Used Car Prices Rise in November... Grandeur IG Price Drops to '18 Million Won Range'

[Asia Economy Reporter Suyeon Woo] Encar.com, a car trading platform, announced on the 6th that used car prices slightly increased in November this year. The newly released used car prices are for popular 2017 models from domestic automakers such as Hyundai Motor Company, Kia Motors, Renault Samsung, SsangYong, as well as imported car brands like BMW, Mercedes-Benz, and Audi.

Although November marks the start of the off-season in the used car market, demand for used cars increased this year, causing prices to rise for both domestic and imported cars. However, despite the overall upward trend, prices for some popular models such as the Hyundai Grandeur IG and Volvo XC90 2nd generation declined.

Domestic car prices rose by an average of 0.87% compared to the previous month. The model with the largest increase was the Renault Samsung QM6, with the minimum price rising sharply by 4.99%. The Kia Sportage 4th generation saw its maximum price increase by 2.45%. Additionally, prices for popular compact sedans showed a notable upward trend. The Hyundai Avante AD’s minimum price increased by 2.63%, and the Kia The New K3’s maximum price rose by 3.33%.

Models with price declines included the Hyundai Grandeur IG, whose minimum price dropped by 4.88%, making it available for purchase in the 18 million KRW range. The SsangYong G4 Rexton’s minimum price fell by 3.01%, influenced by the release of the facelifted new model.

Imported car prices increased by an average of 0.03% compared to the previous month, with a noticeable rise in prices for mid-size sedans available in the 10 million KRW range. The Chevrolet All New Malibu’s price rose by 2.08%, and the Toyota New Camry’s price increased by 1.39%. On the other hand, prices for higher-priced imported sports utility vehicles (SUVs) declined. The Volvo XC90 2nd generation’s maximum price dropped by 2.80%, and the Porsche New Cayenne’s maximum price fell by 6.59%.

Park Hong-gyu, Head of Business Division at Encar.com, said, "As the weather gets colder, demand for large SUVs, which had been maintaining an upward trend as camping SUVs, has slowed, and prices for the popular used car model Grandeur IG, which had been strong, have also declined. November is an ideal time to purchase used cars like the Grandeur IG, G4 Rexton, or XC90 2nd generation for consumers considering these models."

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