Hyundai IONIQ Forum banner
21 - 40 of 41 Posts

·
Registered
Joined
·
478 Posts
...PS. I am especially concerned about this because I am on the fence between Tesla and Ioniq 5 and Teslas hold their resale values really well.
Both Hyundai and Kia are sold with very long warranties. It is surprising to hear that second-hand car buyers in the US do not value having a number of years of manufacturer's warranty still left on the car they are buying?
 

·
Registered
2022 IONIQ 5 Limited Digital Teal Green
Joined
·
553 Posts
Both Hyundai and Kia are sold with very long warranties. It is surprising to hear that second-hand car buyers in the US do not value having a number of years of manufacturer's warranty still left on the car they are buying?
Americans learned with the engine failures of Hyundai that a lost slip for one oil change was enough to be denied warranty coverage in the engine failure. Even when it is known these failures were a manufacturing error on Hyundai’s part. People are still dealing with the problem from these cars today and in the US it tarnished Hyundai and their 10 year warranty.

I’m still getting an Ioniq 5 because of the recent improvements but these bad stories will stay in peoples minds here for a long time. Plus the US is a very big automotive market.
 

·
Registered
Joined
·
112 Posts
I love my Kias but the general population in the US does not share the same sentiment. It’s considered a budget brand with shady dealers. I have co workers who owned Kia Rios and Fortes and it’s horror story after horror story. While I had zero problems with my Kia Soul…. They botched the engine design and cars from 2014-2021 have need engine replacements and dealers have not been helpful.

 

·
Registered
MY22 Ioniq 5 AWD
Joined
·
603 Posts
Interesting comments and fears re reliability...Here in the UK Hyundai have built themselves an enviable reputation for reliability, up there with Honda and Toyota. Widely regarded as bombproof.
Many surveys show Hyundai, as a brand, to be well thought of and up there with the best.
Interesting reading other comments. But Hyundai & Kia have similar good rep in Australia. It was one of the factors in buying both my last 2 EVs. I know others have complained about them but my Kona EV was faultless & a joy to drive. Early days but my Ioniq 5 is looking the same.
 

·
Registered
Joined
·
36 Posts
I think a bigger effect on resale value, over the make, will be how obsolete they become compared to the new equivalent. Who wants to by a 6 year old Ipad? As the market evolves, range will increase and charge time will reduce (biggest perceived problems 1+2). Improved driving autonomy will come. You never know they might add a rear wiper to the i5 (problem 3) :) . However we have to start somewhere, and I suspect earlier adopters (me Enyaq yet to be delivered) will suffer higher levels of depreciation than first-time buyers in 6-8 years time when perhaps the battery technology will be better and almost certainly cheaper.
 

·
Registered
Ioniq 5 AWD 73
Joined
·
346 Posts
With the way the inflation is going right now combined with component shortages, cars bought a year ago now have actually appreciated in many cases.
There's a world wide money print going on. The consumer price indexes are up 9-12% compared to last year...

I would not paint such a gloomy picture. It's certainly not the worst time to buy a new car if you can get your hands on one.
 

·
Registered
Project 45 - Gravity Gold
Joined
·
731 Posts
I would not paint such a gloomy picture. It's certainly not the worst time to buy a new car if you can get your hands on one.
And I have high hopes of the Project 45's becoming more sought after & collectable in 3 years time as they are now (y)
 

·
Registered
Cyber Grey SEL
Joined
·
43 Posts
With the way the inflation is going right now combined with component shortages, cars bought a year ago now have actually appreciated in many cases.
There's a world wide money print going on. The consumer price indexes are up 9-12% compared to last year...

I would not paint such a gloomy picture. It's certainly not the worst time to buy a new car if you can get your hands on one.
Agree. Just sold my ‘19 Ioniq PHEV for $3K more than I paid for it 10 months and 15K miles ago to the same internet car sales company I bought it from.
 

·
Registered
Joined
·
478 Posts
I love my Kias but the general population in the US does not share the same sentiment. It’s considered a budget brand with shady dealers. I have co workers who owned Kia Rios and Fortes and it’s horror story after horror story. While I had zero problems with my Kia Soul…. They botched the engine design and cars from 2014-2021 have need engine replacements and dealers have not been helpful.

I had Kia Soul II with the 1.6L Diesel engine and automatic transmission.

It was 2010 car, I bought it in 2013 and ran it until 2018 when someone crashed into it while it was parked outside the house and it was written off.

The car had 7 years warranty, but nothing ever went wrong with it, and it was very very reliable during the 5 years I owned it.

Based on my experience, I would have definitely gone for another Kia, but back in September the Hyundai dealer had the IONIQ 5s in stock while Kia were still talking of the EV6 being introduced 'early next year'.

So I went for the IONIQ 5... and I don't regret it.
 

·
Registered
Joined
·
58 Posts
As someone born in Korea, I owned quite a few Korean cars (both Hyundai and Kia). Since about 25 years ago, both have improved tremendously. Their resale values have gradually improved too. May be not quite Toyota level, but it's not like what it used to be - quite competitive now.

Also, to those who say cars are not investment, therefore you don't worry about resale value is a nonsense to those who don't intend to keep cars for a long time. If you want to compare apples to apples, you do need to get the resale value and figure that into the equation for the true cost of ownership. Faster depreciating cars do cost more over time, so that is equivalent to owning a more expensive car with higher resale value everything else being equal.

I too have gone through the comparison between the I5 and Model Y, building a huge spreadsheet in the process. Model Y will depreciate slower but MSRP is quite a bit higher, especially in Canada where the government rebate applies only to the I5. Given this, the I5 wins this time around for me because it's a better value despite faster depreciation. If their purchase price & depreciation were identical, I would have gone with the Model Y (and yes, it too, has its share of surprisingly dumb shortcomings).
 

·
Registered
Joined
·
20 Posts
Within my North American circles, Hyundai is generally known for having long warranties, fixing their mistakes, but you do have mistakes. Friends and family that have bought Hyundai have had to take them in for warranty repairs. It gets done. But it's a nuisance, you'd rather just have a car that works.

But we shouldn't group the Ioniq 5 with other Hyundai North American cars. A great deal of their North American vehicles are built in North America, and generally that is not seen as producing high quality. In Europe, where it appears people associate Hyundai with quality, it looks like they're built in Turkey and Czech Republic. The Ioniq is being imported right from Korea. That's not going to be on par with the N/A builds.

The Model Y (Long Range) is $87K CAD (taxes in); has more than 100km range on the Hyundai. The Hyundai Ioniq 5 AWD Preferred is $56K (taxes in). I do think the Tesla Y is going to be a better car in a lot of ways. But that is a big 30K to pay for. And if the Y loses 50% of its value in 8 years, that still makes it 43K you've paid for. That's almost the entire Ioniq 5 :)
 

·
Registered
Joined
·
97 Posts
my model 3 is almost 4 years old, and i can get around 50k for it. my prius prime is almost 5 years old and i can get 24k for it.
i was planning on trading in the prius for the ioniq 5, but now i am thinking of trading in the tesla for a rivian r1s. i really hate dealerships, and like the direct sales tesla, rivian, and lucid are doing. however, i feel like the rivian might depreciate more than the hyundai. the tesla held its value extremely well, and i dont think any car could replicate that except another tesla or toyota. i just dont want to trade in the "nondepreciating" tesla for something that will lose its value faster, but i do like the rivian better than the hyundai. it is very expensive though, and doesnt have the 800v architecture the hyundai has, so long term the battery tech in the rivian will become outdated fast. however, the rivian will get better with over the air updates, better than the hyundai. dont want to get a model y because i dont trust tesla anymore but im just worried about the depreciation for the hyundai vs rivian.
 

·
Registered
2022 IONIQ 5 Limited Digital Teal Green
Joined
·
553 Posts
Also, to those who say cars are not investment, therefore you don't worry about resale value is a nonsense to those who don't intend to keep cars for a long time. If you want to compare apples to apples, you do need to get the resale value and figure that into the equation for the true cost of ownership. Faster depreciating cars do cost more over time, so that is equivalent to owning a more expensive car with higher resale value everything else being equal.
I’m assuming you are speaking about me as I’m the only one who said that in this thread. If so it’s a mis-quote. I said they are not good investments. The majority of cars depreciate tremendously after purchase. This COVID bubble we are in is causing new and used car prices to go up across the board and it is unusual to say the least.

Feel free to buy a car that you feel will give you the best resale value. A financial analyst with still call it a depreciating asset.

I personally selected the Ioniq 5 because it doesn’t burn gasoline, has very interesting style and features, and that it makes me happy. It may be foolish but it how many people see vehicle purchases.
 

·
Registered
Joined
·
71 Posts
I think all EVs will hold their value well for several years yet as demand worldwide will continue to outpace production.
Tesla has demonstrated how quickly it is possible to ramp up EV production, and as the existing car makers realise that they also need to switch fully from ICE to EV we will see manufacturing rates of EVs accelerate.
My estimate would be that in 5 years time we will see EV production more closely matching demand, and with falling battery prices and increasing range and EV prices starting to come down in real terms we will then start to see a more rapid fall in second hand EV prices for older technologies with shorter range.
I think the Ioniq5 will hold its value better than other brands and in two years time I will be able to trade in again to try the latest EVs
 

·
Registered
Joined
·
112 Posts
Traditionally EVs have depreciated by 50% in 3 years in the US because of the $7500 tax credit. Ford and VW knew this and wrote their leases (well Ford Options for the Mach-E) to account for this.

To me, EVs are the WORST car investment to make except maybe Teslas (because of fanboys and demand and shortages). In two years.. EVs will be faster, better, have more range, etc. Don't buy "new tech" as an investment. Go buy a classic car or something. Or a Toyota or Subaru.

.
 

·
Registered
Joined
·
44 Posts
Discussion Starter · #36 ·
Within my North American circles, Hyundai is generally known for having long warranties, fixing their mistakes, but you do have mistakes. Friends and family that have bought Hyundai have had to take them in for warranty repairs. It gets done. But it's a nuisance, you'd rather just have a car that works.

But we shouldn't group the Ioniq 5 with other Hyundai North American cars. A great deal of their North American vehicles are built in North America, and generally that is not seen as producing high quality. In Europe, where it appears people associate Hyundai with quality, it looks like they're built in Turkey and Czech Republic. The Ioniq is being imported right from Korea. That's not going to be on par with the N/A builds.

The Model Y (Long Range) is $87K CAD (taxes in); has more than 100km range on the Hyundai. The Hyundai Ioniq 5 AWD Preferred is $56K (taxes in). I do think the Tesla Y is going to be a better car in a lot of ways. But that is a big 30K to pay for. And if the Y loses 50% of its value in 8 years, that still makes it 43K you've paid for. That's almost the entire Ioniq 5 :)
I think Y is a bad proposition in Canada. Really expensive there.

Here in US, I have a new Model Y locked up at 57k. While the Ionic 5 Limited AWD which I am considering comes in at about 55k. Not much of a difference.
 

·
Registered
Joined
·
58 Posts
I just tried equipping Tesla Y the way I want. In Canada, it's just under $90k. In USA, it's just under $70kUS. The price difference doesn't appear to be that big if no rebates are available.

Ioniq 5 maxed out in Canada is $60k, and qualifies for$5k fed rebate so at most $55kCA.

I guess you took out the FSD feature from the Y, which is a major attraction in my case for going to the Y.
 

·
Registered
Joined
·
112 Posts
I guess you took out the FSD feature from the Y, which is a major attraction in my case for going to the Y.
Having owned CCS1 EVs like the ID.4 and Mach-E (loved it) ... the biggest advantage of the Y is the Supercharger network (along with Dashcam/Sentry). Electrify America is terrible. I had free 3 years charging with the VW and pretty much learnt to hate it at the end of my ID.4 ownership. With the Mach-E, I just only charged at EA during the free weekends and tried to find other DC chargers like EVGo or FPL Evolution when on road trips. When I owned the Y, Superchargers were everywhere. I had zero range anxiety. I drove the Y like a gas car which with an CCS1-based EV in FL is a bad idea... I just went 200-250 miles in a gas car - randomly visiting various Hyundai dealerships and this would have gotten me in trouble with an ID.4 or Mach-E.

Don't think Canada is the same though. The non-Tesla network might be better.
 

·
Registered
Joined
·
58 Posts
Based on my own research, I think Tesla network is still better here too. I see some fast non Tesla charging stations popping up here and there but Tesla is already here. May be in few years, we'll catch up.
 

·
Registered
Joined
·
162 Posts
Traditionally EVs have depreciated by 50% in 3 years in the US because of the $7500 tax credit. Ford and VW knew this and wrote their leases (well Ford Options for the Mach-E) to account for this.

To me, EVs are the WORST car investment to make except maybe Teslas (because of fanboys and demand and shortages). In two years.. EVs will be faster, better, have more range, etc. Don't buy "new tech" as an investment. Go buy a classic car or something. Or a Toyota or Subaru.

.
This is the most accurate post on this topic so far. Black book evaluation on my Kona EV dropped 50% over the first 2 years, with recent COVID bubble stuff it re appreciated 10% so I have "only" lost 40%, lol. I was originally going to trade against the Ioniq 5 but for that loss but its worth my while to keep it and pass it to my wife as an upgrade to her current ride. Fortunately she likes the car and the depreciation loss should even out with a few more years of ownership.
 
21 - 40 of 41 Posts
Top