The company hopes this will drive consumers 04/25/2011
Following the Cash for Clunkers program, which helped give the auto industry a boost, other car companies are looking to offer incentives for people buying new vehicles.
Hyundai announced that it would launch the Hyundai Assurance Trade-in Value Guarantee, which will ensure the value of any of the brand's vehicles that are traded in after two to four years of use, according to USA Today.
The hope of the South Korean automaker's executives is that this kind of program will help turn prospective customers into buyers, as they may feel gunshy about purchasing a new vehicle if they believe they will not get a good value from the trade-in.
"Hyundai Assurance is a partnership with our owners in their purchase of a vehicle," John Krafcik, chief executive officer (CEO) of Hyundai Motor America, told the news provider. "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."
According to Auto Spies, the program will apply to all of the company's vehicles that are purchased on or after May 1.