Just a few weeks back, Hyundai announced that their “Hyundai Assurance” buyer protection program would no longer cover job loss. Today, Hyundai has announced a new element of their Hyundai Assurance program, one meant to target any doubt consumers may have about the resale value of Hyundai’s products. Starting with sales on May 1, Hyundai will guarantee a trade-in value for months 24 through 48 of vehicle ownership.
Hyundai Motor America’s president, John Krafcik, explained the company’s logic behind the Hyundai Assurance Trade-in Value Guarantee as follows:
“Hyundai Assurance is a partnership with our owners in their purchase of a vehicle. Depreciation is the single highest cost of car ownership. While Hyundai’s depreciation is now among the lowest in the industry, Assurance will remove many of the barriers and concerns about vehicle ownership. Through Assurance, we share in our owners’ investment, and the Trade-in Value benefit extends this partnership from the initial purchase all the way through what we hope will be the consumer’s next purchase of another Hyundai.”
Values will be vehicle specific and will be determined by Automotive Lease Guide future value forecasts. Customers must trade in their existing Hyundai on a new Hyundai, and cars turned in will be evaluated for condition. Should the dealer determine that your car is in “above average” condition, the trade-in value will be adjusted upward. On the other hand, if the dealer finds your car to be in “poor” condition, you still qualify for the preset trade-in value. As you’d expect, there’s some fine print involved: new vehicles must be financed through Hyundai Credit, owners must show proof that vehicle maintenance was performed at recommended intervals by an authorized Hyundai dealership and leased vehicles are excluded from the program.