How Much I paid for my GENESIS GV70. Full Cost Breakdown

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You are here to see how much we paid for our new Genesis GV70 and today, I will give you a full breakdown. By the end of this video, you will know if we paid MSRP, under it, or even a dealership markup.

But let's go back to 2020: Rates for auto loans were low. In February of that year, car loans were at 4.56% for 60 months. (https://www.statista.com/statistics/2...) In fact, between February of 2014 and February of 2020, rates on a 60 month loan remained between 4 and 5 percent.


Not only that, but car availability was also high. In 2019, new car inventory in the USA was 35% higher than in September of 2023, those are the latest numbers I could find. (https://www.coxautoinc.com/market-ins...)


Then 2020 hit us like a ton of bricks and all that changed. In fact, the release of the GV70 was delayed. I was excited about the GV70 when it was first announced but it got pushed so far back that I discarded the idea and instead bought a 2021 Tesla Model Y. The payment for that Model Y was at the time, my biggest to date at $874.99. But this gets trickier. I'll tell you why a little later.

The supply shortage affected the car industry in a way that nobody could have imagined. With less cars available came dealer markups. Another phenomenon also became common: car flipping. Before that madness, dealership markups were mostly associated with sought-after, special cars but during the pandemic, most dealerships were marking up anything and people were paying it.

the GV70 was my first new car purchase since the Model Y. And one awesome thing about the Model Y is that Tesla doesn't have any price haggling so what you see is what you get and that brought me peace of mind in the buying process, knowing that I would pay just as much as the next guy.

I had heard not-great things about dealerships from the Korean auto group but upon setting foot at the Genesis showroom, one of the first things that I encountered is a sign that said: We don't sell above MSRP... what a relief!!! I had never seen that at any dealership in the past and it was certainly reassuring. BTW, that was NOT what I encountered the day before at Lexus.

Let's go back to the total cost of my Genesis GV70. Let me start by showing you the window sticker. Let's see what it reveals. the MSRP says $58,860. We went with a special color which is another $575 and a few accessories that came with the car from the factory for another $290. Both extra charges were included in the $58,860.

At the time of our purchase, there were some manufacturer’s rebates available, and the sales consultant informed us of these upfront and we took advantage of all options available. I remember one of those was a $1000 rebate for current owners of vehicles from certain premium brands. And this is where my old E30 made me save $1000.

At the end, I was able to bring down the total price of our GV70 to $56000 and I thought that was pretty reasonable. The back and forth was minimal, over text message, and I agreed to a fair price.


But the real savings came in the form of the interest rate: 2.99% for 60 months! That is a great deal! That rate is no longer available, so I feel lucky that timing worked in our favor. And that is why my monthly is astronomically high: in order to get this rate, I had to finance our GV70 for 60 months; going for 72 months would have increased the rate to 3.99%, which wasn’t bad at all, but I rather pay a little more per month and save in the long run.

In summary, we paid 4.86% below MSRP. We didn’t have to buy any dealer installed options, our APR was 2.99%, and our monthly payment is crazy high, but it allows us to save thousands in the long run.

We put down $5000 and our monthly payment is $1013.46. So, multiply that by 59 for a grand total of $59,794.14 and once you add the downpayment, at the end of 5 years I would have paid $64794.14.

I make a lot of mistakes in my life and my videos are a reflexion of that. None of what I say erroneously in my video is with the intend to misrepresent the GV70, the Genesis brand or my experience with these. The final price we paid reflected different manufacturer instant rebates to include a holiday/end of year themed rebate for $1000, and another one for current owners of certain premium brands for $1000 as well. (I forgot the actual name of it)

Full review of my 2024 Genesis GV70:
   • Genesis GV70 Owner’s Review // Bye LEXUS!  

My video on my RX350:
   • Lexus RX350 Long-term Owner's Review. #Lex...  

For a full review of my Tesla Model Y Performance, please watch
   • TESLA MODEL Y OWNER's Review. 1000 miles l...  

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new vehicle prices in 2024,

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