2020 Hyundai Santa Fe 2.4L...Good Off Lease Purchase?

NDL

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(Quick aside, I already searched the forum, but it wasn't enough info to satisfy my concern)

My Parents, who are much older, have a 2020 SantaFe 2.4L which they like; the vehicle has been dealer maintained, and it has around 20k miles.

The vehicle's lease is coming to maturity soon...their choice is whether or not they ought to buy it. If they do buy it, they're the kind of customers who will drive a vehicle into the ground. Unfortunately, my Dad isn't the kind of person to keep an eye on fluid levels, and he's okay, but not fastidious, with doing fairly regular oil changes. I don't live near them, where I can keep an eye on this for them on an ongoing basis.

There have been issues with this engine in the past, and recently there's a lawsuit alleging that the engine uses excessive amounts of oil. Because they're interested in keeping a vehicle over the longterm, I don't know if this would be a good purchase.

Opinions?
 

dishdude

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What's the buyout amount? With the current market buying out a lease is generally a good deal.
 
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NDL

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What's the buyout amount? With the current market buying out a lease is generally a good deal.
Appreciate the reply; yes, the vehicle would be a good deal. The main concern is having to deal with issues down the road; for 8-9k more, they can move into something else with the promise of much better longevity. The other issue is that, in spite of my nagging, my Dad can get a little lax in checking fluid levels, so if there's a problem, he might not notice the problem until it becomes a major issue.
 

CKN

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I am assuming buying the lease would make them the SECOND OWNER which means the power train warranty goes out o 60,000 miles instead of 100,000. There are not many used vehicles that come with a 60,000 mile power train warranty.
 
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If it would cost $8-9k more to move to something else, I'm not sure I see much benefit in doing so. Mechanical problems suck but largely because they cost $$ to fix. Spending $8-9k to avoid something that "might" happen with no guarantee of perfect reliability from the replacement vehicle is a bit of a gamble in my opinion. Even if the engine were to one day develop issues it would be unlikely to cost $8-9k to fix them. Alternatively, he could probably buy it out and purchase a long warranty for still less money than replacing the vehicle.
 
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NDL

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I am assuming buying the lease would make them the SECOND OWNER which means the power train warranty goes out o 60,000 miles instead of 100,000. There are not many used vehicles that come with a 60,000 mile power train warranty.
That's something I had not thought of; thanks for mentioning it. I never thought to consider that...you're right: Hyundai is the current owner of the vehicle, although my Parents lease it.
 

NDL

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If it would cost $8-9k more to move to something else, I'm not sure I see much benefit in doing so. Mechanical problems suck but largely because they cost $$ to fix. Spending $8-9k to avoid something that "might" happen with no guarantee of perfect reliability from the replacement vehicle is a bit of a gamble in my opinion. Even if the engine were to one day develop issues it would be unlikely to cost $8-9k to fix them. Alternatively, he could probably buy it out and purchase a long warranty for still less money than replacing the vehicle.
Excellent point, and one that I had considered. Financially, it makes sense to keep it. But the possible headaches associated with it are something else. I don't like what I am hearing about these engines; it's a roll of the dice.
 

dishdude

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They would keep the warranty if they buyout the lease, they're still the original owner.

We need the buyout amount to give any credible advice. Seems silly to get rid of a 2020 vehicle over concerns of future problems or checking fluid levels.
 

CKN

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They would keep the warranty if they buyout the lease, they're still the original owner.

We need the buyout amount to give any credible advice. Seems silly to get rid of a 2020 vehicle over concerns of future problems or checking fluid levels.

On edit-
IT looks like if its leased it's the 100,000 powertrain! Dishdude found the answer!
 
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dishdude

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They would be the second owner-with the finance/lease company being the first. Still-it would have a 60,000 mile power train warranty. A warranty which most used cars would not have to the second owner.

So we're both right and wrong here. If the vehicle is leased through Hyundai Finance, the owner can buy out the lease and keep the 10/100 warranty. If it's a third party finance company, the warranty is lost.
 

CKN

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So we're both right and wrong here. If the vehicle is leased through Hyundai Finance, the owner can buy out the lease and keep the 10/100 warranty. If it's a third party finance company, the warranty is lost.

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dishdude

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Screenshot 2022-05-22 162011.jpg
 

NDL

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They would keep the warranty if they buyout the lease, they're still the original owner.

We need the buyout amount to give any credible advice. Seems silly to get rid of a 2020 vehicle over concerns of future problems or checking fluid levels.
Appreciate you sharing your thoughts
 
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