Topic: '08 Hyundai Accent/Kia Rio

[gpw11]

Hello,

My faithfull 1993 Tercel is basically on it's death bed after years of service and it's time for something new.  I'm a firm believer in buying used and letting someone else absorb the depreciation but my current situation kind of demands that I have something absolutely reliable or at least warranty covered for the next few years.  I'm aware that both the Rio and the Accent tend to depreciate a lot and my resale value will be next to nothing were I to pony up a few thousand more and get a Honda or Toyota but that's not really an option at the time and if I'm picking a car up for $10,000 new with a 5 year/100,000km power train warranty I'm satisfied that it will be money well spent barring any major unexpected suprises.

That said, I imagine with the current promotion on both the cars (the $9995 '08 deal), there are others here who have been considering either of these two.  I have done my own research here but I'm still at a bit of a loss. The reputations of both companies have gotten a lot better in recent years, and most people seem to say that the choice between the two depends on the styling (in which case I'm pretty much all Rio).  Apart from that does anyone here have any experiences/advice?  My key questions at the moment:

-parallel parking.  I took the Rio for a very quick test drive but didn't think to try this out.  In retrospect the visibility of the front and rear extremes of the car seemed kind of limited.  Has anyone with this model had a problem with this or is it basically as easy as any other car?

-Power Steering. Kia and Hyundai both claim the base models have it standard but a few (somewhat shady) reviews I came across claimed that it didn't.  I didn't read this until after the quick test drive, and although I didn't notice anything at the time, most people don't notice my Tercel doesn't have power steering until they try to turn hard at low speeds - which I didn't really do.

-Rear Seats. Kia claims the '08 Rio has them, but the same (somewhat shady again) reviews claimed they didn't.  Again, read the reviews after I was at the dealership so I didn't think to check.

I know this is stuff that I can easily check when I head back, but I'm kind of just fretting here doing research.  Any general impressions from owners or people who have driven either car for any period of time would be greatly appreciated here.

Thanks, I've found this forum to be an invaluable source of information in the past.

[mmret]

I'm sure that any car these days would have power steering,and rear seats.

EDIT: CD has reviews of an 07 Accent. Not too shady, imho.

[Schmengie]

I understand the $9995 deal is cash only, so if you're going to finance through Hyundai or Kia it'll be on the base model's full price of $13,595. If you want a few comforts like A/C you'll have to pop for the GL (Hyundai) model at $15,295 or the EX Convenience (Rio) at $15,395.  An automatic transmission costs another grand on top of that, so options can push the price up pretty fast.

They're both very good little cars, but their base models are VERY basic with wind-up windows and manual door locks. If you can live with that, go for it. There are lots of Accents on the road here, mostly the 2-door hatch. Personally, this is the model I prefer. Good luck.

[sirAQUAMAN64]

In the past on the base model Accent, power steering came when you ordered the Auto transmission. I think these days it's standard but am not sure.

I personally prefer Hyundai brand, think they have slightly higher quality IMO (the two companies might as well be run separately and often similar products are built at different plants), and like the 3dr Accent. However, the Rio5 is far more versatile and the sport on it has a more attractive/vibrant interior IMO.

[The Mighty Duck]

Take a look at the Chevrolet Aveo5 - it's being advertised at $10500 freight in.  The Accent is $9995 before freight, so it's actually $11500.  My sister got into a base model Aveo5, and I had a chance to drive it: reasonably peppy, nice interior, and decent features (four speaker stereo, auxilary input, rear wiper, etc.).  Definetely a worthy contender if price is your main concern!

[FiestaTT]

The Aveo5 will have a new Ecotec engine soon - should hopefully fix the poor gas mileage problem the old Aveo's had.

[ilovecables]

The Accent and Rio are essentially the same car.  They both have power steering and rear seats.  We just got a 08 Rio5 about 2 months ago - it's our 4th Kia since they came to Canada in 2000.

AWESOME cars - you can't go wrong IMHO.
Depreciation?  use their future value financing option - you own the car, but your payments are like a lease, and you can either trade it in 5 years or pay the final value payment.

Check it out at http://www.kia.ca/calculator/rio/rio

[safristi]

Most of us here crapped out in Grade 2 Maff....wots the total ACTUAL cost of these 3 Options @ Kia.......Lease,Buy and Value Financing!!!!

[ilovecables]

Holy crap, visit the link and plug in the numbers! 

Wait, I'll do it for ya.......

2008 Rio, MSRP of 13,595 for the EX with M/T, with 0 trade in and 0 down, 60 month term
- purchase is $230.80/month
- lease is $194.36/month, end value of $2707.50
- future value financing is $167.06/month, end value of $3972.04

So for $168 bucks a month you get a brand new car with a 5 year 100k warranty with no mieage cap or other lease headaches.

[johngenx]

2008 Rio, MSRP of 13,595 for the EX with M/T, with 0 trade in and 0 down, 60 month term
- purchase is $230.80/month
- lease is $194.36/month, end value of $2707.50
- future value financing is $167.06/month, end value of $3972.04

So for $168 bucks a month you get a brand new car with a 5 year 100k warranty with no mieage cap or other lease headaches.

Not quite.  There is the $3972 balloon payment.  You must pay it and the end of the term.  For most people, the best route is to simply make the $230 payment and be done with it.  Increases flexibility as you are upside down less during the loan period.

[ilovecables]

No you don't have to pay it at the end, you have the option of trading it in for a new vehicle.

On another note, the Rio has heated seats where the Accent doesn't.

[Sir Osis of Liver]

IIRC, when you trade it in, the balloon payment will be applied to your next loan. It isn't like the payout on a lease. You are amortizing a 60 month loan over 84 months.

[ilovecables]

If you're using future value financing, the final vlaue IS NOT applied to your next loan if you're trading in.
However, if you purchase the vehicle and amortize over 84 months, and trade it in after 60 months then yes, the outstanding amount is applied to the new loan.

[dorin]

So if you're using FVF you can probably use the car as a trade-in for a new car of the same brand and get out of the final balloon payment. But you now have to stick with the same brand and you lose a lot of freedom and leverage on the choice of your next car.  This is NOT a smart move in my books.

[The Mighty Duck]

And what happens if the trade-in value of the car is less than the FVP amount?  Won't you still have to make up the difference?  $230/month with zero down is a lot more logical to me than $170/month with a looming bill at the end...

[PJungnitsch]

2008 Rio, MSRP of 13,595 for the EX with M/T, with 0 trade in and 0 down, 60 month term

The trouble when you finance a Rio is that then the base price goes up from 10,000 to 13,600.

At that price you can get a Yaris, or even better a Versa with side airbags.

As well as the depreciation problem, the Accent/Rio are marginal performers in an accident, and especially poor in a side impact due to weak body structure, even the expensive ones with SAB:

http://www.consumerreports.org/cro/cars/safety-recalls/carcrashtest/crashtestvideo.htm

Add another grand and you are into a 2009 Mazda3 with side airbags and ABS.

The next-gen small Kias are going to be killer, but these old-gen ones are best bought cheap or not at all IMO.

[ilovecables]

And what happens if the trade-in value of the car is less than the FVP amount?  Won't you still have to make up the difference?  $230/month with zero down is a lot more logical to me than $170/month with a looming bill at the end...

The assumption on my part is that you're trading in the car in good shape - similar to a lease return.  Obviously this option won't appeal to everybody, but for some, it's an attractive option - especially if the looming bill doesn't have to be paid if yo intend to trade the car in anyway if something nicer is avaialble.

[gpw11]

Thanks for all the advice.  I'm pretty much against financing at this point and am either looking at the cash purchase of $10,000 (plus freight and tax of course) or buying used.  I'm a bit nervous as I've never bought a new car before, but I'm heading back to school for a few years soon and will take the piece of mind of a 5 year warranty over the long term value associated with a used Civic or Corolla at this point.   Beyond that, unless the Mazda 3 has some sort of rebate I wasn't able to find it's still solidly $5000 more than the cash purchase option of either the Rio or the Accent.  The Aveo is something to look into though.

The safety thing is good to know about and somewhat frightening, but at the same time I have a feeling either of these options would still blow my current '93 tercel out of the water in any safety test.  Thanks again.

[ilovecables]

Peace of mind is priceless - there's nothing worse than spending a chunk of money on a used car only to pay for repairs soon after you drive it away.  After owning used, and since buying new for the last 4 vehicles, I don't think I'll ever buy used again for a dailey driver.

Another attractive thing about the $10k cash purchase price of the Rio/Accent. 

[Cortina]

Thanks for all the advice.  I'm pretty much against financing at this point and am either looking at the cash purchase of $10,000 (plus freight and tax of course)

If your are paying cash. Stick with the Accent and Rio. Don't touch the Aveo.

Yaris would be next choice if you could save a little more.