Is August a Good Time to Sell My Car? "Used Car Purchase Prices on the Rise"

[Asia Economy Reporter Changhwan Lee] The purchase prices for used cars in August have generally increased.

On the 14th, the mobile used car platform 'Cheotcha' released statistics on purchase prices through its Sell My Car service for August.

The disclosed purchase prices are based on the actual purchase prices of the top 5 used car models auctioned through Cheotcha's Sell My Car service as of August. The data was calculated based on domestic and imported used cars from 2016 or later, with an average mileage of less than 100,000 km.

In the domestic used car segment, the undisputed number one model is the Avante AD. The Avante AD, which was the most purchased model over the past three months, showed a 2.2% increase in price compared to June, when prices had declined. As of August, the average price of the Avante AD listed on Cheotcha's Sell My Car service ranges from the mid-8 million KRW range to just under 17 million KRW, with bids proceeding at prices as high as in July.

The prices of Kia's All New Morning 3rd generation and Chevrolet's The New Spark, which ranked 4th and 5th in Sell My Car listings, also continued to rise compared to the previous month. The Morning's price rose 8.1% last month and increased by 0.6% in August, with the average purchase price over two months forming around 8.1 million KRW. The New Spark also showed an upward trend following July, with transactions through Sell My Car reaching up to 11.55 million KRW.

For imported used cars, all of the top 5 models saw price increases compared to the previous month. Among them, the Mercedes-Benz E-Class has maintained the number one spot in Sell My Car listings over the past three months. After a decline in July, it rose 5% this month, with the highest purchase price reaching 67.35 million KRW. The C-Class, which ranked third, also increased by 3.1% compared to the previous month, with an average purchase price of about 33.77 million KRW.

The BMW 5 Series 7th generation, a competitor to the E-Class, showed the largest increase in purchase price compared to the previous month as of August. It rose 8.9% in August compared to the price drop in July, showing a higher purchase price.

The BMW 3 Series 6th generation rose 0.7% compared to the previous month, but had already increased 12.9% in the Sell My Car prices last month compared to June, with purchase prices continuing to rise. High purchase prices for imported used cars are expected to be maintained in August.

Mr. Sehyun Shin, director of Mr. Pick, the operator of Cheotcha, said, "Although the strong upward trend in used car prices has slowed, the purchase prices of major popular models are still rising," adding, "With Chuseok about a month away, demand for used car purchases is gradually increasing, leading to fierce competition for used car purchases. Purchase prices, especially for vehicles with high turnover rates, are unlikely to drop significantly for the time being."

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