How Much I paid for my 2024 GENESIS GV70. Full Cost Breakdown
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- Опубликовано: 29 июн 2024
- You are here to see how much we paid for our new Genesis GV70 and today, I will give you a full breakdown. By the end of this video, you will know if we paid MSRP, under it, or even a dealership markup.
But let's go back to 2020: Rates for auto loans were low. In February of that year, car loans were at 4.56% for 60 months. (www.statista.com/statistics/2...) In fact, between February of 2014 and February of 2020, rates on a 60 month loan remained between 4 and 5 percent.
Not only that, but car availability was also high. In 2019, new car inventory in the USA was 35% higher than in September of 2023, those are the latest numbers I could find. (www.coxautoinc.com/market-ins...)
Then 2020 hit us like a ton of bricks and all that changed. In fact, the release of the GV70 was delayed. I was excited about the GV70 when it was first announced but it got pushed so far back that I discarded the idea and instead bought a 2021 Tesla Model Y. The payment for that Model Y was at the time, my biggest to date at $874.99. But this gets trickier. I'll tell you why a little later.
The supply shortage affected the car industry in a way that nobody could have imagined. With less cars available came dealer markups. Another phenomenon also became common: car flipping. Before that madness, dealership markups were mostly associated with sought-after, special cars but during the pandemic, most dealerships were marking up anything and people were paying it.
the GV70 was my first new car purchase since the Model Y. And one awesome thing about the Model Y is that Tesla doesn't have any price haggling so what you see is what you get and that brought me peace of mind in the buying process, knowing that I would pay just as much as the next guy.
I had heard not-great things about dealerships from the Korean auto group but upon setting foot at the Genesis showroom, one of the first things that I encountered is a sign that said: We don't sell above MSRP... what a relief!!! I had never seen that at any dealership in the past and it was certainly reassuring. BTW, that was NOT what I encountered the day before at Lexus.
Let's go back to the total cost of my Genesis GV70. Let me start by showing you the window sticker. Let's see what it reveals. the MSRP says $58,860. We went with a special color which is another $575 and a few accessories that came with the car from the factory for another $290. Both extra charges were included in the $58,860.
At the time of our purchase, there were some manufacturer’s rebates available, and the sales consultant informed us of these upfront and we took advantage of all options available. I remember one of those was a $1000 rebate for current owners of vehicles from certain premium brands. And this is where my old E30 made me save $1000.
At the end, I was able to bring down the total price of our GV70 to $56000 and I thought that was pretty reasonable. The back and forth was minimal, over text message, and I agreed to a fair price.
But the real savings came in the form of the interest rate: 2.99% for 60 months! That is a great deal! That rate is no longer available, so I feel lucky that timing worked in our favor. And that is why my monthly is astronomically high: in order to get this rate, I had to finance our GV70 for 60 months; going for 72 months would have increased the rate to 3.99%, which wasn’t bad at all, but I rather pay a little more per month and save in the long run.
In summary, we paid 4.86% below MSRP. We didn’t have to buy any dealer installed options, our APR was 2.99%, and our monthly payment is crazy high, but it allows us to save thousands in the long run.
We put down $5000 and our monthly payment is $1013.46. So, multiply that by 59 for a grand total of $59,794.14 and once you add the downpayment, at the end of 5 years I would have paid $64794.14.
I make a lot of mistakes in my life and my videos are a reflexion of that. None of what I say erroneously in my video is with the intend to misrepresent the GV70, the Genesis brand or my experience with these. The final price we paid reflected different manufacturer instant rebates to include a holiday/end of year themed rebate for $1000, and another one for current owners of certain premium brands for $1000 as well. (I forgot the actual name of it)
Full review of my 2024 Genesis GV70:
• 2024 Genesis GV70 Owne...
My video on my RX350:
• Lexus RX350 Long-term ...
For a full review of my Tesla Model Y Performance, please watch
• TESLA MODEL Y OWNER's ...
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A few weeks ago I pulled the trigger and went to purchase my GV70 2023 2.5T S.P (same Vik Black, exterior color as yours) used. It only has 9,617 mileage on it and the used car market is dropping prices now. Currently 2nd owner, and no reports of accidents and only 1 serviced maintenance report. The sticker price of the vehicle is $57.5k, but it was sitting on the Mitsubishi dealership lot for $42k (down from $48k, $6K price drop).
30k cash down payment @ 7.04 APR, monthly payment is $285/72months. I plan to pay off the remaining entire balance by next year.
Overall, really enjoying the ride and vehicle, also a big technical/safety package upgrade where I'm coming from an old 2012 Hyundai. I was able to maintain my old car for 12 years (still works, but giving it away to a younger relative), so I'll maintain this new SUV for 12+ years.
Oh wow! Yeah, used car market is very volatile now. Private party owners sitting on vehicles with upside down loans and dealerships with cars they can’t sell. I don’t know if you’ve seen the guy from Vegas “Lucky Lopez”? Who talks about the used car market.
Congrats to you! Genesis usually depreciate a lot and makes sense to either lease or keep for a very long time like you plan to do. That’s what I want to do with this one. So far we like it a lot. It’s got almost 4K miles in about 7 weeks!
Are you putting 91 octane on yours? I do 87 because it says “recommended” meaning it should do fine with either one with I’m guessing less output with on 87.
@@JuanCarlosLTO Yeah, the used car market is volatile right now. I haven't kept up with Lucky Lopez, I normally watch CarEdge and other channels out there. Genesis is fairly new and only been around since 2015, 2016? But they're making a strong competitive advantage for the price point compared to all of the other mid-size luxury brands. I originally came from an old 2012 Hyundai and the car still works, so Korean brand is not top tier compared to Japanese cars, but they're getting up there as long you maintain it well enough. Although, since Genesis is new they do depreciate faster, however, the previous owner of the vehicle would already absorb a big portion of depreciation the first year. I'm putting 91 octane on mine. The manual says it's recommended, but it doesn't oppose to require, so 87 should do fine.
@Brosephh it’s crazy just to think that the dealership that sold it to you is, most likely, selling at a profit at $42k. Imagine if this car was owned by a private party, how much the original owner lost!
You took a great opportunity especially for the huge down payment that allowed you to dodge massive interest charges.
@@JuanCarlosLTOThere's actually a similar GV70 at the Glendale, CA Genesis Dealership that is selling 2 used 2023 GV70s close within the same ballpark price, $45k-48k and has 10k-17k mileage on them. Most 2022 models with over 35k mileage are still selling over $40K in other states. I think Genesis will retain their value somewhat decent.
I’ve also found that there’s a pretty steep depreciation on these GV70s the first year. I’m was ready to replace my Santa Fe with a new one, but decided to look at the Genesis. Beautiful and so much more than the Caligraphy. Letting the first owner take the brunt of the depreciation makes buying a low mileage an easier decision. My problem is there’s no dealership or even an used one locally.
This was one of the best cost breakdowns I’ve ever seen great video!
Thanks man! I try my best.
Just found your channel. I appreciate the video. Very informative.
Thanks George!
second time I watched this! great info thanks! I love this SUV, any thoughts on the 2025?
i really appreciate these costs of things videos because i feel in america people don’t like to talk about how much they spend or make.
Agree! New vehicle ownership is expensive, even for a middle class income. With the average price of a new car near 48k and rates being so high, monthly payments are a big chunk of the average American. We’re lucky that wifey works so we have two incomes, no kids and a very low mortgage because of when we bought our place in now expensive San Diego, but some of my neighbors here pay north of 3k for the same house.
We’re so lucky that our situation allows ME to make dumb money decisions like buying new cars every 3 years 🤣😭
@JuanCarlosLTO I'm in S.F. Bay Area and wife and I both work also no kids and we can barely afford to live here. Our largest expense is our two older dogs. Vet costs are without ceiling. ~ Mike
Thank you for the video! I thought is was very honest and informative. Yes!, it's a lot of money to be paying over 1K per month for a car, but you got a 2.99 APR and you paid under MSRP.
Thank you! Yes, not cheap to own a “nice” car these days. But we love it and enjoy driving it a lot. Thank you for your input
Is it Canadian dollar or usd?
I guess I did a great job negotiating. I purchased one a week ago with the same sticker price. 2024 GV70 sports prestige package. After the $1500 luxury trade in, $1000 luxury car owner rebates and $3100 trade in for my Mercedes I walked out the door paying $50,980 plus they threw in the $1900+ extra weather mats, tinted the windows and they scratch guarded the door handle areas for free. I was able to finance it for 4.013% over 60 months through my financial place. After all was said and done $938 a month 60 months. My only question is should I get any of the warranties they offer? He marked those prices way down and said they will be available to me for a while. Like $1900for 7 years of service which includes oil changes and filter changes etc.... It came with the 3 year valet service included.
It all depends on your ownership habits and plans. If you think you’re near certain that you’ll be keeping it for the long haul I would definitely see at what the service agreement warrants and covers.
Good job getting a good deal! Those dealer installed options have a very subjective value and I’m glad you didn’t pay for them.
@@JuanCarlosLTO Thanks for the advice. The only thing I would've paid for were the tinted windows. I chose black and think the tint looks good with the black exterior. I will only use the mats picking up my friends kids from soccer practice on Tuesdays ha.
haha that's literally the mortgage on my house...my rental house
🤣
Damn that's expensive for a 2.5T Prestige. Yeah you got it down to around $56K but I would've pushed for 10% off so around $6K off minimal. Ideally I would say $10K off but chances are there were no more 23s left I bet.
I was interested in getting the GV60 but only in the 3.5T Prestige but that was going for $72K or so. Way more then what I wanted to spend and if I was going to spend that much I would've went with a different car altogether. I can agree that all these new car prices are crazy now. It's best to buy a 2 or 3 year old car instead.
I know you said EVs isn't going to work for your family and that's why you got rid of your MYP. I bet you lost a lot of money on that top as the value tanked a little over a year ago cause of that big price drop in early 2023.
I recently just picked up an EV6 GT which I know you reviewed but for the GT-line RWD I have think. I'm leasing mine cause I only wanted to do that on EVs at this time. I got them down to $50K after all rebates from $64K. It's a tad smaller than the GV70 but it will do for right now. I do ultimately want to keep it but we'll see how it goes 2 years from now. I'm paying about $550 a month with $3K down. Not so bad if you ask me. I think the MF equivalent APR was 1% or so. I'm loving the car so far and did some mods (PPF & tint) to it even tho it's just a lease. 😊 Like I said I'm planning on keeping for a while if anything.
As for your GV70. That's a nice trim but yeah I don't like that mesh they did on the 2.5T. It just seems out of place imo. Why not use suede or so instead? Other then that it's a nite car overall. I just wouldn't pay over $1K payments for it that's all. Everyone has a different budget tho so I understand. Luckily an EV works for me and it's my first one. I'm loving the change of not waiting in line for gas. Range isn't an issue for me as I will be mostly local with some trips throughout the year.
Enjoy your new car!
About our MYP: we lost a lot of money like with every new car that you sell after less than two years of ownership but luckily we were able to dodge the big hit from January of 2023. I randomly got rid of it on December of 2022 otherwise it would have been worse.
About getting a bigger discount on the GV70: maybe I could have done better with the negotiation on a 2023 but prices for the 24 were pretty firm and the wiggle room was pretty much in sync with what I got it for but the 2.99% was going away that week so I would have missed it.
The EV6 is a great choice as a lease because of the $7500 lease incentive. You did great with the negotiation. Recently I was at the Hyundai dealership and I see those and the Ionic 6’s sitting in abundance so my guess is that you can get a good deal on those, as you did, congrats.
Did you do a color change with the PFP or just as a protector? I’ve never done one before, I thought about it for the MYP but didn’t keep it long enough.
Thank you for your throughout comment.
@@JuanCarlosLTO yeah you lucked out on selling your MYP at the right time. Yeah leasing my EV will protect me from any crazy EV price drops at this time. You got a great APR deal on your GV70 tho. I'm sure now tho they're doing 0% for 60 mths. There is a crazy deal rn on those Ioniq 6 with no money down you could lease it for $250 a month or so for the base SE model of course. If I was in the market for a sedan instead I would've probably gotten that instead. I've cars are still nice to me tho and I don't mind getting one again. I just wanted to see how owning an EV is and so far I'm loving it. Going camping and sleeping in the car with the heater or AC is awesome and it could only be done with EV easily.
As for my PPF it's just the full protection in the front, hood, and fenders along with several other pieces around the car like those pillars that could get scratches easily. This is something you want to do right away when getting a new car. It's not worth it on a used car imo unless it has super low miles with no paint damages at all. I'm looking to do ceramic coating next. I'm also planning to wrap the top black too. You have a black car so no point on doing that. 😊
Btw love your rims tho. My color choice would be matte white but black is nice too. I love the blue interior tho 😍. Genesis is killing it tho. Those new Magma line of cars they have are awesome.
Sounds like you didn't put any money down or have a trade in for this which would explain the high payment. I never even heard you mention money down/positive trade in equity with that being said of course your payment is going to be over $1k a month.
I do mention in the video that I put $5000 down at 9:42. No trade in. The $5 barely went mostly to cover the sales tax.
The high car payment is due to the “short term” of the loan (48 months) at 2.99%.
Thank you for watching my video.
Yeah I missed that apparently and I still see the dilemma. Unless you're doing large down payments or have trade-ins with positive equity (10k or more) on a purchase over $50k you're not going to get a payment under a $1k a month. If you're not planning on keeping a car more than 4 years to save 1% on interest it's truly doesn't make sense to have a payment that high, unless you really can't live without that car.
@@phild8602 when I was younger I would get into as much car as I could as long as I could make the payment, so I would wound up paying less a month for longer terms. Now I still can’t pay for something like this cash but I rather have that higher payment and be upside down for less of the term. The numbers don’t lie, even a 1% difference means thousands down the road.
My initial car hunt started at something around the $40k mark and I couldn’t stick to the plan 🤣🤷🏻♂️.
No regrets though.
@@JuanCarlosLTO I also have a fascination with the GV70 and test drove one to replace my 2019 A5 Sportback. However, I had restraint when the finances came back with a similar payment of over a grand. Luckily, I'm such a car geek that I know the updated version will be coming with a similar interior to the GV80 coupe and a new 2.5T hybrid engine towards the end of this year or early next year, so I'll definitely be ready for that version.
@phild8602 weird how Genesis is holding back on hybrids… 🤷🏻♂️ I just test drove the Tucson N-Line and I really liked how they implemented their hybrid: no CVT! In that segment everything that has a regular automatic isn’t hybrid and whatever is a hybrid has a CVT. It’s a turbo so it feels pretty good off the line with no drone.
I’m sure when they bring their hybrid versions to the Genesis line up they’re going to be good. I don’t mind sacrificing a little MPG for the old school feel of a regular tranny.
I really like the A5 sportback. Never truly liked the A7, the proportions land better on the A5. Unfortunately I don’t trust Audi long term and I really want to drive this vehicle out of warranty and I don’t think Audi is the vehicle to do that.
(Who knows, watch me dump this GV70 for something else in a couple of years 🤣)
I always wanted to own a Porsche but never had the chance and or money… a pre owned Cayman it’s still a dream but I’m getting old and want to be more conservative with my car spending…
I was a kia dealer in cary nc .The dealer add-on has 200 dollars for nitrogen air ...wtf I left the dealer ,I will get my ev 9 somewhere else
That’s awful! I went to the local Lexus dealership and every single car had dealer installed option packages. I told the sales rep I would not be paying for anything that didn’t come with the vehicle from the factory and he said: “we can negotiate” I’m like WTF? There’s nothing to negotiate. I get it that dealerships struggled during the pandemic because of supply shortages and they had to maximize their profits on the few vehicles they could get allocated. I don’t care, I’m not paying for anything extra.
$200 for nitrogen 🤣
@JuanCarlosLTO also supposedly tinted windows, what a coincidence all the models are tinted.
thats a scam the green valve caps are all they change. there is no nitrogen in any tires on a lot
I only wish a time will come when i can purchase any vehicle online instead of going to a dealership. While i understand dealer have to make money robbing people is not the way to make money.
Agree! This current system of independent dealerships opens so many doors for irregularities and plainly said fraud. But it’s changing. I don’t think we’ll ever get back to seeing fully stocked dealerships. Low inventory works best even down to size of premises etc. I’ve been in many countries and it’s only here that we’re used to having hundreds of vehicles available to pick and drive off. The internet, social media, etc enables us to make better informed decisions. 🤷🏻♂️
Isn't this what Phil Collins drives?
I pay £560 per month i guess its cheaper in united Kingdom
Nice. What trim level did you get. Because I’ve seen that different countries have different configurations
pounds are worth more than dollars
'Promo SM'
Sorry, no car/vehicle is worth s $1000/month payment (most especially at greater than 60-month terms) or even close to that IMO. But, people tend to use overpriced vehicles (among other things) for a "status-flex" & as some sort of weird personal validation. Most people drive vehicles with monthly payments that are more (often much more) than 8% of their monthly individual gross income (& oftentimes longer than 60/72 month loan terms) - which brands them a financially illiterate fool more than anything else.
I don’t judge people’s reasons for getting stuff. I grew up barefoot, riding old bicycles in Mexico and was happy. I like cars 🤷🏻♂️, old and new and getting them new is bad business.
In my case a Genesis is much less of a status symbol vs the established Germans. I still like RWD based platforms such as the one on which the GV70 rides. Cars in general are way too expensive nowadays.
That 8% you mention… is way higher in my estimations for most people buying new cars now if you consider that the average salary in the USA is $59,384 and the average new car payment is $726…
Thanks for your comment!
@@JuanCarlosLTO Right, a person earning $60K/year shouldn't be financing a vehicle for more than $400/month @ 60/72 month terms (& their rent/mortgage shouldn't be more than $1400-1500/month tops). For someone with a $1000/month auto payment, they really should be earning at least $140K-150K/year. Most people, however, simply aren't financially responsible/educated & simple want what they want, regardless of debt levels or what it does to their longer-term financial health.
@dystopia-usa agree! Even when we talk about percentages of what people should spend on things like mortgage and vehicles… prices are so high up that the people are paying way north of 30-35 percent of their income on housing. And also the monthly payment on a car is just one aspect of the total cost of ownership, etc… insurance rates are going up… 🤷🏻♂️
@@dystopia-usait’s none of your business what other people do with their own money. Focus on you. If people in general who couldn’t afford stuff stopped buying stuff, the economy will slow down and thousands will lose their jobs and investors will lose their money. So if a rich person tries to shame you for buying something ‘you couldn’t afford’ (life happens), they’re just being hypocrites
@user-qg2tl3jk9z exactly.
1013 a month for a Hyundai 😳
the badge isn't important for car guys
@aoh4905 The Stinger 🔥