Most seem to be 3/36 with a 4/50 or 5/60 on the powertrain.
Hyundai, of course, has its famous 10/100 on the powertrain and a longer bumper to bumper than others.
If you recall when Hyundai first came out, they built things with poor quality.
Their rep for quality is sparkling now.
Of course, Kia is a part of the Hyundai family.
They are both the best warranty (with 5/60 on the overall vehicle) that I know of.
They are both leaders in the burgeoning EV market - far behind Tesla of course but one of the main players…just as an aside. And they still make a variety of product - as others seem to be doing away with their sedans -Hyundai and Kia have a few. If you want luxury, Genesis is also a part of the family.
Mechanics don’t use them interchangeably. People may use them interchangeably, but they’re not the same thing by definition.
Engines run on combustion. Motors run on electricity.
As I mentioned, other than keeping them clean, ventilated and undamaged, motors do not require maintenance. Motors do die though, eventually.
We have two old Toyota hybrids and they’re both in excellent condition, many, many miles, but have had no issues, but maintenance (brake pads, oil, filters, etc.).
Ditto. My car doesn’t have an engine. It has the big and the 12v battery. It takes a while to remember to say, re: accelerating -stepping on the pedal, not stepping on the gas!
“Get prices for insurance on various models of car before deciding, so that it is not a surprise after you buy (and if the differences are large, that may affect your choice). Note that trim level can matter when pricing insurance.” @snowball this comment may have gotten lost in the side chatter. You probably already know this, but in addition to checking with your insurance to see what it will cost to insure the vehicle(s) you are considering, look on Edmund’s to see what it costs to maintain the car and what the expected resale value (depreciation) will be. These are important factors in the decision as the amount can be significant.m
FWIW, your home furnace/heater, AC and refrigerator, gate operators, etc. have motors that last a very long time (10-20 +/- years), if they’re periodically cleaned, oiled, if necessary, etc.
The Tesla S is a depreciation bomb. My wife bought a Tesla S for over $100k after selling her business as a reward for working 15 years for next to nothing. She sold it just before the warranty ran out for around $35k. Ironically, when she bought the car one of the selling points was that Teslas hold their value.
We will never again buy a BEV, and she replaced her S with a Hyundai hybrid. That story, however, is for another thread.
We bought a Sonata 11 years ago and we have never had a problem with it. There was some design flaw with the inline fours and Hyundai contacted all owners to inform them that they would replace the engine for free - even outside the warranty period - if it showed signs of the identified problem (I think a specific kind of vibration). Compare that to how other brands stand behind their product, regardless of cost.
Our dealer experience at the Hyundai dealer was excellent too. We just bought a Hyndai Tucsan hybrid, and the dealer experience was also very good.
While Hyundai and Kia offer ICE, hybrid and BEV vehicles (most favorably reviewed in the trade press), Genesis only offers ICE and BEVs, with no plans to introduce hybrids.
We bought our Sonata 12 years ago. Unfortunately, I had one of the bad engines that died the day it went on recall! But, they did replace it for free, and I had a free rental while it was out of commission - about 6 weeks. And they extended the warranty on the engine to 120,000 miles.
I’ve been really pleased with mine. Outside that problem, I’ve spent < $500 on repairs in 12 years - not counting wiper blades, tires, etc.
I was really happy with our dealership until Covid. I was not pleased with their protocols. And then they blew off my younger S when he tried to buy a hybrid. I would still definitely consider buying another Hyundai, but we will see when the time comes. I’m hoping mine will last another 3 years or so.
Lets do a bit of math comparing leasing vs financing.
A car’s purchase price is 50000. Assume financing rate for both leasing and financing are both at 5%. Assume term of financing is 6 years.
In 6 years you would pay total of 57,977 for financing. Lets assume the car in 6 years can be sold at $10,000, then you would have paid a total of 47,977.
If you were to lease…Lets assume the residual value of the car after 3 years is 35,000, so you would be financing 15,000 (50000-35000) over 3 years. Your total payments over 3 years would be 16,184. Lets then also assume you would lease another new car after 3 years, then your total payments over 6 years would be 32,368 vs 47,977 over 6 years.
You can run different scenarios changing lease vs finance rate, residual values. Higher residual value cars are better for leasing.
From a financial standpoint I don’t think leasing is alway not economical. You always have the option of buying the car at the residual value after the lease ends. You may think that it is not good if the residual value is too high, but the flip side is you also benefited from having to pay less monthly payments.
I had an ICEV with worse depreciation than that in percentage terms*, although it was a cheap car so that the dollar amount was much less. But it would be a stretch to generalize about ICEV depreciation from it.
*Until the car shortage of 2022, when prices went up for a while. Of course, anyone who bought anything during that time is probably looking at awful depreciation now that cars are not in shortage now.
Reasonable thought process. But I think $10k sounds low after 6 years on a $50k car, even if talking trade-in value. I don’t have any experience or data to back up my assumption. Just stories of people having trouble finding a good $10k used car.
This article (and others) say average after 5 years is 60% depreciation…. so $20k. So 6 years would be lower. Maybe much lower if trading the car.
A lot of assumptions here. The car is depreciating more in years 4-6 than years 1-3 if I buy it? There are no transaction costs for the second lease (registration, title, etc)? Why not include years 7-10, when the advantages of having purchased really start paying off? And of course, purchasing includes the option to not finance over a 6 year period.
I agree that there are situations where leasing can potentially be a good deal. Right now this might be the case in some states, for some consumers, with EVs that carry significant subsidies that can be recaptured every few years. It is rarely the case with ICEVs except in a small percentage of cases. IOW, most people leasing an ICE for a ten year period probably could have done better financially with a purchase, ideally in cash. Although admittedly they would then be driving a 10 year old car (which, yes, is probably the frugal thing to do).
There are a lot of variables. They are different depending on what kind of car you are purchasing/leasing. It is the same when people always assume it’s better to buy a house vs renting. It really depends.
One other thing to consider…the number of miles you drive per year. Leases around here were for far fewer miles than we drove in a year…and buying extra miles was costly. So…we just purchased.
But…we considered leasing this time because we are driving far less miles now.
To us, that’s the real key to our purchase new / keep forever strategy. We know the history on our cars, know they have been treated well. At the moment we are quite happy with our older cars. I drive a 2006 Odyssey (103k miles) mostly just around town. My husband drives the 2013 Audi A6 (108k miles), and it is our road trip car. We may drive it to the East coast again this summer.
When depreciation numbers are given, are they typically based on drop from actual new car sales price after rebates and such (presumably some kind of average that varies frequently), or from new car MSRP?
If the latter, then any car whose actual sales prices were substantially lower than MSRP will have seemingly exaggerated depreciation numbers.
The other thing to note is that if you are interested in cars with worse actual depreciation (from actual new car sales price after rebates and such), it may be better to buy them used.
I assume every article or depreciation survey/analysis will have its own methodology, but I don’t know for sure. Methodology for the article I linked above:
Methodology
What I do know is that the Porsche 911 is typically (not every model/year) amongst the best in terms of the least amount of depreciation. Some used Porsche 911’s sell for above their MSRP. It’s also a VERY expensive car to purchase new or used.
