LOS ANGELES -- A new Hyundai promotion lets buyers lock in fuel prices at $1.49 for a year -- if they're willing to give up some other incentives in return. In addition to Hyundai Assurance, which guarantees the buyback of a vehicle after a job loss, the Korean car company now is locking in 12,000 miles worth of gasoline at $1.49 a gallon for people who purchase a new Hyundai by Aug. 31.
But the deal involves giving up $1,000 in rebates, so shoppers will have to do the math. At 30 mpg, Gas Lock would apply to 400 gallons of gasoline. So losing that $1,000 in rebates means that the customer would have to save $2.50 per gallon to break even.
And, soon to come, a big marketing push alongside Hyundai Gas Lock to take advantage of the government's cash for guzzlers program.
Joel Ewanick, Hyundai Motor America's vice president of marketing, says, "That will be our focus the next 60 days."
Hyundai Gas Lock guarantees the price of gasoline for a year, or the number of gallons that equal about 12,000 miles. It includes every Hyundai vehicle except the base Accent and the Genesis sedan and Coupe.
The factory-issued debit card can be used at almost any gas station in the nation at $1.49 for regular, $1.64 for midgrade and $1.79 for premium. Hyundai will pay the difference.
Consumers also can take advantage of Hyundai's cash rebates; but if they take Gas Lock, the rebates will be reduced by $1,000.