Hyundai Motor launches EV trade-in program

By Baek Byung-yeul, The Korea Times - Hyundai Motor introduced a trade-in program that allows customers to purchase new electric vehicles (EVs) at a lower price in exchange for a used one as part of the carmaker’s efforts to reduce the burden for consumers looking to buy new eco-friendly cars and consequently expand its EV share, the company said Thursday.

The company said it launched the trade-in program on March 1. The program is available to those who sell their EVs through a certified used car service and buy a new Hyundai Motor EV, such as the IONIQ 5 and the IONIQ 6.

Trade-ins are thriving in the smartphone market to reduce the price burden on consumers. In exchange for trading in an old product, consumers can buy a new one for less than the original price.

“For example, a customer who owns the 2022 model year IONIQ 5 can trade in the vehicle and get ... the New IONIQ 5 for less than the factory price,” the company said. Consumers can easily sell their vehicles through Hyundai Motor-Genesis certified vehicle app via smartphones or the website.

In addition, Hyundai is offering special rewards to consumers who trade in their vehicles to purchase a new EV.

“Owners of Hyundai Motor or Genesis EVs who sell their vehicle to a certified used car service will receive a reward in addition to the sale price. The reward can be up to 2 percent of the sale price. Also, they will receive an additional discount of 500,000 won ($376) from the price of new EVs,” the company said.

There are also benefits for those who trade in an internal combustion engine or hybrid vehicle (HEV) for a Hyundai Motor’s EV. If they sell their cars, including any other brand, to a Hyundai Motor’s certified used car service, they can get up to 4 percent of the sale price.

“We plan to continue to offer a number of benefits to help position Hyundai Motor’s certified used car service as a trusted EV trading platform for our customers,” the company said.

Source: https://www.koreatimes.co.kr/www2/common/viewpage.asp?newsIdx=370191&categoryCode=419 

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