As the summer travel season pushes gas prices higher, Hyundai is adding fuel to its portfolio of Assurance auto price promotions with a buyer’s guarantee that will lock in a gas price of $1.49 a gallon for a full year on purchases or leases of selected models between July 1, 2009 and August 31.
The program, Assurance Gas Lock, is available on all new Hyundais except the Genesis sedan and coupe and the Accent GS. Buyers enroll by registering a valid credit or check card at http://hyundai.pricelock.com. They then receive a Hyundai Assurance-branded card they can use for future fill-ups in the coming year.
Consumers who buy regular gas at any station will be billed $1.49 a gallon no matter what the price at the pump. Higher-octane grades will be billed at $1.64 for mid-grade and $1.79 for premium. Purchases during the year will be capped at the amount required to drive 12,000 miles, determined by the Environmental Protection Agency’s fuel economy rating for the model in question.
The car company launched the program this week with an integrated ad campaign including TV, print and online marketing efforts.
The gas promotion is similar to a “Refuel America” campaign by Chrysler launched last May that let new buyers buy gas at $2.99 a gallon for three years. That promotion may no longer seem such a bargain to its members: According to reports from the Energy information Administration, the current average price for regular-grade gas nationwide is $2.64 a gallon.
In addition, enrollment in the Chrysler promotion disqualified buyers from taking advantage of any additional buyer incentives; the new Hyundai program does not.
The Hyundai effort is timed to take hold of drivers who may be contemplating taking advantage of the federal government’s Consumer Assistance to Recycle and Save (CARS) rebate—the “gas-guzzler” cash benefit that can range from $3,500 to $4,500. Signing up for the Gas Lock promotion would reduce a buyer’s rebate by $1,000.
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