November 22, 2024

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Two Inoniq 5s are parked at a Hyundai Certified used car sales center in Yongin, Gyeonggi Province. (Hyundai Motor Group)

Hyundai Motor has begun a trade-in service for customers looking to buy new electric vehicles by offering incentives to encourage domestic EV sales, the South Korean automaker announced Thursday.

The trade-in benefits, which became effective on March 1, apply to those who sell their cars to Hyundai Motor’s certified used vehicles service and buy the automaker's EVs: the Ioniq 5 and 6 as well as the Kona Electric.

According to the company, customers who sell their used EVs made by Hyundai Motor or Hyundai Motor’s premium brand Genesis EV can receive additional compensation of up to 2 percent of their vehicles’ sale price along with a 500,000-won ($377) discount when buying the automaker’s EVs.

Those looking to receive the benefits have to register their sale attempt through either the automaker’s official application for its certified used vehicles service or the website.

The automaker is also providing incentives for customers hoping to sell their internal combustion engine or hybrid vehicles and buy a Hyundai Motor EV.

Regardless of brand, if customers sell their used cars to the official certified used vehicle service of Hyundai Motor, they can receive additional compensation up to 4 percent of their vehicles’ sale price as well as a 300,000-won discount when buying the automaker’s EVs.

Hyundai Motor began the business of purchasing the brand’s used EVs last Friday, with a certain set of requirements. Qualifying Hyundai Motor and Genesis EVs must have a mileage of less than 120,000 kilometers, and they also need to have been registered as new vehicles at least two years ago.

The EVs purchased from customers will be sold as used cars certified by Hyundai Motor and Genesis after going through the commercialization process, which involves a thorough EV-dedicated inspection to check the battery control systems and charging devices.

On top of such efforts, the automaker developed a battery rating system that shows the battery’s condition and driving range. According to the automaker, if a used EV does not pass the rating system, it will not be sold.

Hyundai Motor plans to begin selling its certified used EVs this month. The automaker said it will only sell EVs with a mileage of less than 60,000 km that have been registered as new cars between two to three years ago.

“By defending the salvage value of EVs through the certified used vehicle business, we will be able to give consumers more options to choose from," Hyundai Motor said.

"We plan to provide various benefits in the future so that the Hyundai-certified used vehicles service can become a trusted EV trading platform."

An engineer inspects the battery on a used Ioniq 5 using the battery rating system. (Hyundai Motor Group)