Used Car Market Ahead of Chuseok, Compact SUVs and Hybrids Show Strong Demand

[Asia Economy Reporter Changhwan Lee] Ahead of the Chuseok holiday, used car prices have slightly declined, but prices for compact SUVs (sports utility vehicles) and hybrid cars have shown strength.

According to used car prices released by Encar.com on the 4th, the average prices of domestic and imported cars fell by 0.32% compared to the previous month, showing a stable trend.

September marks the end of the late summer off-season and the period when vehicle purchase demand increases ahead of the Chuseok holiday, signaling the used car market beginning to regain momentum. As a result, price fluctuations are not significant, and popular models tend to be traded more quickly.

For domestic cars, the overall average price slightly decreased by 0.24% compared to the previous month, showing little change. Among these, sedan models showed a larger price drop compared to compact SUV models, which have high demand as family or outdoor vehicles.

The average price of the Hyundai Grandeur IG fell by 1.28%, with the minimum price dropping 1.52% to the 18.9 million KRW range. The Sonata New Rise decreased by 1.18%, Kia All New K7 by 1.02%, and Renault SM6 by 0.72% on average.

The Genesis G70 and G80 models also saw a decline in average prices compared to the previous month. In contrast, the Hyundai Santa Fe TM, All New Tucson, and Kia Sportage 4th generation showed slight increases in average prices.

The overall average price of imported cars fell by 0.40% compared to the previous month, but hybrid models stood out with rising prices.

Continuing from last month, the Toyota Camry (XV70) maintained an upward trend with an average price increase of 1.42%, and the 7th generation Lexus ES300h also saw a 0.74% rise in average price. The growing popularity of imported hybrid cars appears to have increased demand for used hybrid vehicles as well.

Imported SUVs also showed a tendency for price increases centered on compact SUVs. The BMW X3 (G01) saw a significant 2% rise in average price compared to the previous month, and the Volkswagen Tiguan 2nd generation also rose slightly by 0.28%. On the other hand, small SUVs like the Jeep Renegade and Land Rover Range Rover Evoque showed relatively large declines of 2.28% and 1.33%, respectively.

An Encar.com official said, "As we enter the holiday and untact car camping popular season, prices of SUVs among popular models continue to rise, so consumers considering purchasing an SUV should make their purchase decision now. Conversely, it is also a good time to sell SUVs as demand increases. Meanwhile, sedan model prices continue to decline, so considering the purchase of domestic mid-size sedan models is also worthwhile."

Meanwhile, Encar.com is the largest automobile trading platform in Korea, with about 1.2 million used cars registered annually and over 750,000 daily visitors online and via mobile.

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