Nobody can resist a bargain.

Whether it's a boxing day sale, half-price movie or even a knock-off Rolex, the temptation to save a shekel or three is hard to pass up.

But it's seemingly a different story when it comes to luxury cars in Australia with most buyers drawn to trusted brands such as BMW, Mercedes-Benz, Audi and Lexus, which are all riding on a wave of record sales.

There are plenty of alternatives that offer similar levels of comfort, space and safety but none have the heritage or status and therefore have struggled to capture as much attention.

Now there is another new player trying to crack the code of dragging luxury owners away from the establishment and it comes from a unlikely source – Hyundai.

The Korean car maker this week introduced its flagship Genesis sedan to local showrooms, a car that, as far as value for money is concerned, ticks all the right boxes – and sets a new standard in ownership incentives.

On paper, there is nothing left to question why the Genesis can't replicate the same degree of success in Australia as it has achieved in the United States, where it has scored numerous awards and swallowed a decent share of the mid-sized luxury segment. But there is still one big question that nobody at Hyundai can even answer just quite yet; how will Australia's badge snobs take to a cut-price Korean alternative?

"Our next challenge is to improve on the strengths of our brand and Genesis will make a big difference for us to do that in Australia," Hyundai Australia's CEO, Charlie Kim, told Drive during the launch of the car in Canberra earlier this week.

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"We know this takes us into a new area for us, but it is the next challenge for Hyundai and I think this car proves we are ready. We now have to see if Australian [luxury] customers are ready to consider us. We have put everything we can in this car."

And he's not joking…the Genesis, which recently scored the highest ever crash test rating from the Australian New Car Assessment Program (ANCAP) with a near perfect score of 36.88 points from a possible 37, is loaded with enough luxury and safety gear to justify a six figure price tag, yet starts at just $60,000 (plus on-road costs) for the first of three distinct model variants.

Even at that price, the Genesis comes fitted with comfort features such as a leather appointed interior, dual-zone climate control, 12-way powered and heated front seats, keyless entry with push button start, a 9.2-inch colour touchscreen with integrated satellite navigation, Bluetooth connectivity and a 17-speaker Lexicon audio system.

From a safety stand point – and key to its crash-test score – all Genesis models are equipped with nine airbags, a reverse camera, radar cruise control, automatic high beam, lane departure warning and autonomous emergency braking.

For an additional $11,000, the mid-spec Sensory variant builds on the comprehensive safety package with the addition of blind spot and rear cross traffic warnings, a lane change assist function, LED headlights, head-up display and replaces the single reverse camera with four that creates a 360-degree view around the vehicle. It also adds even more luxury too, with premium leather trim, a driver's seat with adjustable bolsters, an extendable base cushion and memory functions and a sensor in the air conditioning system that maintains an acceptable level of carbon dioxide to prevent drowsiness.

Sitting at the top of the Genesis range is the $82,000 Ultimate Pack which brings a panoramic glass roof, soft closing door function, ventilation to the front seats, double-glazed windows to reduce noise even further, rear blinds, larger 19-inch alloy wheels and a hands-free, power-operated bootlid.

To ensure there are no hidden complexities for potential owners, there are no options available on any of the three variants and there is a choice of just six colours. There's also no hiding how much it will cost to maintain either, with Hyundai building on its five-year/unlimited kilometre warranty coverage with free servicing for the first five years or 75,000km. The Korean car maker is only the second brand in Australia to include initial servicing costs in the purchase price of the vehicle; the only other being Ferrari.

2014 Hyundai Genesis sedan

That alone will make the Genesis extremely enticing to hire car fleets, a segment of the market Hyundai unashamedly recognises is likely to become its biggest customer base.

All three Genesis variants share the same structural underpinnings, built on a unique rear-drive platform that measures 4990mm long, is 1890mm wide and sits 1480mm tall – placing it in between the BMW 5-Series and 7-Series in terms of overall dimensions. It also rides on a relatively long wheelbase – measuring 3010mm between the front and rear axles – to maximise interior space with Hyundai claiming it has up to 1160mm of legroom in the front and 890mm in the rear, again putting it between BMW's mid-size sedan and flagship limousine.

Each also has identical mechanicals, powered by a 3.8-litre naturally aspirated V6 that drives the rear wheels through an in-house developed eight-speed automatic and produces 232kW of power at 6000rpm and 397Nm of torque at 5000rpm, enough to propel it from 0-100km/h in 6.5 seconds but arriving with a claimed average fuel consumption figure of 11.2L/100km – almost double the figure of the best non-hybrid rival in its class.

2014 Hyundai Genesis sedan

As it has done with other new arrivals in recent years, Hyundai Australia has spent more than 12 months fine-tuning its suspension to suit local conditions, testing 42 different configurations of springs, dampers and anti-roll bars along the way.

"The car was perfect for its main target markets; the US, Europe and, of course, the Korean domestic market," Hyundai Australia's senior manager of product planning, Andrew Tuitahi, said.

"But Australian road surfaces remain some of the world's most challenging, and I think that as a whole we enjoy driving in a different way to drivers in other countries. There's a higher expectation of cars here – they need to be able to handle and ride really well and remain composed on our roads. So what we were looking for was a uniquely Australian-focused combination of those qualities."

Clearly, Hyundai has left nothing on the table in its quest to break further away from the cheap-and-cheerful tag that has been chained to its leg for decades. But, while it has become one of Australia's most popular mainstream brands – challenging the likes of Toyota, Mazda and Holden at the top of the sales charts – it is an even bigger task for it to take on the established luxury brands.

It looks convincing on-paper, and leaves very few rational questions unanswered in terms of value for money and long-term ownership clarity, but it can't yet answer the big one; is it good enough to convince prestige buyers to divorce themselves from the irrational appeal of big name brands and look past the Hyundai badge on its boot?

Hyundai Genesis pricing and specifications

On-sale: Now

Price: From $60,000 plus on-road costs

Engine: 3.8-litre V6

Power: 232kW at 6000rpm

Torque: 397Nm at 5000rpm

Transmission: 8-spd automatic, RWD

Consumption: 11.2L/100km