However, Kia's bankruptcy in 1997, part of the Asian financial crisis, resulted in 51% of the company being acquired in 1998 by South Korean rival Hyundai Motor Company, outbidding Ford Motor Company which had owned an interest in Kia Motors since 1986.[10] Subsequently, however, Hyundai has divested some of its ownership of Kia Motors,[11] and currently Hyundai Motor Company owns less than 40% of the company.
and lastly
Hyundai Motor Corp. outbid Daewoo Motor Co. to purchase Kia Motors and its subsidiary, Asia Motors, at an auction in 1998. As of 2010, Hyundai retains ownership of the Kia Motors brand
Post last edited on 07/11/2010 17:30:53
Post last edited on 07/11/2010 17:31:27
------------- the only silly question is the one you do not ask.
I don't see how you can add what it cost to service for 6 years to the cost of a vehicle when it was new. I still see a drop of £15,500 over 6 years to be a big loss & I wouldn't entertain selling it for that money. It bugs me when they try & sell you something at top dollar yet what ever you have is worthless. It's the same when we try to change lorries, the loss is unthinkable bt we have ittle choice but accept the market as it is if we want to keep going.
To be honest, I won't buy another new car because of the depreciation, you only have to look at the price tags on Land Rover Discovery 3 windscreen on used vehicle forecourts now to see the 1st owner has had to absorb big depreciation on them. I was looking at a Hyundai Terracan on a main dealers yard recently it was on a 54 plate with a price tag of £8,000. There was a similar one on Ebay at only £4999 & it didn't get one bid. I thought they were pretty tidy vehicles for the money but Mrs BB didn't like them so we didn't bother.
If I was in your shoes, I'd keep the vehicle until it falls apart, that's what we're doing with our Espace, it's top of te range & was £38,000 new, I bought it at 25 moths old for £19,000 & we've had it for 5 years now so it owes me nothing but I couldn't replace it with a similar spec vehicle for what I'd get for it if I tried to sell it. There'll be plenty out there to choose from when we have to buy & if we have to be without wheels for a couple of days, it'll have to be OK.
Just this afternoon we were out looking for a 2nd car, we looked at a VW Toureg 54 plate at £12,999. A 53 Reg limited edition Jeep at £6,999 & a Volvo VX70 Cross country on an 05 plate at £10,999. We didn't buy either but some one's taken a good hit on all 3 of them considering the spec & what they must have cost new.
I can't understand why people are shocked by depreciation in the value of cars. It has always happened. The person who has had it from new may have taken the biggest hit but will have had the warranty and usually the most trouble-free years of motoring. Whatever the price is new, most purchasers will have paid less than that.
Here is an interesting thought. I saw a Sorento diesel manual for sale on autotrader.co.uk recently with a princley 175000 miles under its belt. Assuming it avaraged 30mpg throughout its, life it would have consumed 5833 gallons of fuel. Or roughly 25980 litres. Say that fuel cost an avarage of £1.10 per litre over the 5 years these miles were travelled and the fuel bill is a whopping £28578! I wonder if the owner of that car was shocked about its low resale value? I was shocked at the price of the fuel and the depreciation pails into insignificance against the runnung costs. So it seems to me that the true cost of ownership of a car is enough to make me want to cry lol! Best to not worry about it too much and just enjoy your car and caravan
------------- Why am i doing this instead of camping??!!
Our Peugeot listed at £25500 when new, I got it at 10 months old for £16500 & there was at least £1000 overallowance on our trade in. The Peugeot also had £800 of twin electric removable towbar fitted.
As I would have to have bought a towbar regardless, that is a saving of nearly £11000 on the list price!!! You could have got about £3500 off a new one according to What Car's target price checker. That is a saving of around £7000 for a 10 month old car.
An equivalent aged Freelander would have cost me the thick end of £24000 by the time I had a towbar fitted & they were offering me £2000 less than the Peugeot dealer did for my trade in.
Unless the Freelander is worth £9000 more when it is 5 years old I am better off with my faster depreciating Peugeot.
Working out the running costs of cars is a real minefield.
Quote: Originally posted by freeatlast on 09/11/2010
Quote: Originally posted by Zafiral on 09/11/2010
The Peugeot also had £800 of twin electric removable towbar fitted.
Grief! was this gold plated?
I've just bought a Witter detachable towbar £202
Manufacturer's 13 pin wiring kit £90.
£500 for fitting is a bit steep, indeed I was quoted £60 for fitting by a reputable dealer.
Fair point, Ok perhaps I could save £300 or so by shopping around, but I still stand by the cheapest car to run is a nearly new one that has steep depreciation.
Some special offers on new cars pitch them in at very cheap prices, not far above 12 month old models on the forecourt. The dealers make about £50 a car on these promotion offers.
Quote: Originally posted by brianconwy on 10/11/2010
Some special offers on new cars pitch them in at very cheap prices, not far above 12 month old models on the forecourt. The dealers make about £50 a car on these promotion offers.
Really? I can't see a dealership with all the bells & whistles bothering to trade if all they were making on a sale was £50 Bryan, they wouldn't be in busines long enough to see the warranty period out. Unless that's the idea of course.
Quote: Originally posted by brianconwy on 10/11/2010
Some special offers on new cars pitch them in at very cheap prices, not far above 12 month old models on the forecourt. The dealers make about £50 a car on these promotion offers.
Not when I worked in the motor trade The large discounts came from the manufacturer, not the dealer. You could get bargains on used cars that hadn't sold, if they were just about to go to auction.
Maybe thats why the dealership I bought my car from have given up on Renault. Maybe their profits were getting squeezed too much. I am not saying this happens on every vehicle - just the promotions. There are real bargains to be had. Most new cars are bought at a discount. I think recent research showed only minis had enough demand not to do this.
Quote: Originally posted by brianconwy on 10/11/2010
Some special offers on new cars pitch them in at very cheap prices, not far above 12 month old models on the forecourt. The dealers make about £50 a car on these promotion offers.
The dealers will also get a registration bonus and a separate bonus for hitting target sales. Owing to the size of the bonus it can be worth selling a few cars at a low margin or even a slight loss to hit this target. The regisration bonus is also why dealers pre register cars.
Quote: Originally posted by brianconwy on 10/11/2010Some special offers on new cars pitch them in at very cheap prices, not far above 12 month old models on the forecourt. The dealers make about £50 a car on these promotion offers.
The dealers will also get a registration bonus and a separate bonus for hitting target sales. Owing to the size of the bonus it can be worth selling a few cars at a low margin or even a slight loss to hit this target. The regisration bonus is also why dealers pre register cars.
This was how I got a pretty good deal on my new car.
Amazing family weekend with old steam engines, classic car displays, market stalls, and full catering and bar. And camping on site - Save £25 by booking in advance.
Topic: SANTA FE` 4X4 SHOCK £££££
The large discounts came from the manufacturer, not the dealer. You could get bargains on used cars that hadn't sold, if they were just about to go to auction.
