A certified pre-owned IONIQ 5 is displayed at the Hyundai Certified Used Vehicle Center. (Image courtesy of Hyundai Motor)
SEOUL, Mar. 8 (Korea Bizwire) –Hyundai Motor has announced the introduction of a trade-in program for electric vehicles (EVs) in the South Korean market, aimed at increasing EV sales by offering competitive incentives to customers.
Starting from March 1, purchasers of Hyundai EVs, including models like the Ioniq 5 and 6, and the Kona Electric, can trade in their existing vehicles through certified pre-owned car services.
This trade-in program, commonly used in the smartphone industry to reduce consumer cost burdens, allows customers to return their old products and purchase new ones at a lower price.
Hyundai and Genesis EV owners who sell their vehicles to certified pre-owned car services will receive an additional compensation of up to 2% of the sale price, along with a 500,000 won discount on the purchase of new Hyundai electric vehicles.
The program also extends to internal combustion engine and hybrid vehicle owners, offering discounts on new EV purchases even for vehicles from other brands. Customers can receive up to 4% compensation on the sale price and a 300,000 won discount when buying new Ioniq 5, 6, or Kona Electric models.
Hyundai initiated the purchase of used electric vehicles on March 1, targeting Hyundai and Genesis EVs with a mileage of less than 120,000 km, registered for more than two years but less than eight years, in compliance with environmental regulations.
Purchased used EVs undergo a refurbishment process, including checks on the battery control system and charging devices, before being sold as certified pre-owned Hyundai and Genesis vehicles.
Hyundai also introduced a battery grading system to evaluate the condition of high-voltage batteries and determine the vehicle’s eligibility for resale based on specific criteria.
Hyundai plans to commence the sale of certified pre-owned electric vehicles within the month, focusing on vehicles with less than 60,000 km mileage and within two to three years of registration.
This initiative represents Hyundai’s effort to make electric mobility more accessible and appealing to a broader audience in South Korea.
M. H. Lee (mhlee@koreabizwire.com)
