Used Car Prices in July... Domestic Car Prices Rise While Imported Cars Decline

[Asia Economy Reporter Changhwan Lee] Recently, the prices of domestic used cars have risen, while imported cars have declined.

On the 4th, the mobile used car platform ‘Cheotcha’ released the popular used car prices for July.

The released used car prices are based on an analysis of the top 5 models most purchased by customers on Cheotcha during June. The analysis was based on 2018 models with an average mileage of less than 80,000 km.

Domestic used car prices have generally increased recently due to delays in new car deliveries caused by the semiconductor shortage and increased demand for used cars.

The ‘Carnival,’ a popular multipurpose vehicle in Korea, is a representative example. The All-New Carnival rose 3.7% compared to the previous month, with the current average purchase price around 28 million KRW.

The Grandeur IG, which ranked first in purchase volume in June, maintained an average price of about 24 million KRW with no change from the previous month. This price is about 50% cheaper than the new car price. The lowest price for the Grandeur IG was around 17.8 million KRW.

The Genesis G80, which ranked fourth in domestic used car purchases, was the only model to show a 2.5% decrease compared to the previous month. The lowest purchase price was 26.5 million KRW, allowing buyers to purchase it about 45% cheaper than a new car.

While domestic used car prices are on the rise, most imported used cars showed a price decline. The still most popular used car, the Mercedes-Benz E-Class, decreased by 4.1% compared to the previous month, making it about 2 million KRW cheaper to purchase.

The BMW 5 Series, ranked second, fell 0.7% from the previous month. The average purchase price is in the high 40 million KRW range, with the lowest price starting at 38 million KRW.

Kim Yooncheol, Director of Operations at Cheotcha, said, "As the new car delivery period is prolonged, demand for used cars is increasing, and prices are rising accordingly. With the summer vacation season approaching, demand for purchases is expected to increase further. Therefore, if you plan to buy a used car this summer, it is necessary to frequently check listings for your desired model and price range or apply for arrival notifications."

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