Hyundai announces used car trade-in price guarantee

For the third time in 12 years, Hyundai has announced an automotive industry marketing first. This time, the South Korean manufacturer will guarantee the trade-in price of new cars after two, three or four years.

=Hyundai recently ended its industry unique Hyundai Assurance Program. It promised to buy back buyers' cars if they lost their jobs.

In 1999, Hyundai became the first manufacturer of offer a 10-year, 100,000-mile warranty.  

With the new program, Hyundai buyers can only apply the trade-in value to a new Hyundai.

If the assessed value of that car is higher than Hyundai's guaranteed price, the buyer will get to apply the higher value to a new car. If the assessed value is lower, the buyer will be able to apply the Hyundai price.

Several analysts and Hyundai said the program is unique. The site AutoTrader.com has a program that lets owners set a trade-in price online honored at participating dealerships.

Hyundai Motor America CEO John Krafcik, who announced the program at the New York Auto Show, said Hyundai came up with the idea about five months ago, when it was thinking about ending the job assurance program.

Around 45 percent of Hyundai customers buy a new Hyundai, fourth in the U.S auto industry behind General Motors Co., Ford and Toyota Motor Corp.

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