The automotive market continues to face a slump, prompting brands to scramble for recovery in sales.
On the 9th, Hyundai announced a promotion that offers a discount of up to 2 million won when trading in an existing vehicle for a new one. In addition to the existing Ioniq 5 and Ioniq 6, and Kona electric vehicles, the promotion now includes the All-New Santa Fe (excluding hybrid models) and the Palisade, as well as four Genesis models (GV60, GV70, GV70 Electric SUV, G80 Electric Sedan). Additionally, depending on the condition of the vehicle, 4% of the sale price will be paid as the maximum compensation, and cars from other brands (within 12 years and 120,000 km since delivery) will also be included in the trade-in program.
Major import car brands are also launching extensive sales events to combat the economic downturn. Mercedes-Benz Korea has partnered with Mercedes-Benz Financial Services to offer interest-free financing for their flagship model, the ‘S-Class.’ The financing terms stipulate that if more than 50% of the vehicle price is paid as a deposit, customers can access up to 24 months of interest-free installment payments.
Currently, the average interest rate from Benz Financial is 9.88%. Purchasing the S580, priced at 247.5 million won, with interest-free financing could save buyers 24,453,000 won, which is the 9.88% interest on the vehicle price. For the flagship SUVs, like the GLE and GLS Diesel models, down payments of 50% can secure a low 3.98% interest rate on installment payments over the next 24 months, allowing buyers to save up to 5.9% in financing costs.
Land Rover, synonymous with SUVs, is running a 0.99% low-interest financing event for the Range Rover Sport in collaboration with KB Capital. The condition requires a deposit of 30% of the vehicle price, allowing customers to purchase the vehicle with less than 1% interest for 36 months. Additionally, returning Range Rover customers benefit from an extra 0.5% discount on the interest rate, enabling them to purchase nearly interest-free.
For the Range Rover Sport P360 Autobiography, priced at 159.7 million won, customers would pay 47.91 million won as a deposit and could cover the remaining 111.89 million won with monthly payments of 3.154 million won over 36 months.
Lee Sang-jin daedusj@autodiary.kr