Hyundai is launching a new program that will guarantee the trade-in value of their cars. The program is to begin with cars purchased on May 1, 2011, according to Hyundai, and will continue for an unspecified amount of time.
Hyundai’s “Assurance Trade-in Value Guarantee” will guarantee the trade-in value of Hyundai cars from the 24th month of ownership through the 48th month of ownership. The guaranteed trade-in value will be based on the forecast of future value listed in the Automotive Lease Guide. The guarantee will come standard with no additional cost, said Hyundai.
However, there are requirements that the car owner must fulfill. Among other restrictions, the owner must offer proof that all factory recommended vehicle maintenance since the car was new has been completed at a Hyundai dealership. Another restriction, the second car purchase – the one the guaranteed trade in is being used to purchase – must be purchased using Hyundai’s own credit program.
John Krafcik, president and CEO, Hyundai Motor America, said of the new program “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.”
Last month Hyundai ended a program which allowed new Hyundai owners to return their cars if they lost their job. The job loss protection program had been in effect since 2009.