Following the government's passge of the "Cash for Clunkers" legislation, a Virginia woman was the first to trade in her vehicle to Hyundai.
Katherine Michon of Arlington, Va., replaced her 15 mile-per-gallon 1995 Ford Explorer with a 26 mile-per-gallon Hyundai Elantra Touring, at Alexandria Hyundai in Alexandria, under the Car Allowance Rebate System (CARS).
Hyundai buyers will receive the full rebate allocated under the CARS program when an eligible trade-in is exchanged for a qualifying Hyundai model, the carmaker states. 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.
In May, Hyundai research showed that 11 percent of car buyers delayed their purchases until the CARS legislation was resolved. "We appreciate what Washington has done getting the program completed, but it's clear that the wait has left many potential car-buyers on the sidelines," says John Krafcik, president and CEO, Hyundai Motor America. "We thought it was imperative to get funding to our dealers so that they could implement the program right away and satisfy the demand they've been hearing from consumers."
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. See www.cars.gov for complete details.
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. They are:
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
For more information, visit www.HyundaiAssurance.com.
