First Deals for 2017 Hyundai Elantra Announced

By

Senior Pricing Analyst

Alex Bernstein is the Senior Pricing Analyst for CarsDirect.com. Each month he studies immense volumes of pricing and incentives data in search of trends that are useful to car shoppers. In the process, he often breaks industry news stories -- his analyses and insights have been featured on websites such as Automotive News, The Detroit News, Autoblog, The Truth About Cars and The Car Connection.

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, Senior Pricing Analyst - January 21, 2016

It may only just be starting to arrive, but the re-engineered 2017 Hyundai Elantra has just gotten its first handful of special offers. The new car features a completely updated exterior, a more upscale interior and boasts the latest safety technology. Hyundai is hoping some initial finance and lease deals will help get the ball rolling. But are the deals any good? And what are your options this month for competing vehicles? Here's what you need to know.

Deal overview

From January 20, Hyundai is offering a $500 bonus for financing any 2017 Elantra. There isn't a low APR deal yet, which will mean financing with the automaker's standard rates starting at 2.49% APR for 60 months.

Bonus offers are looking pretty thin with one exception. Current Hyundai owners can take advantage of a $500 loyalty discount for a total of up to $1,000 in available savings.

If you opt to lease, Hyundai is offering the 2017 Elantra SE from $179 per month for 36 months with $1,999 due at signing. This comes with an allowance of 12,000 miles per year. Current offers expire February 1.

Is it a good deal?

With a base price $100 lower than the outgoing model and a slew of new technology, the 2017 Elantra makes an interesting value proposition. That being said, current offers are fairly lukewarm. In contrast, sell-down offers on the outgoing model have been red-hot.

This month, you can finance a 2016 Elantra from 0% APR for 72 months plus get a $1,500 bonus. There's a larger bonus worth $2,500 also available, but the trade-off is taking a higher APR of 1.9% for up to 60 months or 2.99% for 72 months.

To sweeten the deal, there's a $500 conquest bonus for non-Hyundai owners or a $500 loyalty bonus if you're coming from another Hyundai. That's up to $3,000 in cash back plus low APR. If you qualify, that's a stellar deal.

As far as leases go, the 2017 Elantra ranks poorly in terms of value. Compared to the 2016 model, it may not look so bad with a difference of just $10 in monthly payment and $10 in amount due. However that doesn't mean much given that the 2016 model ranks poorly as well, with nearly the same effective lease cost as a 2015 Sonata SE.

Is there a better deal right now?

You may think there's a sort of penalty for buying as soon as a car is released. While it's true that an in-demand car will likely command higher prices, they aren't always a bad deal.

For example, the redesigned 2016 Civic just went on sale but most shoppers don't know Honda is offering a rare 1.99% APR offer for up to 72 months. Considering the car is new and Honda almost never offers low APR for terms that long, it's quite unusual.

Leasing a 2017 Elantra currently carries an effective lease cost of $235 when you factor the payment and amount at signing. In comparison, the 2016 Civic is actually $5 per month cheaper to lease ($235 vs. $230). This month's offer on the 2016 Civic 2.0 LX is $179 for 39 months with $1,999 at signing.

If you're shopping based on price, the Toyota Corolla actually ranks as a superior deal right now. You can lease a 2016 Corolla S Plus from $149 for 36 months with $1,999 at signing. With an effective cost of $205, it's a full $30 per month cheaper to lease than the 2017 Elantra.

Our take

Hyundai's first deals on the 2017 Elantra aren't bad, but they pale in comparison to what's being offered on the outgoing model. Things really get interesting when you start making comparisons with vehicles like the redesigned Civic and current offers on the Corolla. We recommend exploring all your options given the range of improvements to technology and connectivity currently being offered.

For an easy way to find the best deals, visit the CarsDirect Deals Page for the latest deal-related news and analyses. Browse expert buying advice updated monthly on nearly 300 models for insider insights you'll only find at CarsDirect. Be sure to sign up for email alerts to have the latest deals delivered straight to your inbox.

Offers listed here are based on a resident in Southern California and may be subject to change. Most lease offers are for well-qualified buyers based on available credit and exclude tax, license, title, registration, document fees and insurance. Not all buyers may qualify. Please check with your CarsDirect Trusted Dealer to confirm details and eligibility.

, Senior Pricing Analyst

Alex Bernstein is the Senior Pricing Analyst for CarsDirect.com. Each month he studies immense volumes of pricing and incentives data in search of trends that are useful to car shoppers. In the process, he often breaks industry news stories -- his analyses and insights have been featured on websites such as Automotive News, The Detroit News, Autoblog, The Truth About Cars and The Car Connection.

Follow On: Google+ | Website