2 Years Charging Cost Support and Used Car Price Guarantee... Hyundai Motor Drives Electric Vehicle Adoption

Hyundai Motor Company announced on the 21st that it has launched an integrated program called EV Everycare, which bundles the benefits available to electric vehicle buyers into one package. The company stated that the program was designed to enhance satisfaction during the electric vehicle ownership experience and to promote wider adoption.

The program covers everything consumers need when purchasing an electric vehicle, including vehicle purchase, charging, used car residual value guarantees, and replacement vehicle support. Charging costs are supported up to a maximum of 1.6 million KRW. Those who primarily use public urban charging stations receive 1.6 million credits equivalent to two years of charging fees. Residents of single-family homes receive support for the installation cost of a 7kW home charger worth approximately 1.6 million KRW at market price. The charging cost benefits are part of an existing program, and the amount of support varies depending on whether the financial program is used at the time of vehicle purchase. Hyundai Motor’s Ioniq 5N only receives charging benefits.

Hyundai Electric Vehicle Ioniq 5 N Selected as the 2024 Car of the Year by the Korea Automobile Journalists Association
[Photo by Korea Automobile Journalists Association]

To alleviate concerns about depreciation of used car prices, the program also includes a residual value guarantee. If customers purchase an Ioniq 5, Ioniq 6, or Kona Electric and sell it within three years to trade in for a Hyundai vehicle, up to 55% of the purchase price will be guaranteed. Based on the actual purchase price after government subsidies, the company explained that the guaranteed amount is higher than 55%. To qualify, the vehicle must be handed over to a specific used car company contracted with Hyundai Motor.

Additionally, if a total loss accident occurs within one year after vehicle delivery, the program covers the loss cost of the accident vehicle and the new vehicle registration fee. Customers who sign the program consent form at the time of new vehicle delivery and trade in for a Hyundai vehicle can receive this support. This service compensates for replacement vehicle costs due to total loss accidents without restrictions on the replacement vehicle model or powertrain. However, Genesis and commercial vehicles are excluded.