Renault Korea announced on the 9th that it will offer a used car price guarantee service to customers of its newly launched mid-size sport utility vehicle (SUV), the Grand Koleos E-Tech Hybrid.
This service guarantees the used car price based on certain criteria when individuals or sole proprietors purchase the vehicle, use it, return it, and then buy a new Renault Korea car again. The residual value guarantee rate starts at a maximum of 80% and is applied differentially for up to 5 years, increasing the monthly mileage by 1,250 km.
On an annual basis, the rates are ▲1 year (10,000?15,000 km) 75% ▲2 years (25,000?30,000 km) 70% ▲3 years (40,000?45,000 km) 64% ▲4 years (55,000?60,000 km) 57% ▲5 years (70,000?75,000 km) 50%. Additionally, for vehicles that have not reached the minimum mileage for each period, 0.5 percentage points are added for every 5,000 km shortfall. For example, if a vehicle has been driven 19,000 km over 2 years, it will receive additional compensation for the 6,000 km difference from the minimum required mileage of 25,000 km, raising the residual value guarantee rate to 71%. This service is provided by Renault Korea’s official partners.
The new cars are scheduled to be delivered to customers starting next month with the hybrid model. The base trim starts at 37.77 million KRW, and the fully loaded model with all options on the highest trim is priced at 45.67 million KRW. Hwang Jae-seop, Executive Director of Renault Korea, said, "We have prepared an industry-leading residual value guarantee rate so that customers can approach new cars without financial burden."
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