"Buy the Grandeur 1 Million Won Cheaper"... Auto Industry Joins 'Kosepe' Discount Event

Additional Discounts Plus Low-Interest Installment Benefits

(Photo by Hyundai Motor)

[Asia Economy Reporter Kim Ji-hee] The domestic finished car industry is participating in Korea's representative shopping tourism festival, the '2020 Korea Sale Festa,' offering discount events on major vehicle models.

Hyundai Motor Company announced on the 1st that it will implement a Korea Sale Festa-linked program providing up to 10% discounts on about 13,000 passenger and RV vehicles including Sonata, The New Grandeur, and Santa Fe, and up to 20% discounts on about 650 commercial vehicles such as County and Xcient.

Discount benefits by model compared to the regular price are as follows: Ioniq HEV 10%, Sonata 3-5%, Sonata HEV 3%, The New Grandeur 2%, Tucson 8%, The New Santa Fe (diesel model) 2-3%, Kona EV 5-8%, and Nexo 1 million KRW. Additionally, a low-interest installment plan at 2.5% is offered for Ioniq HEV, Sonata, The New Grandeur, Tucson, and The New Santa Fe (diesel model).

Accordingly, based on the main trims per model, maximum discounts of 2.85 million KRW for Ioniq HEV, 1.57 million KRW for Sonata, 1.02 million KRW for Sonata HEV, 1.01 million KRW for The New Grandeur, 2.5 million KRW for Tucson, and 1.05 million KRW for The New Santa Fe are provided. An additional 300,000 KRW benefit is given for vehicles delivered in November.

For commercial vehicles, about 650 units across five models including Pavise, County, New Power Truck, Xcient, and Universe will be sold at discounts ranging from 1% to a maximum of 20% off the regular price. Discount rates vary depending on model, production period, and vehicle type (dump, tractor, cargo, etc.), with maximum discounts of 2.3% for Pavise, 1% for County (18MY), 8% for New Power Truck, 20% for Xcient, and 5% for Universe.

(Photo by Kia Motors)

Kia Motors is also running the 'Kia Sale Festa,' offering up to 10% discounts on eight popular models. A total of 8,000 units will be sold on a first-come, first-served basis. Discount rates by model compared to the regular price are: Morning 2-4%, K3 3-5%, K5 (including HEV) 3-5%, K7 (including HEV) 5-7%, Niro HEV 5-7%, Stonic 7-10%, Sportage 7%, and Mohave 2-3%. Customers purchasing Morning, K3, K5, K7, Niro HEV, and Sportage will also receive low-interest installment plans ranging from a minimum of 1.0% (36 months) to a maximum of 3.0% (up to 60 months).

Customers who take delivery in November will receive additional early purchase benefits for certain models. For five models including Morning, K3, Sportage, Niro HEV, and Mohave, support ranging from 300,000 KRW to 500,000 KRW will be provided depending on the delivery timing.

Accordingly, customers purchasing within the period can receive maximum discounts based on the main trims per model: Morning 840,000 KRW, K3 1.18 million KRW, K5 1.39 million KRW, K5 HEV 1.57 million KRW, K7 2.45 million KRW, K7 HEV 2.66 million KRW, Niro HEV 2.31 million KRW, Sportage 2.17 million KRW, and Mohave 2.18 million KRW.

A special discount for electric vehicles is also prepared for 200 units. Compared to the regular price, Soul EV is discounted by 2-5%, and Niro EV by 2-3%.

(Photo by Korea GM)

Chevrolet is also participating in the discount event. For Malibu, Trax, and Equinox, limited to 1,500 units, up to 10% of the vehicle price will be supported, along with providing free warranty services for 5 years or 100,000 km, offering the highest level of benefits this year.

In particular, customers purchasing Chevrolet Malibu, Trax, and Equinox can choose between a double zero 48-month interest-free installment plan with no down payment or interest when using a combo installment plan combining installments and cash support, or a long-term installment plan with a low interest rate of 1% for up to 72 months, in addition to the 10% vehicle price support. Furthermore, the existing warranty period is extended by 2 years, providing free warranty service for up to 5 years or 100,000 km.

Customers purchasing Chevrolet Trailblazer and Traverse will also receive free extended warranty services for up to 5 years or 100,000 km. Traverse buyers will receive an additional 2 million KRW cash support when using the combo installment plan.