Hyundai launched a new trade-in program in Korea that allows you to buy EVs like you would an iPhone. The move is designed to encourage shoppers to go electric with discounts on new Hyundai EVs when turning in used gas-powered cars.
Carrying the momentum into 2024
After selling a record 268,785 fully electric vehicles last year, Hyundai has no plans to slow down this year.
Hyundai’s dedicated EVs, like the IONIQ 5 and IONIQ 6, are becoming best-sellers in key markets globally. The IONIQ 5 was the sixth best-selling electric vehicle in the US last year, Hyundai’s biggest market.
Meanwhile, Hyundai’s upgraded Kona Electric is rolling out as one of the most affordable EVs on the market. The new Hyundai Kona features more range, faster charging, and an upgraded design.
The automaker is doubling down this year with plans to sell even more EVs, with around 300,000 deliveries in 2024. Hyundai’s investment plans this year include boosting mass-produced EVs while finishing construction at its Georgia manufacturing plant.
Hyundai is expected to launch its first three-row electric SUV later this year. Although initially it was believed to be called the IONIQ 7, new reports suggest it will go by the IONIQ 9.
Hyundai launches trade-in plan to encourage buying EVs
To support the transition to EVs in its domestic market, Hyundai launched a new trade-in program when purchasing a new electric car.
For any new EV purchases, including the IONIQ 5, IONIQ 6, or Kona Electric, Hyundai is offering compensation for trading in a used vehicle.
Hyundai compares it to buying a smartphone, where a trade-in helps lower the cost of a new purchase. The company is giving “special benefits” to new EV buyers who trade in their used ones.
Those who sell their used Hyundai or Genesis EVs through a certified used car service will receive up to 2% compensation from the sale. For example, if you wanted to upgrade to the new IONIQ 5. You will also get a $380 (500,000 won) discount when buying a new Hyundai EV.
Hyundai is providing special benefits to those who trade in an ICE or hybrid vehicle. If you sell your vehicle (including other brands) to Hyundai’s certified used car service, you can receive up to 4% of the sale as compensation.
ICE drivers turning in their used vehicles will also receive a $230 (300,000 won) discount on a new Hyundai EV purchase.
To ensure a smooth transition, Hyundai started a used EV purchase business earlier this month. Hyundai offers EVs between two and eight years old that are under 75,000 miles (120,000 km).
Hyundai says it has measures in place to ensure the EVs are up to standard, including a “battery rating system.” The system evaluates the battery based on its condition and driving distance per charge.
If the battery is broken or the driving distance is not up to standard, Hyundai considers the vehicle defective and will not sell it.
Electrek’s Take
Although car trade-in programs have existed for some time now, Hyundai’s is designed to support the transition to EVs in its home market.
The company is offering compensation for ICE or hybrid owners who switch to electric vehicles as it seeks to boost EV adoption in Korea. Hyundai’s trade-in program comes after BMW introduced a new $1,000 incentive, but only for Tesla or other electric models.
South Korea is introducing a new EV subsidy plan that favors domestic automakers like Hyundai and Kia while targeting EVs with cheaper batteries.
The move should help boost Hyundai’s electric car sales, as the automaker aims to become a top-three EV maker by 2030.
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