Hyundai Used Cars Sold 1,500 Units in 100 Days... This Year's Target is 15,000 Units

An inspector is conducting a detailed inspection of a vehicle at the Hyundai Motor Company Certified Used Car Center. (Photo by Hyundai Motor Company)

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Hyundai Motor Company has decided to increase its used car sales volume from 1,500 units to 15,000 units this year. While expanding the range of vehicles sold to include electric vehicles, the company plans to target the market through manufacturer-exclusive services such as extending warranty periods and providing additional smart keys.

On the 4th, Hyundai announced that the number of certified used cars sold since the launch in October last year totaled 1,057 units. Including vehicles that did not meet Hyundai’s certification standards and were auctioned off, as well as other brand vehicles purchased from consumers and resold, the total sales volume reached 1,555 units. Hyundai and Genesis’s certified used car business officially launched on October 24 last year and marked 100 days as of the 1st of this month.

By model, the Grandeur led with 181 units sold, followed by the Santa Fe (89 units) and Palisade (81 units). For Genesis, the G80 (128 units) and GV70 (92 units) were the top sellers.

Starting this year, Hyundai plans to focus on securing inventory and improving business performance to increase sales volume to 15,000 units. This figure includes business-to-business (B2B) sales, vehicles purchased from consumers but auctioned off for not meeting certification standards, and other volumes combined.

From next month, certified used car sales will also include electric vehicles (EVs). The purchase of EVs from general consumers will also begin at the same time. Certified used cars will be available not only for EVs based on dedicated platforms such as Ioniq 5, Ioniq 6, and GV60, but also for electrified models including the Kona Electric.

To alleviate consumer concerns regarding EV batteries, Hyundai Motor Group’s technical research center (Namyang R&D Center) is discussing certification measures for used EVs. Before EVs are listed as used vehicles, the company plans to thoroughly assess how much the battery has been used and whether there has been any battery damage during driving, and to communicate this information fairly and transparently to consumers.

On the service side, various benefits exclusive to automobile manufacturers have been prepared. The company aims to eliminate additional costs incurred beyond the car price when purchasing a used car.

First, all customers who purchase certified used cars will receive two smart keys. Even if the previous owner returned only one smart key, the buyer of the certified used car will receive an additional one.

For used cars that have exceeded the new car warranty period (3 years or 60,000 km) or have less than one year or 20,000 km of remaining warranty, an extended warranty period (1 year or 20,000 km) will be provided. This is intended to offer high-quality after-sales service (AS) to used car buyers. Until the end of this month, a fuel voucher worth 30,000 KRW (valid at SK Energy gas stations) will also be given.

In the metropolitan area, where the population is dense, additional certified used car centers will be opened to improve consumer accessibility to Hyundai and Genesis certified used cars. So far, certified used car centers have been operated in two locations nationwide: Yangsan in Gyeongnam and Yongin in Gyeonggi Province.

Exterior view of the Hyundai Certified Used Car Center that opened in Yangsan, Gyeongnam, last October. The site covers an area of 31,574㎡, equivalent to the size of four soccer fields, and can process approximately 15,000 used cars annually. (Photo by Hyundai Motor Company)

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Various additional compensation benefits have also been prepared. First, compensation benefits for used car purchases will be increased. The additional compensation paid to car owners has been raised from 2% of the vehicle’s estimated price to up to 4% this year. For example, if a car is priced at 25 million KRW, the compensation was 500,000 KRW last year, but this year it can increase up to 1 million KRW. For some models, simply undergoing a visit evaluation by a certified used car appraiser to inspect the vehicle will earn the owner a 10,000 KRW gift certificate (CU convenience store gifticon).

A Hyundai Motor Company official stated, "With the certified used car business, consumers in Korea can now choose high-quality used cars directly verified by the manufacturer, similar to overseas markets," adding, "We will contribute to enhancing trust in the Korean used car market and expanding the overall market size."

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