"Is This Used Car a Fake Listing? Is It a Flooded Car?"... Check All at Once

[Asia Economy Reporter Lee Chun-hee] Measures are being promoted to allow buyers to easily verify related information in order to prevent damages such as false listings or flood-damaged vehicles during used car transactions.

The Ministry of Land, Infrastructure and Transport announced that it will publicly notify the amendment to the "Enforcement Rules of the Automobile Management Act" starting from the 13th, which includes indicating how to check maintenance history and verify actual listings within the used car performance and condition inspection report form for consumers to refer to when purchasing used cars.

The used car performance and condition inspection report is a document that inspects and records a total of 69 items including basic vehicle information, mileage, accident and flood history, and abnormalities in major components such as the engine, transmission, powertrain, brakes, and electrical systems. Under current law, used car dealers are required to issue the performance and condition inspection report to buyers before concluding the sales contract.

With this amendment, consumers will be able to easily check necessary information such as the vehicle’s maintenance history and whether the listing is genuine on "Automobile 365" before confirming and signing the performance and condition inspection report.

The Ministry plans to enhance buyer convenience and transaction safety by revising the inspection report form to include not only the performance information provided by dealers but also ▲methods to check the maintenance history of the intended purchase vehicle through vehicle registration number search ▲methods to verify actual used car listings by entering the vehicle number to prevent damages caused by false or bait listings ▲information on performance inspection liability insurance companies for compensation in case of damages due to discrepancies between the inspection report and the actual vehicle condition.

Automobile 365 is an online site operated by the Ministry since 2018, providing various information from vehicle purchase, operation, used car transactions, maintenance and inspections, to scrapping. It is also accessible via a mobile application. Especially related to used car purchases, users can check inspection and maintenance history, used car market prices, and flood damage history of the vehicle. It is linked with the Korea Insurance Development Institute’s Car History, allowing confirmation of accident and flood history for insured vehicles.

Additionally, through the used car actual listing search service provided since October last year, consumers can enter the vehicle number of a used car they wish to purchase or are interested in to verify reliable information such as the dealership or cooperative that actually owns the vehicle and vehicle specifications.

Lee Joong-ki, Director of the Automobile Operation Insurance Division at the Ministry, said, "Using the 'Automobile 365' site before purchasing a used car can prevent a significant portion of used car purchase damages," and added, "The government will continue to strive to provide more diverse information to resolve information asymmetry in the used car market."

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