Hyundai Ends Buy-Back Guarantee On All But A Few Models
It was a program that seemed too good to be true, one where Hyundai would guarantee a specific buy-back value for customers who decided to trade in their automobiles after a three to four year period. Lauded at the time it was launched in the second quarter of 2011, Hyundai has decided to lay to rest the initiative for the majority of its lineup, meaning that buyers will no longer be able to count on a definite cash price for their cars and SUVs at a Hyundai dealer when it comes time to upgrade.
Hyundai rolled out the buy-back promotion primarily as a marketing effort designed to attract new blood into its showrooms. The Korean car company has undergone a dramatic transformation over the last few years from its prior reputation as the builder of affordable but ultimately disposable cars to that of a brand that provides high residual values and well-designed automobiles across the board. According to the Automotive News, used Hyundai cars' residual values set by consulting partner AGL in order to pin future prices on its vehicles, and while these values have continued to increase since the program was first introduced the company feels that it has served its purpose in highlighting the strengths of most of the cars in the Hyundai stable.