I know this campaign is going to resonate quicker with consumers. More so than Chrysler’s “never pay more than $2.99 a gallon” one did. But before mainstream media starts writing story after story on how Hyundai is sympathetic towards laid off workers, etc., please read the fine print.
As Autoblog.com points out, the plan only covers $7500 of depreciation. So far consumers aren’t buying it come first impressions. Take a look at this commenter on Autoblog’s opinions on the campaign:
“…They’re using trade in value.
2009 Sonata gls msrp $23,145
tax title lic doc $2,300
down payment $2,000 (National average)
Trade in value on an 08 $11,525 (Kelley blue book)
Hyundai good will $7,500
Still on the hook for $4,420
I used an 08 for comparison only because Kelley does not list an 09 yet. And as anyone knows, once a new car leaves the dealer it’s consider a year old.
There you have it. It’s a nice idea, but if you’re in danger of losing your job, why would you be looking at purchasing a new car anyway?