K Car reports surge in searches for low-mileage used cars

Data from K Car, a major South Korean direct-managed used car platform, indicates a rising consumer interest in used vehicles with recent model years and low mileage. An analysis of search data from June and July shows that searches for vehicles with mileage under 40,000 km increased by 24.2% compared to the previous month.

Other specific mileage categories also saw significant growth, with searches for under 30,000 km and 20,000 km rising by 16.3% and 14.9%, respectively. Regarding model years, searches for vehicles from 2023 or newer increased by 13.8%, while searches for 2024 models or newer rose by 12.7%.

Analysts suggest this trend is driven by consumers seeking a balance between price and condition. Following the expiration of temporary individual consumption tax reductions on new cars, buyers appear to be shifting toward used vehicles that offer high utility and lower costs compared to new models.