Hyundai Cars?

Help! My husband and I have found a car we really love, a 2002 Hyundai Santa Fe. We found it Saturday…spent Sunday researching the car (all good) and thinking about the money, etc. Very excited, going to go tonight (Monday) to seal the deal.

I tell my boss about it this morning, and he tells me that he heard Hyundai is on the brink of bankruptcy! Oh, no! Since the warranty was one of the highlights of the deal, this puts a little damper on our excitement.

Problem: I can’t figure out if what my boss told me is accurate. I tried google, but all I can come up with is some stories from 2000 about Hyundai being on the brink, but nothing more recent than that. I know nothing about finance, etc. I don’t know how to read the stock market symbols, so those are meaningless to me. I don’t want to pay for a subscription to one of those business magazines just to read one article that probably won’t tell me what I need to know, anyway.

Can anybody tell me either A) how to find the info I’m looking for, or B)simply what the status of Hyundai Motors company currently is.

Also, any extra advice, opinions, experience is very welcome. Thank you!

Sorry, mods, if this should be in General Questions, but I thought it sounded more like a survey. Please move at your discretion, of course.

Gaaahh! We bought a 2002 Santa Fe last June. We love it, and the 10 year warranty was also a deciding factor.

Could not find anything more recent than this:

http://news.bbc.co.uk/1/hi/business/1019982.stm

regarding Hyundai and bankruptcy.

But I’ll keep looking.

They might have been hearing about one of the other Korean car companies, which tend to be in the lurch. Daewoo, f’rinstance, had serious money problems, and if its still around its probably only just hanging on.

While Hyundai may be having some financial difficulty (though I haven’t heard this), they’re definitely the best of the Korean car manufacturers, and their cars are very popular around here.

Hyundai’s are also just as reliable as Toyota’s and 1% behind Honda (Again, I’m too lazy to find a cite, but I assure you some recent car magazine confirmed this)

Thanks for the replies, guys. The thing is…we’re totally in love with this car. LOVE the color, love the design, it has really low mileage, love everything. I’m afraid we’re going to make an emotional decision rather than a smart one.

Jeanster, do you have ANY complaints about your Santa Fe?

Maybe we could use this as a bargaining chip to get the price down? Would it be worth it to risk losing warranty coverage here in a year or so, if we get a low buying price in return?

Oreo, we have NO complaints at all about our Santa Fe. We love it. Gets great mileage and has plenty of room inside.

Considering we traded up from a used 1994 Mercury Tracer (ha-ha), it’s no wonder we love it.

I know the price has gone down because a friend paid only $18,000 for her 2002 Santa Fe that she bought a month ago, but since we bought ours in June 2002, you know we paid more than she did. But at the time we really needed a new reliable vehicle because the Tracer was stalling on us and we didn’t want to risk driving in a dangerous car that might stall on the freeway.

They sound like they are doing OK to me.

The Futures’s Bright - For Hyundai Worldwide
Hyundai Motor posts steady sales growth
Hyundai turns around joke - Warranty, new designs make Korean cars hot sellers
Survey: Hyundai gains coveted quality rating

I have not heard anything bad about Hyundai recently – in fact, their sales and quality ratings have been going up drastically in recent years. Daewoo went bankrupt a couple years ago, which is why there are no 2003 Daewoos. Daewoo was bailed out by GM, and their cars will be coming back for 2004 wearing Chevy and Suzuki badges.

-Andrew L

The only bad thing I’ve heard about them is that they did overstate the horsepower on some models and had to correct it. Oreo, you might research that and see if it gives you any buying leverage with the current model.
I’ve been looking at the Tiburon. Any owners out there?

I can’t spend more than $20,000 on a car, but I must have a V-6 engine to overcome the local mountain roads.

I was considering a Sonata, but today I saw a really nice Tiburon on the road…I 'd like to hear from an owner too.

Hyundai’s done a 180 from being a cheap, unreliable crap car, to being a cheap, nicely styled, reliable car. I drove an ElantraGT last fall, and almost bought it. My only objection was that gearing, gear throw, and cornering weren’t up to par with my current Honda Civic. Otherwise, the reviews of the newer Hyundais are very good, and the prices can’t be beat. I don’t think they’ll be going bankrupt any time soon.

They offer good incentives on new cars, so it might be worth looking into that. The interest rates, cash back, etc. on a new Santa Fe might bring the price down to very comparable with the used one you’re looking at.

I totally agree. A Hyundai is an excellent buy these days. Hyundai is a great example of a company making mistakes and actually learning from them. They may still have a ways to go before that reputation for cheapness is gone, but at this point it’s completely unwarranted, except for on the price tag.

My Hyundai Elantra is a magnificent car. For the price, I got a car that absolutely blew the Civic, Corolla, and any U.S. company POS right out of the water.

Yes, I’d rate it higher than the Civic. I drove both extensively; no way the Civic matched it for an even price.

I’ve had no mechanical problems of any sort with the Elantra, except the windshield wiper blades needed replacing. It runs like a dream. It’s roomy. Lots of options. Good pickup for a car that sinze, 140 horse. I recommend it very highly.

I have a 2001 Sante Fe, I will have owned it for three years this upcoming winter. It’s a great car, spacious… reliable and has very good gas mileage for an SUV. There are tons of nice design details and little features that make it a very user friendly vehicle. I haven’t needed the warranty so far so I can’t comment on the service side of things. Can’t recommend it enough, beats the crap out of the Ford Escape (the nearest thing to it really) IMO.

I’ve owned a brand-new Tiburon for a week or so, so I don’t know what my opinion will be worth. But, for what it IS worth, I’m damn well happy with it so far. Give me a year or two and I’ll let you know on the whole ‘reliability’ issue. :smiley:

I’ve owned a Hyundai Accent for about a year and a half now, and it’s a good car. I certainly preferred it to the Dodge Neon I drove for a couple of weeks after an accident. Oreo, I also wonder if your boss is confusing them with Daewoo. The local dealership is offering free tires for the life of the car along with the 10 year warranty, so I assume they can’t be doing too badly. Then again, my last car was a Geo Metro, so what do I know?

CJ

My 2001 Elantra GT is a fantastic car. I have nothing but good things to say about it: it’s sporty, comes with AC, cruise control, sunroof, leather, you name it. I paid only around $16,000 for it, including all fees.

Thank you all so much! You’ve really given us a boost of confidence.

We went ahead and took the plunge last night! Eeek! Our first major purchase together as a married couple (our wedding was in November.) Very scary, very exciting. And the finance guy there was trying hard to convince us to buy a house. I told him I needed a couple of months to recover from the car-buying process before I even considered it. :smiley:

If anybody wants to see our new toy, follow this link:

I can’t link directly to the car for some reason, so choose the “Search for specific vehicle” option, then choose Hyundai from the menu on the left and hit search. Ours is the first one listed. (There’s only two, blue & black…ours is the blue one.) It’s listed at $17,900, but our final buying price was about $16,650.

The color is really more periwinkle than plain blue, so we’re calling the car “Winky.”

Okay…now I’m just getting silly.

Have fun with “Winky”, Oreo!

Hyundais have gone in the last decade from gives-junk-a-bad-name to good inexpensive product, but the carry-over from the total-crap days means they have to offer those big warranties and the resale value is still depressed. But think about it: you get a 10-year or 100K-mile warranty. Most American drivers will add up to 100K in something like 6 or 7 years, by which time a car of that price will have been paid off for years already.

Hyundai seems to be the one of the 3 Korean nameplates that came to the USA that got it together. Daewoo Motor went down and has been taken over by GM (who were already its Western corporate “patron-partner”); Kia Motors also went bust and was taken over by… Hyundai (at quite a cost in debt and reorganization time-and-talent, as it was more a “political” move to keep Ford away, and prevent Kia from dying and sending its workforce into the street all at once).

Hyundai Motors’ major “western” patron-partner is Mitsubishi (within, in turn, Mitsubishi’s partnership with Daimler-Chrysler) – and in a lot of the USA the Hyundai sales/service structure is still tied in with Mitsubishi’s (they started off with co-branded vehicles - the “Mitsubishi” Précis, evoking the spirit of the “Dodge” Colt) so if there were a crisis in Hyundai Motors in the next couple of years, it would be feasible that in order to secure the customer-base asset for themselves, Mitsubishi or Chrysler would “protect” (in their own way, surely) the American Hyundai customers.

The parent Hyundai Corporation is one of those big honkin’ conglomerates in the Japanese/Korean tradition that do everything from building oceangoing ships to running banks to, for all I know, taste-testing chocolate chips. Like almost everyone there they’ve spent some years dealing with a regional economy that has been embarassing anyone who wrote books around 1990, but at least they seem to have kept their heads above water.

Thanks, JRDelirious!

Vroom Vroom!

(Can anyone else tell I didn’t get enough sleep last night?)