Hyundai’s marketers are brilliant, inspired people – but let’s set this up a bit before we put on the wading boots, shall we?
I think it’s a given that buying a new car is a tricky sort of thing. This is especially true in these days of rapid technological progress and wildly accelerating gas prices – in 4 years’ time, the automotive landscape may be very different, and that snazzy new 2011 gas-electric hybrid may be passé by the time it’s paid off.
Buying a new car, in other words, is a bit of a gamble.
So, what do you do? Do you buy a gas-engined car and sacrifice chickens to OPEC’s oil gods every third Saturday? Do you buy a bio-capable diesel and make friends with the local fried chicken joint, just in case? Do you buy that super-low emission CNG Civic and figure you’ll always be able to fill it up at Strickland Propane, if not at home? Do you buy that Nissan Leaf you’ve been ooh-ing and ah-ing over, and hope against hope that today’s electronic whiz-bang will still be worth something 3 or 4 years from now? Do you tell the automakers to stuff it and buy a scooter?
Tough decisions, all – made tougher by the constant delays in getting a usable American rail system off the ground – but Hyundai (yes, Hyundai) has just made placing your future tech bets so. Much. Easier.
It’s called “Hyundai Assurance“, and it’s been Hyundai market-speak for their 10 year, 100,000 mile warranty for several years. What’s new, however, is that Hyundai is now guaranteeing the car’s value during months 24 through 48 of a car’s loan. There’s some fine print (which you can check out for yourself, below) but considering Hyundai’s rapid progress in EV, hybrid, and fuel-cell development, parking a new Hyundai in your driveway seems like a good way to hedge your bets in the green technology race.
Here’s hoping other carmakers follow suit.
HYUNDAI ASSURANCE EVOLVES
Renewing its industry-leading focus on consumer protection, Hyundai today announced the introduction of the all-new Hyundai Assurance Trade-in Value Guarantee. The Guarantee is a direct result of Hyundai’s sensitivity to consumer preferences and is made possible by the strength of Hyundai’s residual values, now among the highest in the industry.
This newest addition to the Assurance suite of programs eliminates concern about depreciation by giving Hyundai owners a guaranteed value for their vehicle in months 24 through 48 of ownership. The program will be applied to all new vehicles purchased on or after May 1, 2011 at no additional cost to consumers. Because of the exceptional quality of its vehicles, Hyundai offers more car for the money now, and more money for the car later, under this guaranteed trade-in program.
All Hyundai vehicles sold in the U.S. are covered by the complimentary Hyundai Assurance program, which currently includes the 5-year/60,000-mile fully transferable new vehicle warranty, Hyundai’s 10-year/100,000-mile power train warranty, five years of complimentary Roadside Assistance and now Trade-in Value Guarantee.
“Hyundai Assurance is a partnership with our owners in their purchase of a vehicle,” said John Krafcik, president and CEO, Hyundai Motor America. “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.”
Hyundai Assurance Trade-in Value Guarantee is valid for all new cars sold through participating U.S. Hyundai dealerships. The guaranteed trade-in value is determined by the Automotive Lease Guide (ALG) forecast of future value. Customers can trade in their qualifying vehicle towards the purchase of a new Hyundai vehicle during months 24 through 48 of ownership. At the time of trade-in, the customer’s vehicle will be assessed to determine the current market value and compared to the guaranteed value. If the assessed value is higher than the guaranteed value, the customer will be able to apply that value toward the purchase of a new Hyundai vehicle. If the assessed value is less than the guaranteed value, the customer will be able to use the guaranteed value toward the purchase of a new Hyundai vehicle financed through Hyundai Credit.
At time of trade-in, the customer must show proof of vehicle maintenance at the recommended intervals through authorized Hyundai dealerships. Coverage is only applicable when the current market value of a vehicle drops below the guaranteed trade-in value of the vehicle. Lease vehicles are not covered by the Trade-in Value Guarantee.