Hyundai to sell pre-owned EVs

Industry

Published: 07 Mar. 2024, 16:41 Updated: 07 Mar. 2024, 17:49

Hyundai to sell pre-owned EVs

Secondhand Ioniq 5s are parked at Hyundai's used car center in Yongin, Gyeonggi. [HYUNDAI MOTOR]

Return your old car and get cash compensation plus a big discount on a new EV.

Hyundai Motor introduced a Trade-In service early this month that offers up to 4 percent of the sale price of the car as compensation if customers sell it back to the automaker, and an additional discount of up to 500,000 won ($380) if they buy a new Hyundai EV.

People who own Hyundai and Genesis EVs can resell them to Hyundai, with 2 percent of the sale price offered as compensation.

If the driver buys a new Ioniq 5, 6 or Kona Electric, they get 500,000 won as an additional discount.

If the driver’s car was either an internal combustion engine car or a hybrid car, they can get up to 4 percent of the sale price as compensation.

An additional 300,000 won discount is offered if they wish to buy an Ioniq 5, 6 or Kona Electric.

A Hyundai employee inspects a battery on a secondhand Ioniq 5 at the automaker's used car center in Yongin, Gyeonggi. [HYUNDAI MOTOR]

The new service is part of the company’s efforts to enter the used EV car market by buying back pre-owned EVs. The cars will go through a quality improvement test and be resold.

Cars that are less than eight years old and have under 120,000 kilometers (74,500 miles) on the odometer are accepted. Only cars that are less than three years old with under 60,000 kilometers on the odometer will be resold.

Hyundai aims to launch the service within the year.

“Through the certificated used EV service, Hyundai will be able to offer customers more options by keeping the residual value,” a spokesperson for Hyundai Motor said.

The automaker started its certificated pre-owned car sale service for regular engine cars in October last year.

BY SARAH CHEA [chea.sarah@joongang.co.kr]