Hyundai announced on Thursday the launch of a trade-in program in South Korea aimed at boosting sales of electric vehicles (EVs) amidst weaker demand for clean automobiles.
The trade-in scheme, which began on March 1, allows customers to purchase new EVs at discounted prices by trading in their used cars. The program is available to customers who sell their existing cars to Hyundai’s certified used car service and purchase new EVs such as the all-electric IONIQ 5 crossover, the IONIQ 6 sedan, and the Kona Electric.
Customers who trade in their Hyundai or Genesis EVs are eligible to receive proceeds from the sales and compensation of up to 2% of the proceeds, along with a discount of 500,000 won ($375.4) when purchasing new EVs, according to the automaker.
For customers selling internal combustion engine vehicles and hybrid cars, regardless of the make, Hyundai offers proceeds of sales and compensation of up to 4%, along with a discount of 300,000 won.
The trade-in program comes as Hyundai recorded a 30.4% decline in domestic EV sales last year. The company sold 34,793 EVs in the country in 2023, compared to 49,959 units in 2022, according to the Korea Automobile & Mobility Association.
Hyundai also plans to launch sales of high-quality certified secondhand EVs this month.
“The certified used car program is expected to help customers maintain the residual values of their EVs while providing them with more options,” the company stated.
Hyundai intends to purchase EVs from Hyundai and Genesis that are aged two to eight years and have traveled 120,000 kilometers (74,565 miles) or less. However, it will only sell vehicles aged two to three years that have driven 60,000 kilometers or less.
In comparison, Hyundai’s program for used internal combustion engine cars sells models that have traveled less than 100,000 kilometers over up to five years.
Hyundai will also assess the battery performance of used EVs it purchases to ensure that only certified clean used vehicles, capable of long driving distances, are sold.
