November 01, 2011 11:17
Hyundai Motor said on Monday it is launching a program next month to repurchase its used cars at prices five percentage points higher than the rate it has until now applied -- a move that is likely to set car dealers' nerves jangling as it now matches the market rate.
The buyback program will apply to 10 of its models, including compacts and passengers cars such as the Accent, Avante, Sonata and Grandeur; SUVs such as the Tucson, Santa Fe and Vera Cruz; and vans or hybrids including Porter trucks and Starex.
A car that has been used for one year will be bought back at 75 percent of the price of a new model, or 68 percent for a vehicle driven for two years, 62 percent for a three-year-old car, 53 percent for a four-year-old vehicle and 47 percent for a car that has been driven for five years.
Owners of any of these 10 models who repurchase a new Hyundai by next October will be eligible for the buyback program, but cars that have been driven for more than an average of 20,000 km each year will not be eligible.
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