Hyundai introduces trade-in program in Korea to encourage transition from ICE cars to EVs
Hyundai launched a new trade-in program in Korea that allows you to buy EVs like you would an iPhone. The move is designed to encourage shoppers to go electric with discounts on new Hyundai EVs when turning in used gas-powered cars.
Carrying the momentum into 2024
After selling a record 268,785 fully electric vehicles last year, Hyundai has no plans to slow down this year.
Hyundai’s dedicated EVs, like the IONIQ 5 and IONIQ 6, are becoming best-sellers in key markets globally. The IONIQ 5 was the sixth best-selling electric vehicle in the US last year, Hyundai’s biggest market.
Meanwhile, Hyundai’s upgraded Kona Electric is rolling out as one of the most affordable EVs on the market. The new Hyundai Kona features more range, faster charging, and an upgraded design.
The automaker is doubling down this year with plans to sell even more EVs, with around 300,000 deliveries in 2024. Hyundai’s investment plans this year include boosting mass-produced EVs while finishing construction at its Georgia manufacturing plant.
Hyundai is expected to launch its first three-row electric SUV later this year. Although initially it was believed to be called the IONIQ 7, new reports suggest it will go by the IONIQ 9.
Hyundai launches trade-in plan to encourage buying EVs
To support the transition to EVs in its domestic market, Hyundai launched a new trade-in program when purchasing a new electric car.
For any new EV purchases, including the IONIQ 5, IONIQ 6, or Kona Electric, Hyundai is offering compensation for trading in a used vehicle.
Hyundai compares it to buying a smartphone, where a trade-in helps lower the cost of a new purchase. The company is giving “special benefits” to new EV buyers who trade in their used ones.
Those who sell their used Hyundai or Genesis EVs through a certified used car service will receive up to 2% compensation from the sale. For example, if you wanted to upgrade to the new IONIQ 5. You will also get a $380 (500,000 won) discount when buying a new Hyundai EV.
Hyundai is providing special benefits to those who trade in an ICE or hybrid vehicle. If you sell your vehicle (including other brands) to Hyundai’s certified used car service, you can receive up to 4% of the sale as compensation.
ICE drivers turning in their used vehicles will also receive a $230 (300,000 won) discount on a new Hyundai EV purchase.
To ensure a smooth transition, Hyundai started a used EV purchase business earlier this month. Hyundai offers EVs between two and eight years old that are under 75,000 miles (120,000 km).
Hyundai says it has measures in place to ensure the EVs are up to standard, including a “battery rating system.” The system evaluates the battery based on its condition and driving distance per charge.
If the battery is broken or the driving distance is not up to standard, Hyundai considers the vehicle defective and will not sell it.
Electrek’s Take
Although car trade-in programs have existed for some time now, Hyundai’s is designed to support the transition to EVs in its home market.
The company is offering compensation for ICE or hybrid owners who switch to electric vehicles as it seeks to boost EV adoption in Korea. Hyundai’s trade-in program comes after BMW introduced a new $1,000 incentive, but only for Tesla or other electric models.
South Korea is introducing a new EV subsidy plan that favors domestic automakers like Hyundai and Kia while targeting EVs with cheaper batteries.
The move should help boost Hyundai’s electric car sales, as the automaker aims to become a top-three EV maker by 2030.
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We’ve got huge news in the 4X4 Ford world with the launch of the first-ever all electric Ford Bronco. Plus, we’ve got a new long-wheelbase Model Y from Tesla and a full-scale d*ck-measuring contest in the world of full self driving. All this and more on today’s episode of Quick Charge!
We’ve also got a $300 million investment from Uber into Tesla Robotaxi rivals Lucid and Nuro and a suitably rapid successor to Lancia’s legendary HF nameplate – that could be an ideal new-age Neon, if Stellantis grows the stones to bring it Stateside.
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Some of the best financing deals on EVs are offering 0% APR for up to 72 months, and if you combine that with an electric car eligible for the $7,500 federal tax credit, you get a pretty solid deal if you’re looking to buy.
However, the EV federal tax credit dies a premature, unnecessary death on September 30, 2025, thanks to the Republican-controlled Congress, so check out the best EV financing deals below that our friends at CarsDirect have surfaced.
2024 Acura ZDX – 0% APR For 72 Months + up to $10,000 cash
It’s not every day you can pair 0% APR for six years with up to $10,000 in savings, but that’s what’s on the table for the 2024 Acura ZDX through September 2.
For the A-Spec trim with all-wheel drive, buyers get $6,000 off the MSRP. Go with rear-wheel drive, and that drops to $3,500. The Type S also gets a $2,500 cut.
If you own an Acura or a competing brand, there’s an extra $4,000 loyalty or conquest cash offer in the mix.
Click here to find a local dealer that may have the Acura ZDX in stock. – trusted affiliate link
2025 Toyota bZ4X – 0% APR For 72 Months + $2,500 cash
In many regions, Toyota is offering 0% APR plus $2,500 in bonus cash on the 2025 bZ4X when you finance through Toyota Financial Services. That $2,500 is basically a rebate tied to Toyota’s promotional interest rate.
This offer wraps up August 4, so if the bZ4X is on your list, now’s a good time to make a move.
Click here to find a local dealer that may have the Toyota bZ4X in stock. – trusted affiliate link
The 2025 Subaru Solterra is sticking with its usual deep-discount playbook of 0% APR for 72 months through July 31. But there’s a lesser-known perk worth flagging.
According to a national dealer incentive bulletin, Subaru is also kicking in $2,500 in dealer cash. You can stack it with the 0% financing deal, but don’t expect it to be plastered all over ads – it’s a behind-the-scenes offer, so shopping around could pay off.
Click here to find a local dealer that may have the Subaru Solterra in stock. – trusted affiliate link
2025 Honda Prologue – 0% APR + $11,500 cash
Through September 2, Honda’s got one of the most generous EV deals around on the 2025 Prologue: 0% APR plus up to $11,500 in bonus cash.
Here’s how it breaks down if you finance through Honda Financial Services: $5,500 in cash off the top, a $3,500 loyalty or conquest bonus if you already drive a Honda (or are switching from a competitor), and another $2,500 on top of that. It’s all stackable. Plus, the 2024 Honda Prologue is eligible for a $7,500 federal tax credit on purchases.
The catch? You need to live in California or another ZEV state to get the full package. But even outside those areas, Honda’s still offering solid cash incentives that make the Prologue well worth a look.
Click here to find a local dealer with the Honda Prologue in stock. – trusted affiliate link
2025 Ford Mustang Mach-E – 0% APR + $0 Down + 0 payments for 90 days
Ford’s rolling out a “zero-zero-zero” deal on the 2025 Mustang Mach-E: You get 0% APR for 60 months, $0 down, and no payments for the first 90 days.
To sweeten the deal, Ford is throwing in a free home charger plus free installation. If you’re already set up with home charging or just not interested, you can opt for an extra $500 bonus instead.
For a popular EV like the Mach-E, this is one of Ford’s most aggressive financing offers in a while, especially with that no-payment cushion built in.
Click here to find a local dealer that may have the Ford Mustang Mach-E in stock. – trusted affiliate link
The 30% federal solar tax credit is ending this year. If you’ve ever considered going solar, now’s the time to act. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them.
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Subaru today launched its compact AWD SUV at an event in New York City. With 300 miles of range, NACS charge port, a speedy 0-60 time of under 5 seconds, you could say that this is Subaru’s first modern EV, no offense to the rebadged Toyota BZ/Solterra…
The exterior looks a bit like a $100K Lotus Eletre with an off road flair. Uncharted will compete with Volvo’s EX30 Rivian’s R2S and other AWD EVs that might not be as rugged like the VW ID.4, Hyundai Kona and even the Chevy Equinox. Subaru’s lighting signature, shared with the 2026 Solterra and Trailseeker, along with its aggressive, rugged off-road styling will set it apart from the crowd.
It features new 18- or 20-inch wheel designs, as well as a high-contrast, available two-tone roof on Uncharted GT for enhanced curb appeal. At the rear, the sleek combination lamps, black badging, high beltline, and seamless rear design, complemented by a silver-painted lower rear fascia, add to the visual presence of the Uncharted. Low-profile roof rails on all-wheel-drive models add more options for carrying gear.
A NACS charge port with speeds up to 150 kW ensures convenient and fast charging options at more than 15,000 Tesla Supercharger stations nationwide. Even in cold weather conditions, the Uncharted can recharge its battery from 10% to 80% in nearly 30 minutes thanks to an onboard battery preconditioning system. At home, you can charge up to 11KW level 2 charging.
The interior is modern Subaru with rugged textile around a big 14-inch CarPlay/Android Auto screen experience (pictured below). There are 2 wireless phone chargers up front and 2 USB-C chargers in the rear.
All trim levels of the Subaru Uncharted are equipped with an All-Weather Package, including heated front seats, heated exterior mirrors, and windshield wiper de-icer; power rear gate; interior ambient lighting; and DriverFocus® Distraction Mitigation System. The Uncharted Sport adds X-MODE® Dual-Mode with Grip Control, heated steering wheel, StarTex® water-repellent upholstery, panoramic view monitor, and more. Uncharted GT will include a panoramic moonroof with motorized shade, 20-inch wheels, ventilated front seats, Harman Kardon® premium audio system, smart rearview mirror, and more.
The Uncharted battery is just under 75kWh, around the same size as a long range Tesla Model Y and it will get close to 300 miles in its FWD model (boo). Uncharted Sport and GT models are equipped with standard Subaru Symmetrical All-Wheel Drive with X-MODE, an anticipated range of up to 290 miles, and 338 horsepower which will appeal to more Subaru customers.
Full gallery below:
Electrek’s take
While Subaru maintains its close relationship with Toyota in EVs, and this is a C-HR rebadge, the Uncharted breaks some new ground. I love the NACS port, I love the range and the acceleration. Subaru’s fans might finally have an EV they can upgrade their ICE vehicle for.
That’s one thing that might be concerning for Subaru in the EV age: In ICE vehicles, Subaru makes one of the best, complicated AWD systems. However with EVs, AWD is almost table stakes at this point. Subaru will have to continue to innovate in the off road capable small SUV segment if it hopes to compete with all of the EV encombants. At this point, Subaru is a suspension and branding mod for Toyota.
The Uncharted certainly seems to be a good start.
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