South Korean used car prices show divergence by model type

Analysis of August used car market data from KG Mobility Platform (formerly K Car) reveals a divergence in pricing between vehicle types. While the average market price for domestic cars fell by 1.6% and imported cars by 1.7%, specific high-demand models showed resilience or growth.

Popular SUVs and hybrid models maintained or increased their value. The Kia Seltos saw a 2.9% increase, and the Kia Sorento Hybrid rose by 1.3%. Electric vehicles remained relatively stable with a slight average decrease of 0.4%, though commercial electric vehicles like the Hyundai ST1 and Kia Bongo III EV saw significant price increases.

In contrast, older large sedans experienced notable price drops due to increased supply as owners trade them in for newer models. The Hyundai Grandeur IG fell by 4.1%, and the Kia K7 models saw decreases ranging from 3.3% to 3.7%. Analysts suggest this polarization between high-demand new-generation models and older sedan inventory is likely to continue.