September Used Car Prices Expected to Decline "Decrease in Buying Sentiment"

[Asia Economy Reporter Changhwan Lee] In September, the market price of used cars in South Korea is expected to generally decline.

On the 11th, the mobile used car platform 'Cheotcha' forecasted that the market prices for popular used cars' purchase and resale values in September will generally decrease compared to the previous month.

Among domestic cars, the popular model The New Carnival is expected to see a general decrease in used car purchase prices this month. The lowest market price is anticipated to start from approximately 19.2 million KRW.

The model with the largest price drop among domestic cars compared to the previous month is Kia's The New K5 2nd generation. The K5, which ranked 5th by surpassing the national sedan Sonata, is expected to have prices about 6% cheaper than in August, according to the company. The average purchase price is forecasted at 18.31 million KRW, making it possible to buy at about 61% less than the new car price.

In the imported used car segment, Mercedes-Benz models were identified as continuing the downward trend. The 5th generation E-Class is expected to be 2.6% cheaper than the previous month. The new car price of the E-Class, which averages over 80 million KRW, was available for purchase as a used car starting from about 46.2 million KRW as of the 1st. The GLC-Class showed a 3.8% decline compared to August and was sold from a lowest price of 48 million KRW as of the 1st.

Kim Yooncheol, Director of Operations at Cheotcha, said, “In September, domestic used car purchase prices are expected to ease and show a downward trend.”

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