Hyundai Motor India Ltd has announced a novel ‘exchange and upgrade scheme’ that allows customers to lower their monthly car loan payments even as they upgrade to a bigger car. The scheme is targeted at all those users of smaller compacts who want to upgrade to a bigger car but can’t because of the higher EMIs of a bigger car.
As per the new ‘exchange and upgrade’ scheme, customers can bring their smaller compacts to any Hyundai dealership and get an evaluation done there. The value of the compact would be considered as down payment to upgrade to a bigger Hyundai car. Typically, the equated monthly installment (EMI) value for a 48-month loan tenure works out to be an amount lower than the EMI for a smaller car. The scheme is open for all makes of car and upgrade is possible for the popular hatchback Santro, i10 or even bigger cars like the Accent and Verna.
Commenting on the offer, Arvind Saxena, VP, Marketing & Sales, Hyundai Motor India, said, “We want to see people upgrade to bigger compact cars and sedans, which would be more compatible with the lifestyle of our current customers and hence, we have tailor-made this scheme for all the owners of smaller hatchbacks, who were so far forced to use a smaller car because of budgetary constraints.”
“It is a pan-India offer. We will be bringing out print advertisements starting Monday, June 7. Our in-house agency Innocean is working on the ad. There would also be on-ground activities like road shows, and fairs organised by our dealers to create awareness amongst our customers,” Saxena added.
He explained, “Typically, a first-time car buyer opts for a compact car and subsequently upgrades. Hyundai is offering to make this upgrade process easier with the new scheme, especially at a time when inflation is high and the cost of loans has increased. In fact, the scheme has been structured in a way that will bring down the EMIs.”
The scheme will continue throughout July.