Used Car Prices in June Down 1% from Previous Month... SM6 Falls to Around 11 Million Won

[Asia Economy Reporter Suyeon Woo] In June of this year, used car prices fell by an average of around 1% compared to the previous month, maintaining a slight downward trend. Due to new car promotions, the price of a 2017 SM6 used car dropped to the 11 million KRW range.

Encar.com announced on the 5th that used car prices in June this year fell by an average of 1.06%. This figure covers popular 2017 models from domestic automakers such as Hyundai, Kia, Renault Samsung, SsangYong, as well as imported brands like BMW, Mercedes-Benz, and Audi.

This June, ahead of the summer vacation season, demand for vehicles remained steady due to an increase in car camping travelers amid social distancing measures, resulting in only a slight average decline in prices. Both domestic and imported cars showed price fluctuations around -1%, with domestic cars experiencing a slightly larger drop than imported cars.

The model with the largest depreciation was the Renault Samsung SM6, whose minimum price fell by 3.62%, making it currently available for purchase in the 11 million KRW range. The price drop of the SM6 appears to be influenced by ongoing new car promotions by the brand. In contrast, the mid-size SUV QM6 from the same brand saw its prices rise, with minimum and maximum prices increasing by 0.71% and 0.13%, respectively.

The Kia K3’s price decline is attributed to the release of a new model year version, and the Hyundai Grandeur IG’s price drop is linked to strong new car sales. The K3’s maximum price fell by a relatively large 3.0%. The popular used car model Grandeur IG also saw its minimum price decrease by 2.6%.

Imported car prices slightly decreased by an average of 0.91% compared to the previous month, with the Mercedes-Benz C-Class experiencing the largest drop of 4.52% based on the maximum price. The C-Class prices currently range from 29.52 million to 37.45 million KRW. The second largest price drop was seen in the Jaguar XF, which fell by an average of 2.32%.

The imported car model that saw a price increase was the Mini Cooper D, with minimum and maximum prices rising by 0.10% and 0.60%, respectively.

Park Hong-gyu, Head of Business at Encar.com, said, "As the COVID-19 situation prolongs, demand for private cars, which facilitate social distancing during commutes, is expected to increase. With the vacation season approaching, used car transactions are also anticipated to rise for the time being."

Encar.com is the largest automotive trading platform in Korea, registering about one million used cars annually and attracting over 600,000 online and mobile visitors daily. Based on big data, it analyzes the automotive and used car markets and consumer trends, contributing to the innovation of consumers’ automotive lifestyles through online technology.

This content was produced with the assistance of AI translation services.