Hyundai Motor "Electric Vehicles Also Eligible for Trade-In Program"

Hyundai·Genesis Launch Used Electric Vehicle Trade-In Program
Measures to Boost Demand Amid Electric Vehicle Consumption Cliff

Hyundai Motor Company announced on the 7th that it has introduced a trade-in program for electric vehicles starting this month. The trade-in program, called ‘Trade In,’ is a method to reduce consumer burden when purchasing electronic devices like smartphones. It allows consumers to buy at a lower price on the condition that they return their existing product.

As demand for electric vehicles sharply declines, automakers are introducing various incentives. This is because signs of consumer slowdown have become clear in the domestic automobile market, with the decline in electric vehicles becoming more pronounced. Due to factors such as discount competition among manufacturers and still inconvenient charging infrastructure, the depreciation of used electric vehicles is greater compared to other vehicle types. Consequently, consumers are also turning away, showing signs of a vicious cycle.

An empty electric vehicle parking lot in Seoul
[Photo by Yonhap News]

Hyundai Motor Company stated that the reason for introducing the trade-in program this time is to reduce consumer burden and increase electric vehicle sales domestically. When selling an existing car through the certified used car service and purchasing a new Hyundai electric vehicle (Ioniq 5, Ioniq 6, Kona Electric), consumers can save several hundred thousand won.

If a person driving a 2022 model Ioniq 5 sells their vehicle as a used car, they receive a trade-in bonus in addition to the sale price. The bonus can be up to 2% of the sale price. For example, if the used electric vehicle price is 25 million won, the bonus can be up to 500,000 won. Additionally, when purchasing a new electric vehicle, an extra 500,000 won discount is applied.

Benefits are also available when switching from internal combustion engine vehicles or hybrid vehicles to Hyundai electric vehicles. If the existing vehicle, including other brand vehicles, is sold through Hyundai’s certified used car service, the trade-in bonus can be up to 4% of the sale price. When purchasing a Hyundai electric vehicle, a 300,000 won discount is applied.

A Hyundai Motor electric vehicle technician is inspecting a used EV high-voltage battery to evaluate its battery grade.
[Photo by Hyundai Motor Group]

Earlier this month, Hyundai Motor Company began purchasing used electric vehicles. The purchase targets are Hyundai and Genesis electric vehicles with mileage under 120,000 km, registered for more than 2 years but less than 8 years. The over 2 years condition is because vehicles that received subsidies must be driven for at least 2 years.

Hyundai plans to apply a battery grading system during the process of refurbishing used electric vehicles purchased from customers. If the battery condition or driving range per charge does not meet certain standards, the vehicle will be considered defective and will not be sold. The company stated, "Through the certified used car business, we can protect the residual value of electric vehicles and provide consumers with a wider range of choices."

This content was produced with the assistance of AI translation services.