Friday, January 16, 2009

Hyundai Is Banking On Job Security

Hyundai has a very interesting new promotion running these days, if you lose your job within a year of purchasing a new car from them, they'll take it back. Well, that's what the commercial says anyway. It's an interesting new gimmick from the auto world (you can find out more from this Q&A on YouTube with Hyundai's VP of Sales or on their website). We've done the cash back, the employee pricing, etc. but these days car sales are way down, like everything else, and a three to five year commitment seems out of the question for many people who fear they could get laid off any day now. Brilliant.

I have no idea whether this gimmick will work, but it's an interesting development in today's economy. My brother wanted to sell his 5 year-old car over the holidays. He's busy and didn't want to bother with a private sale, so he took it to the dealer and to CarMax to see what they'd offer. It wasn't good. He soon learned the reason his offer was even lower than expected was due to a large influx cars, new cars. The lot had a disproportionate amount of 2008 models whose owners could simply no longer afford them. That reality makes this tactic seem like it's hitting the right spot.

What do you think?


Megan said...

Hmm. Wonder what the small print says.

Christine said...

I do too.

Just learned from a friend though that a local car dealer is running a promotion where you get a free used car (under $15K) when you buy a new car from them. Not your normal buy-one-get-one promotion!