Working with IT infrastructure systems for many years creates a habit of analyzing every decision—even personal vehicle choices—through the lens of cost-to-benefit ratios and risk management.
Recently, as I began looking for a car to handle daily commuting and client visits, Hyundai’s hydrogen fuel cell vehicle, the NEXO, entered my shortlist.
While the upcoming 2nd-generation The All-New NEXO—featuring bold boxy SUV styling and modern pixel lighting derived from the INITIUM concept—looks appealing, evaluating the purchase methods brings a classic dilemma:
“Paying full sticker price (actual purchase price around 38 to 40 million KRW after subsidies) means facing steep hydrogen EV depreciation over 3 years… Should I pick up a 1st-generation used NEXO that has already dropped to roughly 15 million KRW? Or opt for Hyundai’s guaranteed residual buyback program on the new generation to cap the downside?”
Here is a realistic look at the numbers and trade-offs when calculated across a 3-year ownership horizon.
1. Realistic fact in everyday life: “If you ride for 3 years anyway, 10 to 20 million won will disappear.”
When buying a car, whether new or used, there are things you miss by simply looking at the ‘vehicle price’. It is Depreciation (money that disappears over time).
Reality of 3-year depreciation of new car (The All New Nexo): Even if a new car is released at an actual purchase price of 40 million won with local government subsidies, the used car price will drop to about 20 to 23 million won after 3 to 4 years due to the steep depreciation unique to hydrogen cars. 👉 In other words, the net loss that just ’evaporates’ from my bank account through depreciation over 3 years is about 17 to 20 million won.
Market price reality for 1st generation used Nexo: Currently, the market price for the 2019-2021 model year 1st generation Nexo accident-free used car at Encana K Car is approximately 14 to 17 million won. 👉 Surprisingly, the money you pay to buy an entire 1st generation used Nexo is almost the same as the depreciation loss lost when you drive the new car, The All New Nexo, for 3 years! In the end, the essence of this concern is a matter of choice:“If 15 to 20 million won will come out of my pocket over 3 years anyway, what will I gain with that cost and what risks will I avoid?”
2. Concern 1: New ‘The All New Nexo’ + Burden Reduction Program
This is an option to protect yourself from the hydrogen car depreciation bomb while riding the all-new 2nd generation The All New Nexo.
💡 Key benefits in everyday life: “Get rid of worries about depreciation and breakdown”
Hyundai Motor Company’s ‘burden down program’ applies a deferred installment payment method for a low initial cost, and the financial company definitely guarantees the residual value of the used car (approximately 55 to 60%) upon maturity after three years.
From the perspective of a car owner who drives the car on a daily basis, the advantages of this method are quite clear:
- Conveniently pay for depreciation that will disappear in monthly installments: You can take the depreciation loss of 15 to 20 million won, which will disappear in the air over three years, by breaking it down into low monthly payments of 200,000 to 300,000 won.
- Zero stress due to plummeting used car prices: Even if the price of hydrogen cars bottoms out after three years, if you return the car to a financial company (buy-back), the contract will be completed without loss.
- Convenience and repair costs of ‘0 won’ for the latest new cars:
- Improved 3rd generation high durability fuel cell stack (improved winter startability and durability)
- Generous driving range of over 650km and 3.6kW V2L support indoors and outdoors, useful for outdoor camping/vehicle camping
- The latest ccNC wireless navigation and driving assistance system
- 10-year, 160,000 km free warranty for new vehicles throughout the 3-year driving period ➔ No need to worry about repair costs
3. Concern 2: Direct purchase of the ‘1st generation used Nexo’, the best value for money
This is a method of purchasing a used 1st generation Nexo, which has already reached the bottom of its price range, for around 15 million won.
👍 Advantage: Even in the worst case, the amount of money you can lose is limited (Max Loss limited)
- Even if I buy it for 15 million won, drive it for 3 years, and the used market price drops to 5 million won, or in the worst case scenario, scrap the car, the maximum amount I can lose is capped at 15 million won.
- You can enjoy the spacious space of a luxury SUV priced at 70 million won at the time and abundant options such as adaptive cruise, remote smart parking, and ventilated seats at the used Avante price.
- The sweet maintenance cost benefits of hydrogen cars, such as a 50% discount on highway tolls, half-price public parking, and an annual automobile tax of 130,000 won, are 100% the same as new cars.
⚠️ Realistic worry: The pressure of the looming warranty expiration
- Used items priced at 15 million won are usually 4 to 6 years old and have an accumulated mileage of 60,000 to 100,000 km.
- Hyundai Motor Company’s free warranty for hydrogen-specific parts is **10 years / 160,000 km **. In other words,only half of the warranty remains.
- If, by any chance, a defect occurs in the fuel cell stack after the warranty period ends, the replacement estimate alone will cost more than 40 million won, so the fact that I may have to give up the car is weighing on my heart.
4. Real-World Cost and Risk Comparison Table
Assuming you’ll keep the car for three years, we’ve compared the two options side by side in a table:
| Feature / Metric | Direct Purchase: 1st Gen Used NEXO (2019–2021) | The All-New NEXO + Guaranteed Buyback (New) |
|---|---|---|
| **Estimated 3-year extinction cost ** | **Vehicle depreciation loss of approximately 7 to 10 million won ** | Total payment (depreciation amount) over 3 years: approximately 12 to 18 million won |
| **Initial lump sum burden ** | **Approximately 14 to 17 million won **(Lump sum expenditure) | Advance fee ranges from 0 won to several million won (preservation of lump sum) |
| **Vehicle Productivity ** | 1st generation model / V2L not supported / Previous generation info | 2nd generation full change (3rd generation stack, V2L, ccNC) |
| **Stack Remaining Guarantee ** | Remaining 4 to 5 years / Remaining 60,000 to 90,000 km | New car 10-year/160,000 km full warranty (0 won repair fee) |
| **Certain failure risk ** | **Caution required **(Stack cannot be replaced after warranty ends) | No worries (100% free care within the warranty period) |
| **Disposal after 3 years ** | Sell directly to a used car dealer (market price supervised) | Clearly completed with guaranteed residual value upon return |
5. Conclusion: What are my selection criteria in everyday life?
In the end, once you acknowledge the reality that around 10 to 20 million won worth of money will disappear due to depreciation over the course of three years, the criteria for selection become simpler than you think:
🎯 Those who are suitable for the 1st generation used Nexo
- “I want to achieve the best cost-effectiveness by reducing even the depreciation costs that will last for three years as much as possible!”
- Those whose annual mileage is less than 10,000 km, so they don’t have to worry about the 160,000 km warranty expiring even if they drive for a few more years.
- A practical person who wants to ride frugally at around 15 million won and then recover the residual value (5 to 8 million won)
🎯 Those who are suited for The All New Nexo + a stress-free program
- “Anyway, if I drive for 3 years, the money will be lost by 15 million won in depreciation, but I would rather drive the latest new car comfortably without worrying about breakdowns!”
- Those who want to enjoy camping/car camping V2L electric utilization, stylish second-generation boxy design, and the latest cutting-edge driving assistance
- People who want to coolly return the 1st generation stack and move on to the next car after 3 years without worrying about durability or the stress of selling a used car later
Choosing and maintaining a car in daily life always seems to be both exciting and agonizing. Which choice are you more attracted to: ‘A 15 million won used 1st generation Nexo’ or ‘The All New Nexo’, which you can enjoy by paying the depreciation over 3 years in installments? 😊