2024.05.10 Hyundai Motor Company
EV EVeryCare: Hyundai Motor Company’s Special Benefits for Electric Vehicle Buyers
Hyundai has curated exclusive benefits for those purchasing electric vehicles. If you are contemplating buying an EV, now might be the perfect time for it.
Hyundai Motor has launched a service called ‘EV EVeryCare’ for electric vehicle buyers. It offers various benefits throughout the entire process of owning an electric vehicle, including purchasing, operating/charging, selling used cars, and trading in. EV EVeryCare is available to all customers who purchase Hyundai IONIQ5, IONIQ6, and KONA Electric starting February 20, 2024.
EV EVeryCare consists of three main services: Charging Benefits, Preservation of Residual Value, and New Car Exchange Benefits. These services are all designed with the intention of promoting the safe purchase of electric cars, enhancing user satisfaction, and boosting domestic EV adoption. The Hyundai Domestic Sales Strategy Team describes the introduction of this program as follows:
“Our study of the electric vehicle market and customer perceptions revealed that many customers feel uncertain about electric cars due to unverified information. Therefore, we sought to provide benefits aimed at alleviating customer concerns. We thoroughly examined beyond the existing benefits and developed EV EVeryCare. Our goal is to increase customer interest and preference for electric vehicles.”
Charging Benefits
One concern among potential electric car customers is charging. They might worry about the rising cost of charging or the unfamiliar process of using charging station compared to traditional gas stations. To address these concerns, EV EVeryCare provides a range of charging benefits customized for different residential and charging settings. For instance, residents in apartment complexes or users of communal charging stations may receive charging credits equivalent to approximately two years’ worth of charging expenses up to a maximum of KRW (referred to as ‘won’ hereinafter) 1,600,000.
Charging credits can be freely used at roaming partner charging stations, which comprise 80% of the nationwide charging stations. Particularly noteworthy is the ability to charge at a flat rate of 385 won/kWh for rapid charging and 299 won/kWh for regular charging, without any roaming fees, making it a superb benefit. Several EV Charging platforms in South Korea currently provide roaming services to enhance the charging convenience for their members. However, roaming often comes with higher fees, leading many budget-conscious users to subscribe to multiple platforms and use different cards as required. With the charging credits offered by EV EVeryCare, users can bypass this inconvenience and charge at multiple stations with just one card at a uniform price.
If you live in a single-family home with a dedicated parking space, you are eligible to receive complimentary installation of a home charger valued at 1.6 million won, including setup (customer is responsible for the KEPCO deposit). Having a dedicated charger without the additional cost of purchasing and installing is an excellent option for those planning long-term ownership of an EV.
Preservation of Residual Value
Resale value is likely one of the concerns for potential electric car buyers. This is due to the challenge in predicting the rapidly shifting prices of used electric vehicles. With EV EVeryCare, Hyundai guarantees a residual value of up to 55% when trading in an electric vehicle for a Hyundai model within 2 to 3 years from the delivery date (*Excluding vehicles used for driving instruction/disabled persons/commercial use, with an annual mileage of less than 25,000km. Available for individual customers only). The benefit begins two years after delivery, as a regulation requires the return of the subsidy received at the time of initial purchase if the electric vehicle is sold as a used car within two years. Trade-in is available for all Hyundai models, including sedans, RVs, compact cars, and commercial vehicles.
For instance, if an individual customer purchases the IONIQ 5, IONIQ 6, or KONA Electric and subsequently contracts with Hyundai under the same name to utilize this service, the evaluation and decision for sale are conducted one week prior to the delivery date. The depreciation assessment is based on factors such as the vehicle’s repair history, operational functionality, mileage, and more. The calculated resale price can be received alongside the new car delivery.
New Car Exchange Benefits
Being involved in an accident with a newly purchased car can be overwhelming, especially in the case of a total loss accident, where expenses such as registration fees and deductibles are quite substantial. The new car exchange benefit of EV EVeryCare guarantees coverage for the costs incurred in the event of a total loss accident and registration fees upon purchasing a new car. Of particular note is the registration fee support, which applies to any Hyundai vehicle, regardless of engine type or trim, across all sedans and RVs.
For instance, if you purchase the IONIQ 5 Preferred Long Range in Seoul, the price after tax benefits is 54.1 million won, and you can receive a subsidy of 8.4 million won. The registration fee is approximately 2.04 million won, making the actual purchase cost 47.74 million won. In the event of a total loss accident immediately after delivery, you would pay a deductible of 2 million won and receive 47.75 million won, resulting in a loss of 1.99 million won. Additionally, registration fees will apply when purchasing another car.
By utilizing the new car exchange benefit of EV EVeryCare, you can receive assistance for the loss amount resulting from the total loss processing of your current vehicle, as well as support for the registration fees of the new one. For instance, if you opt for the same-spec IONIQ 5 as your new car, you will receive support totaling 4.03 million won, including the registration fee of 2.04 million won and the existing loss amount of 1.99 million won. Choosing the Grandeur Hybrid Calligraphy will grant you support totaling 4.87 million won, including the 2.88 million won registration fee plus the existing loss amount. It means there is no issue in choosing a car with higher registration fees compared to your current vehicle.
*The amount is calculated as of April 12, 2024, and is subject to possible change.
Easier Ways to Purchase EVs: Hyundai’s Trade-In Program
Meanwhile, Hyundai runs a trade-in (compensation sale) program for customers selling their owned vehicles as certified used cars and purchasing new ones. If you complete the sale of your current vehicle through ‘Hyundai Certified’ platform within 15 days before the delivery of your new car, you can receive benefits. This is a service worth paying attention to in many aspects if you plan to switch your current car to an EV. This is because a purchase benefit of 1 million won is available when purchasing IONIQ 5 (excluding N models), IONIQ 6, and KONA Electric. This benefit can be received in addition to EV EVeryCare.
Here is an explanation from Hyundai Domestic Sales Strategy Team about the revamped trade-in program: “When we initiated the special trade-in conditions last March, discounts were provided differentially between customers driving Hyundai/Genesis electric cars and those driving internal combustion engine cars, irrespective of the brand. However, since the reinforced incentives in April, customers have been eligible for the same benefits regardless of the fuel type of their current vehicle, with the discount amount notably enhanced.”
The purchase criteria for ‘Hyundai Certified’ apply uniformly to both electric and internal combustion engine vehicles, requiring cars to be less than 8 years old and to have mileage below 120,000 km. Electric vehicles less than 2 years old are not acquired due to regulations concerning subsidy refunds upon resale, as mentioned earlier. In addition to the trade-in program, there is also a compensation purchase program that offers an additional percentage of the purchase amount based on the condition of the used car. EVs driven for less than 2-3 years/60,000 km and internal combustion engine vehicles with less than 5 years/100,000 km are eligible for an additional 2% added to the purchase amount. For internal combustion engine vehicles aged 2-4 years/100,000 km or less, an extra 2% is added, totaling 4% in additional benefits.
All the benefits mentioned thus far are provided in conjunction. For instance, if you trade in a Hyundai SONATA with 40 months of age and 70,000 km mileage for an IONIQ 5 through Hyundai Certified, you can enjoy all the benefits including EV EVeryCare, a 1 million won trade-in discount, and an additional 4% compensation purchase benefit at once.
*These conditions are as of April 12, 2024, and are subject to change.
The Hyundai Domestic Sales Strategy Team outlined the benefits of the trade-in program as follows: “Customers have traditionally sold their old vehicles through used car dealerships or online platforms and then purchased new ones. With the Hyundai Certified platform, you can streamline the two-step process of buying a new car into one. The trade-in program not only provides convenience to customers but also reduces their financial burden with additional discounts on new cars.”
Hyundai has prepared various benefits considering the concerns of EV buyers. This should alleviate any vague anxiety about unverified narratives surrounding electric vehicles. Furthermore, recent EVs are transforming users’ daily lives as lifestyle partners. If you have been considering an electric car, now is the time to take a closer look at Hyundai’s recent programs. With various perks up for grabs, it might just be the perfect opportunity to make a purchase.
