The promising product is being subjected to unwarranted price increases.
Car flipping is a trend that we would usually see with the likes of limited models in the performance car sphere. This unusual case regarding an all-new Hyundai Ioniq 5 however, is indicative of the ever-changing new vehicle market trends due to the supply chain crisis.
Twitter user Branden Flasch discovered a SE RWD model on the floor of Fort Mill Hyundai that had been purchased from Johnson Hyundai. The scandal starts to come into fruition when you realize that Fort Mill purchased the car without mark-ups and then added its own, once it was put on display. The $2,000 increase is cheekily classified as a "market adjustment".
As it stands on the floor, the Ioniq 5 has been listed at $48,781. Apart from the adjustment, it has also been treated to an exterior paint protection finish as well as a tint, wheel locks, and nitrogen-filled tires (an addition that has already proven to have minimal benefits to your ownership experience). This collection of detailing has added $1,491 to the price.
Further on down the thread, we see a similar car listed by Lithia Hyundai in Reno, Nevada which has added a shocking $20,000 market adjustment to its price together with a $998 High Desert Protection Package. This is an unfathomable increase for a car that has been marketed as the brand's accessible EV.
These mark-ups are concerning when you consider that the electric crossover hatch entered the market with an appealing price tag. The American arm of the South Korean brand noted that the new product was attracting positive responses when the first examples were delivered to owners late last year in California.
Hyundai is confident that the new product will win local consumers over with its generous level of standard features and impressive EPA energy consumption ratings. It's going to have a hard time developing a solid reputation for the product if its dealer network continues to market the product up in the favor of profits. Ford, who is struggling with a similar issue, has already begun processes to punish dealers who have been engaging in similar practices. Perhaps Hyundai should look at doing the same.
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