Of all the Hyundai cars, the Elantra is one of the most popular compact cars in the United States. This car is currently in its fifth generation, and is now available as a coupe and a 5-door hatchback.
In the used car market, the total cost of the car can be broken down into two parts: the cost of the vehicle, and the cost of auto insurance for the first year. Adding the cost of auto insurance to the cost of the car is an extremely important step in financial planning.
So, here are three things you need to know while buying and insuring a used Elantra –
1.Insuring a used Elantra costs above $1400 in 18 states –
Except for the states of Louisiana, New Jersey, and Michigan, the average annual insurance rates for insuring a used Elantra are less than $18,000. In Florida, Massachusetts, Hawaii, Kentucky, Georgia and Missouri, one would have to pay an average annual rate between $1400 and $1500 to insure an Elantra. In Delaware, Texas, Alabama, and Connecticut, this rate is between $1500 and $1600. The average annual insurance rates in Montana, Rhode Island, and West Virginia are $1615, $1623, and $1652, respectively. In California and Oklahoma, the rates are $1723 and $1791, respectively.
2.It is available for a median price below $15,000 in 25 states –
In 15 states, the median price of the Elantra ranges between $14,000 and $15,000. In Idaho, Minnesota, and Iowa, the median price is below $12,000. In Connecticut, it is $12,998. In Ohio, New York, Kentucky, Nebraska and Michigan, it is between $13,000 and $14,000.
3.States with a low median price do not necessarily have a higher insurance rate –
Typically, the median prices and auto insurance rates follow a pattern of inverse proportion. However, this is not the case while insuring an Elantra. In Idaho, for example, both the median prices ($11,495) as well as average annual insurance rate ($955) are very low. This is also true in the case of Ohio and Iowa.
Insurance for a used Elantra is above $2300 in Michigan and Louisiana. If you live in one of these states, talk to your insurance carrier about lowering your premiums. Buyers from Louisiana can also consider buying the Elantra from another state to save on their upfront costs, since the median price of this car is $17,900 here while a used Elantra can be purchased for a median price below $12,000 in states such as Idaho, Minnesota, and Iowa.