Celebrating 100 days of the certified used car program, Hyundai Motor Company is set to make a significant push into the used car market this year. The company plans to expand its range of vehicles to include electric cars and increase the number of customer access points so that more consumers can experience high-quality used cars certified directly by the automaker.
According to Hyundai, the number of certified used cars sold since the program’s launch in October last year reaches 1,057. If we include units that were sent to auction for not meeting certification standards, as well as cars purchased from consumers that were resold, a total of 1,555 used cars have been sold in the last 100 days. Hyundai and Genesis officially launched their certified used car operations on October 24 of last year, marking 100 days of service as of this month.
Breaking it down by model, the most popular is the Grandeur (181 units), followed by the Santa Fe (89 units) and Palisade (81 units). For Genesis, the G80 (128 units) and GV70 (92 units) were the top sellers.
During the past 100 days, many consumers have recognized the core value of the certified used car program, encapsulated in the slogan “Made by Us, Cared by Us.” As a result, Hyundai plans to focus on securing inventory and improving the business’s profitability starting this year.
To facilitate this, a special 100-day used car purchase promotion will be conducted for general customers. Customers who visit for evaluation on popular models will receive a gift card worth 10,000 KRW (CU convenience store gift card).
The visit evaluation is a procedure in which a certified used car assessor pre-emptively checks the vehicle at a time and place convenient for the owner. Owners of models like the Avante AD (2019-2021), Grandeur IG, Venue, Kona (1st Gen), GV80 2.5 Turbo (2020-2021), and GV70 2.5 Turbo (2021) can participate.
The compensation benefits related to vehicle purchases will also be increased. Last year, only 2% of the vehicle quote price was given as additional compensation to the owner, but starting this year, it will be raised to a maximum of 4%. For example, if a vehicle is valued at 25 million KRW, last year’s compensation would have been 500,000 KRW, but this year it can go up to 1 million KRW.
Hyundai’s target for this year’s used car operations is set at 15,000 units. This figure includes sales of certified used cars to regular consumers, B2B sales, and units that were auctioned after failing to meet certification standards.
From March, certifications for electric vehicles (EVs) will also begin. Purchases of EVs targeted at regular consumers will start at the same time. Customers will be able to buy certified used cars based on exclusive platforms like the Ioniq 5 and 6, GV60, as well as other electrified models including the Kona Electric.
To address consumer concerns regarding EV batteries, Hyundai Motor Group’s technology research center (Namyang Research Center) is discussing certification guidelines for used electric vehicles. Plans include thoroughly checking how much the battery has been used and whether there has been any damage while driving before the EVs are offered as used listings, ensuring a fair and transparent process.
In terms of services, Hyundai is preparing various benefits that only automobile manufacturers can provide. By eliminating additional costs incurred beyond the vehicle price when purchasing a used car, Hyundai aims to enhance customer satisfaction.
All customers purchasing certified used cars will receive two smart keys. Even if the previous owner returns only one smart key, they will receive an additional one when they buy a certified used car.
For used cars purchased that exceed the new car warranty period (3 years, 60,000 km) or with a remaining warranty period of less than 1 year or 20,000 km, Hyundai will provide an extended warranty period (1 year, 20,000 km). This aims to ensure high-quality after-sales service (AS) for used car customers. Additionally, until the end of the month, a 30,000 KRW fuel coupon (SK Energy gas station) will also be distributed.
Plans are in place to open additional certified used car centers in areas with high populations, particularly in the metropolitan area. This aims to enhance consumer accessibility to Hyundai and Genesis certified used cars. To date, the company has operated certified used car centers in two locations nationwide: Yangsan, Gyeongnam, and Yongin, Gyeonggi.
Hyundai stated, “With the certified used car program, consumers can now choose high-quality used cars verified directly by automobile manufacturers, just like overseas. We will contribute to increasing the trustworthiness of the used car market in South Korea and expanding the overall market size.”
By Lee Sang-jin, daedusj@autodiary.kr