Consumers can now rent Kia’s electric car Soul

In the hopes of encouraging more consumers to consider buying an electric vehicle, Hyundai Capital on Tuesday started a lease program exclusively for tech-savvy automobile targeted at young consumers.

It is the first time consumers have had a leasing option for an electric vehicle in Korea.

Hyundai Capital said that after a customer qualifies for a government subsidy on the Kia Motors’ Soul EV, which retails for 42.5 million won ($38,200), they are eligible to lease the vehicle for a year with monthly payments of 440,000 won to 470,000 won.

The lease payment also covers acquisition tax and automobile tax. When the contract expires, the customer can return the car, extend the contract or purchase the vehicle.

The central government provides a 15 million won subsidy for electric vehicles, and the local government gives an additional 3 million won to 7 million won.

Despite the government’s effort to encourage drivers to purchase the Kia Soul, the relatively high price and lack of a market for second-hand electric vehicles has made consumers reluctant to purchase one. Hyundai Capital expects young consumers will be more interested in trying out the car if they don’t have to worry about selling it on.

BY SHIM SAE-ROM [ojlee82@joongang.co.kr]