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2 clusters · 3 sources · 15 days · First seen · Last updated

South Korean used car market trends

Overview

In South Korea, consumer interest in the used car market has shifted toward newer, low-mileage vehicles. Data from the K Car platform indicated a significant surge in searches for vehicles with under 40,000 km during June and July, as well as increased interest in models from 2023 or newer. Analysts attributed this trend to buyers seeking a balance between cost and condition following the expiration of tax reductions on new cars.

By August, market data showed a divergence in pricing based on vehicle type. While average prices for domestic and imported cars saw slight decreases, high-demand segments like SUVs and hybrid models, such as the Kia Seltos and Kia Sorento Hybrid, maintained or increased their value. Commercial electric vehicles also saw significant price increases. Conversely, older large sedans experienced notable price drops due to increased supply as owners transitioned to newer models.

Entities

K Car · Tesla · KG Mobility Platform · Hyundai · Kia

Timeline

  1. 1 day ago

    [BUSINESS] 2 sources
    South Korean used car prices show divergence by model type

    South Korean used car prices showed polarization in August, with popular SUVs like the Kia Seltos rising while older large sedans like the Hyundai Grandeur saw significant price drops.

  2. 17 days ago

    [BUSINESS] 2 sources
    K Car reports surge in searches for low-mileage used cars

    South Korean used car platform K Car reports a surge in consumer searches for recent model years and vehicles with under 40,000 km of mileage.

Sources

autotimes.co.kr · biz.heraldcorp.com · motorgraph.com