
Hyundai Elantra: Producing about 12,000 units per month
Toyota Corolla: Producing about 20,000 units per month
Honda Civic: Producing about 22,000 units per month
However, when it comes to inventory, Hyundai is leading the pack:
Hyundai Elantra: 18,000 units (including 2,000 hybrids)
Honda Civic: 13,000 units
Toyota Corolla: 7,500 units
This higher inventory level for the Elantra could mean better deals for you!
Getting the Best Deal on an Elantra
Target Price
Based on current market conditions, I recommend targeting a selling price of $23,170 off the MSRP. While this might result in a loss for the dealer, it's achievable given the competition.
Financing Options
If you decide to finance instead of lease, Hyundai is offering 1.99% APR on most Elantra trims. For cash buyers, there's an additional $500 incentive for forgoing the promotional APR.
Leasing the Elantra
Here's a breakdown of a recent lease deal I calculated for a client:
$3,000 lease cash (varies by trim and region)
59% residual at 36 months and 12,000 miles per year
0.00247 money factor
With these terms and the discount mentioned earlier, you could be looking at a monthly payment of around $231 (not including state sales tax)
How to Approach the Dealer
To help you secure a great deal, here's a template email you can use when contacting Hyundai dealers:
Dear Hyundai dealer,
My name is [Your Name], and I'm in the market to lease a car for my son. I'm looking at this particular Elantra from your inventory: [Insert link to the specific car].
I'm also considering the Honda Civic and Toyota Corolla. The vehicle will be leased by me, and my credit is impeccable. We do not have a trade-in.
Ideally, I'd like to be as close as possible to the $200 mark for our monthly payment, with just the inception fees due at start. Can you do something for us?
Thank you for your time,
[Your Name]
A Word of Caution
While the Elantra offers great value, it's worth noting that it received a marginal rating in the updated moderate overlap crash test. The Corolla also received a marginal rating, while the Civic was rated acceptable. This might be something to consider when making your final decision.
Conclusion
The Hyundai Elantra is currently one of the best compact car deals on the market. With its competitive pricing, attractive lease terms, and ample inventory, it's definitely worth considering for your next vehicle purchase or lease.
Remember to do your research, compare offers from multiple dealers, and don't be afraid to negotiate. Happy car shopping!
Which compact car would you choose: the Hyundai Elantra, Honda Civic, or Toyota Corolla? Let us know in the comments below!
