Today marks the effective beginning of the Canada-Korea Free Trade Agreement (CKFTA) for Hyundai, making many of Hyundai’s 2015 models cheaper to buy in the country by as much as $1,300 off MSRP. The deal may also serve to bring more shoppers searching for a budget-friendly deal into Hyundai Canada dealerships.

The landmark agreement is the first of its kind between Canada and an Asian country and will be rolled out via three annual reductions of the federal import duty, which was previously at 6.1 percent to the landed cost of vehicles manufactured in South Korea.

“Hyundai is pleased to pass the benefits of this significant free trade agreement on to consumers,” said Don Romano, president and chief executive officer of Hyundai Auto Canada. “We wanted to take action quickly after the government took the first step toward removing the import duty. Hyundai vehicles have a well-known reputation for making advanced technology and premium features available to consumers at an accessible price.”

The pricing adjustments provided by Hyundai, which vary by model, break down as follows:

Hyundai Vehicle Price Drops, By Model

  • Accent 5-Door L 6MT – $300
  • Elantra Sedan GL 6AT – $650
  • Veloster 6MT – $300
  • Equus Ultimate – $1,299
  • Santa Fe XL – $1,300

“This is definitive proof that the Free Trade Agreement between Canada and South Korea delivers a true benefit to customers,” Romano said. “We believe that eliminating international trade barriers empowers consumers to make more informed purchase decisions by providing a clearer picture of the merits of a product. Pricing is obviously a major factor in that decision, so, by adjusting the prices of Hyundai vehicles, our customers will see just how competitive our products actually are.”