Hyundai announced today that it is “leading the way” on the government’s Car Allowance Rebate System (CARS), otherwise known as ‘Cash for Clunkers.’ It said that a Virginia dealership was the first to trade-in an eligible clunker for a new Hyundai, where a customer replaced her 15 mile-per-gallon 1995 Ford Explorer with a 26 mile-per-gallon Hyundai Elantra Touring.
“Hyundai buyers will receive the full rebate allocated under the CARS program (also known as “cash for clunkers”) when an eligible trade-in is exchanged for a qualifying Hyundai model,” the Korean automaker said in a statement. “Hyundai is the first automaker to extend the government incentive to consumers, accelerating its implementation by several weeks by backing dealerships with short-term cash advances as the government organizes the rollout of the program industry-wide.”
A research done by Hyundai in May showed that 11 percent of car buyers delayed their purchases until the CARS legislation was resolved.
Click through for more details and to see the thirteen Hyundai Models that qualify for the CARS program.
Under the CARS program, consumers qualify for a $4,500 rebate on the purchase or lease of new vehicles that achieve 10 miles per gallon more than a trade-in car or five miles per gallon or more than a trade-in light truck. New vehicles that achieve between 4 to 9 mpg more than a trade-in car, or 2 to 4 mpg more than a trade-in light truck qualify for a $3,500 incentive.
Thirteen Hyundai models and engine combinations qualify for the CARS incentive program, which requires passenger cars achieve 22 mpg or more combined fuel economy, and light trucks achieve 18 mpg or better combined fuel economy.
* Elantra Touring
* 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
Five Hyundai models achieve 30 miles per gallon or more on the highway -Accent, Elantra, Elantra Touring, Genesis Coupe 2.0L and Sonata 2.4L. Hyundai ranks third in corporate average fuel economy according the U.S. Environmental Protection Agency, so consumers will realize further cost savings by stepping into a more fuel-efficient model than they currently drive.
The CARS incentive program complements all existing special incentives and financing options from the manufacturer, including Hyundai Assurance, which allows consumers to return their vehicle if they unexpectedly lose their income, and Hyundai Assurance Gas Lock, which offers a year’s worth of gas at a guaranteed price of $1.49 per gallon.
– By: Stephen Calogera