HYUNDAI’S EARLY "CAR ALLOWANCE REBATE SYSTEM" TRADES SHOW NEARLY 60 PERCENT IMPROVEMENT IN FUEL ECONOMY

Posted on 24. Jul, 2009 by in Hyundai Canada

Early statistics from Hyundai Motor America on a U.S. governments Car Allowance Rebate System (CARS) program, also famous as Cash for Clunkers, uncover an normal 59 percent fuel economy benefit between a clunker and a new automobile purchased. Hyundai estimates particular fuel expenditure will diminution by 275 gallons per year, shortening fuel costs by scarcely $680 annually during stream gas prices.

As this module expands attention wide, a appetite and cost assets could be substantial if these early trends reason for a 250,000 automobile sales approaching underneath proviso one of a CARS program. Annual fuel expenditure in a U.S. could diminution by 69 million gallons, shortening spending by a sum of scarcely $170 million on gasoline[1], and slicing CO2 emissions by some-more than 600,000 metric tons[2].

While a total are demonstrative of early trends only, it is transparent that a program, during this stage, is really successful in stealing old, low fuel economy vehicles off a highway and replacing them with safer and greener vehicles, pronounced Hyundai Motor America President and CEO John Krafcik. We consider these mercantile and environmental advantages are so compelling, that they will satisfy Congress to raise or raise a CARS module past a stream endpoint.

Additional statistics from a Hyundai representation infer serve that a CARS module is truly stealing clunkers from a road. Eighty 3 percent of a initial trades take in a truck, SUV or outpost and 86 percent of a new vehicles purchased are newcomer cars. The normal age of a trade-in indication is scarcely 14 years, and a normal odometer reading is some-more than 140,000 miles. The normal clunker achieves about 16 miles per gallon according to EPA data, while a normal new automobile sole underneath a module achieves some-more than 25 mpg.

Hyundai became a initial automaker to respect a governments CARS incentives on Jul 2 and a novel consumer inducement module accounts for about 11 percent of Hyundai sales so distant this month. Nearly a third (32 percent) of a trade-in models reported by dealerships were Ford vehicles, followed by Dodge (23 percent). Lexus, Jaguar, and Mercedes-Benz are among a other brands delivered as clunker trades, demonstrating both a extended interest of a supervision program, and a changing inlet of Hyundais product line and customer demographics. Hyundais rollout enables buyers to accept a full remission allocated underneath a CARS module when an authorised trade-in is exchanged for a subordinate Hyundai indication during a participating Hyundai dealership.

The fuel-efficient Hyundai Elantra was a many renouned indication purchased underneath a CARS program, creation adult scarcely 33 percent of sales. Elantra recently warranted tip honors in a 2009 J.D. Power and Associates Initial Quality Study for a top initial peculiarity in a compress automobile segment, and is a Top Pick from a heading consumer magazine. With manufacturer incentives and a full CARS remission for a subordinate clunker, consumers can squeeze a new Elantra for as small as $8,620. Sonata (27 percent) and Accent (19 percent) ranked second and third, respectively, in CARS transactions.

Hyundai accelerated CARS incentives to consumers by several weeks by subsidy dealerships with short-term money advances as a supervision orderly a rollout of a module industry-wide. Under a CARS program, consumers validate for a $4,500 remission on a squeeze or franchise of new vehicles that grasp 10 miles per gallon some-more than a trade-in automobile or 5 miles per gallon or some-more than a trade-in light truck. New vehicles that grasp between 4 to 9 mpg some-more than a trade-in car, or 2 to 4 mpg some-more than a trade-in light lorry validate for a $3,500 incentive. See www.cars.gov for finish details.

Thirteen Hyundai models and engine combinations validate for a CARS inducement program, that requires newcomer cars grasp 22 mpg or some-more total fuel economy, and light trucks grasp 18 mpg or improved total fuel economy.

* Accent

* Elantra

* Elantra Touring

* Entourage

* Sonata 2.4L

* Sonata 3.3L

* 2010 Genesis Coupe 2.0L

* Tiburon 2.0L

* Tucson 2.0L

* Tucson 2.7L

* Santa Fe 2.7L

* Santa Fe 3.3L

* Veracruz

Five Hyundai models grasp 30 miles per gallon or some-more on a highway Accent, Elantra, Elantra Touring, Genesis Coupe 2.0L and Sonata 2.4L. Hyundai ranks third in corporate normal fuel economy according to a U.S. Environmental Protection Agency, so consumers will comprehend serve cost assets by stepping into a some-more fuel-efficient indication than they now drive.

The CARS inducement module complements all existent special incentives and financing options from a manufacturer, including Hyundai Assurance, that allows consumers to lapse their automobile if they suddenly remove their income, and Hyundai Assurance Gas Lock, that offers a years value of gas during a guaranteed cost of $1.49 per gallon. Visit www.Hyundai.com for details.

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