Cheaper alternative to buying a new Accord or Camry
The Toyota Camry and Honda Accord are some of the most popular sedans on the market, but over the past few years their price has steadily increased to a point where it is almost impossible to buy one for less than $30,000 if you want a well optioned model. I think a used Genesis sedan presents a cheaper and more luxurious alternative to buying one of these two cars new.
Background on the Accord and Camry
These two sedans have been in the US market since the 1980s and have established a strong reputation of reliability, quality, and value. However, of the past several years we have seen these cars slowly creep up in price - to the point that an average Accord was sold for $25,000 last year - including new AND used models. This is a far cry from the 2010s when a lot of these cars could have been purchased for less than $20,000. The lineups of both models now have more options, V6 engines, and some models can go up to as much as $40,000 for a new car.
Price chart showing increase in Accord prices
Why is the Genesis brand a good alternative?
The Genesis brand was created by Hyundai as its premium offspring. The brand has done a good job of creating premium cars with luxury features and elevating itself to the same level as an Infinity. Being around for several years, there are now quite a few Genesis models on the used car market, and many of them cost as much as a new Accord or Camry. Below are some Models to consider:
Genesis G70
The G70 is Genesis’ entry level car, and most new models start at just over $39,000. Taking a quick look at any used car site, you are able to find 2-3 year old models right in the $25 - $30,000 range for well optioned models, some with the higher powered turbo v6. These models have luxury leather interiors, lots of safety features including lane keep assist and radar guided cruise control, and all wheel drive. This is my favorite alternative for finding value in a 2 year old car that is still under warranty and getting a lot more bang for your buck
Genesis G80
The G80 is Genesis’ midsize car that is more comparable to a 5 series and new models start at over $50,000. Much like the BMW, depreciation has not been kind to the car as there was a recent redesign, so the “old” models from 2019 and 2020 can be found for a steep discount. I was able to find a presumably off lease car with a little over 30k miles for less than $30,000. This is great value for a large family sedan with lots of luxury features and the large 3.8 turbo engine.
