Hyundai Motor has launched a trade-in program to incentivize customers to purchase new electric vehicles (EVs) while easing the financial burden associated with eco-friendly car purchases. This initiative, introduced by South Korea’s leading automaker, offers customers the opportunity to exchange their used vehicles for new Hyundai EVs at a reduced price.
The trade-in service provides customers with incentives to boost domestic EV sales. Hyundai Motor offers compensation of up to 4 percent of the sale price for vehicles sold back to the company. Additionally, customers can benefit from an extra discount of up to 500,000 won ($380) when purchasing a new Hyundai EV through this program.
Hyundai Motor initiated its trade-in program on March 1. This program applies to various Hyundai Motor EV models, including the IONIQ 5, IONIQ 6, and Kona Electric, providing consumers with an accessible pathway to upgrade to eco-friendly vehicles.
The purchased EVs undergo a comprehensive inspection process, including a specialized evaluation of battery control systems and charging devices, before being certified by Hyundai Motor and Genesis for resale.
Cars aged two to eight years with a mileage of 120,000 kilometers or less are eligible for repurchase, while only vehicles aged two to three years with a mileage of 60,000 kilometers or less will be resold to customers. This initiative is expected to gain customer confidence in the residual value of their EVs while expanding their options for acquiring new eco-friendly vehicles.
Hyundai’s trade-in program extends benefits to owners looking to exchange their internal combustion engine or hybrid vehicles for Hyundai’s EVs. Through the company’s certified used car service, customers can receive up to 4 percent of the sale price when they sell their vehicles, irrespective of the brand. Hyundai Motor aims to set its certified used car service as a reliable platform for EV trading to provide various benefits to customers.
To ensure the quality of its certified used EVs, Hyundai has developed a battery rating system that evaluates the battery’s condition and driving range. Only EVs that meet this rating system’s standards will be made available for sale.
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