Hyundai launches EV trade-in program similar to smartphones

Hyundai Motor launched a trade-in program to alleviate the price burden for customers purchasing new electric vehicles (EVs) starting March 1. Under this initiative, customers can benefit from compensation of up to 4 percent of the used vehicle's sale price by trading in their used cars, similar to the system of buying a cellphone.

Those eligible for the program are individuals who sell their used cars to Hyundai Motor's officially certified used vehicle service while purchasing the automaker's EVs: the Ioniq 5 and 6 and the Kona Electric.

According to the company, customers who sell their used EVs manufactured by Hyundai Motor or Hyundai Motor’s premium brand, Genesis EV, can receive compensation of up to 2 percent of their used vehicle's sale price, along with a 500,000-won discount when purchasing the automaker’s EVs. Additionally, for those who sell internal combustion vehicles or hybrid cars, including other brands, the compensation can be up to 4 percent of the sale price of their used vehicle, with an additional discount of 300,000 won off the new car price.

Those seeking the benefits must sell their used cars through the automaker’s official application or website.

Hyundai Motor plans to commence selling its certified used EVs this month. The automaker stated it would exclusively offer EVs with mileage of less than 60,000 kilometers, registered as new cars between two to three years ago. “By preserving the salvage value of EVs through the certified used vehicle business, we can offer consumers more choices,” Hyundai Motor stated.


Jae-Hyeng Kim monami@donga.com