For the first four months of this year, Hyundai’s Australian sales were up by 12% - bucking the trend of a 23.9% downturn in new car sales. How has Hyundai done it?
Well, Hyundai became synonymous with cheap motoring in the 1990s and has traditionally thrived whenever economic confidence is down. Right now, buyers are looking for great value and this has led to a renewed interest in Hyundai – and the new Hyundai Genesis. According to analysts, there’s also a certain amount of ‘conspicuous de-consumption’ on the part of car buyers - that is, deliberately buying down-scale to let everyone know that you are responding to the current economic situation. It seems that the Japanese brands are losing out to the Koreans – Toyota has suffered a dramatic 37% drop in sales and Hyundai dealers are reporting an increased number of Japanese trade-ins.