Hyundai Motor Offers Up to 2 Million KRW Discount When Trading in Used Cars for New Purchases

Hyundai Motor Company announced on the 9th that it will significantly expand trade-in benefits linked to certified used cars. Customers who trade in their existing Hyundai or Genesis used car to the manufacturer and purchase a new car will receive a cash discount of up to 2 million KRW.

Last month, only three models?IONIQ 5, IONIQ 6, and Kona Electric?were eligible for a maximum discount of 500,000 KRW when purchased as new cars. However, starting this month, nine models (five Hyundai models and four Genesis models) will receive discounts ranging from 1 million to 2 million KRW.

In particular, three Genesis electric vehicles (GV60, GV70 EV, G80 EV) have been included in the new car cash discount program for trade-ins starting this month. The mid-size sports utility vehicle (SUV) GV70 has also been added to the discount list. Customers who sell their existing vehicle as a Hyundai or Genesis certified used car and purchase any of these four new models will receive a 2 million KRW discount.

Hyundai Certified Used Car Merchandising Center located in Habuk-myeon, Yangsan, Gyeongnam [Photo by Hyundai Motor Company]

Hyundai has also increased the number of models eligible for cash discounts to five. In addition to the previous three models (IONIQ 5, IONIQ 6, Kona Electric), the Santa Fe (excluding hybrid models) and Palisade have been added. Customers who trade in their existing vehicle as a certified used car to the manufacturer and purchase one of these five models will receive a 1 million KRW discount.

The trade-in compensation program for customers selling their existing vehicles will also be maintained. Depending on the vehicle condition, compensation of up to 4% of the sale price will be provided. For internal combustion engine vehicles, customers can also trade in other brand vehicles (within 8 years of release and 120,000 km mileage).

Consumers wishing to participate in the trade-in program can sell their existing vehicle through the 'Sell My Car' service available on the Hyundai and Genesis certified used car applications or websites at least 15 days before the new car delivery.

Hyundai stated, "By expanding the eligible models and discount amounts for trade-in benefits, we will strive to provide a one-stop service for customers from selling their existing vehicle to purchasing a new car."