Hyundai Dealership Markup Scandal: Influencer Discovers $20,000 Increase on Ioniq 5 N
Introduction:
Despite the hope that dealer markups were becoming a thing of the past, one Reddit user recently uncovered a shocking $20,000 increase on the Hyundai Ioniq 5 N at a California dealership. The influencer, known as u/Qball1754, shared his disappointing experience at Ontario Hyundai, where he found the electric vehicle (EV) priced at an exorbitant $87,685, far above its MSRP.
Unveiling the Markup Scandal
Upon being informed by Hyundai that the Ioniq 5 N was available at Ontario Hyundai, u/Qball1754 visited the dealership only to be met with a price tag inflated by $20,000. Despite his status as an influencer, the dealer was unyielding in negotiating the markup and refused to offer a lease option for the vehicle, claiming that the decision came from corporate. This unwavering stance left the Reddit user feeling disrespected and disappointed in his purchasing experience.
Insight into the Experience
Sharing his experience on social media, David De Rigo (u/Qball1754) praised his salesperson for their efforts but expressed frustration over the non-negotiable markup. He noted that other dealerships might charge even higher markups for the Ioniq 5 N, which is considered an ‘exotic’ vehicle by some. Despite its impressive performance credentials, including winning the 2024 World Performance Car of the Year award, the $20,000 increase was a significant deterrent for potential buyers.
Implications for Buyers
While dealer markups are not uncommon, especially for high-demand vehicles, the $20,000 increase on the Hyundai Ioniq 5 N raises questions about fairness and transparency in the automotive industry. The markups benefit dealerships in the short term but may alienate customers and damage the brand’s reputation in the long run. As more EVs enter the market, consumers are becoming increasingly aware of pricing tactics and will likely avoid dealerships that engage in such practices.
The Future of Buying Exotic EVs
As the automotive industry shifts towards electrification, more automakers are introducing high-performance EVs with premium price tags. While these vehicles offer cutting-edge technology and impressive performance, the pricing strategies employed by dealerships can be a major deterrent for potential buyers. Transparency, fair pricing, and respect for customers’ needs and budgets will be crucial for dealerships to thrive in the evolving market landscape.
Advocating for Change
In light of the Hyundai dealership markup scandal, consumers and influencers like u/Qball1754 are advocating for greater transparency and fair pricing practices in the automotive industry. By sharing their experiences and raising awareness of these issues, they hope to hold dealerships accountable and ensure that customers are treated with respect and integrity throughout the purchasing process. As the demand for EVs continues to rise, it is essential for dealerships to prioritize customer satisfaction and ethical business practices to build trust and loyalty among buyers.