Used SUV Popularity Soars... Prices of Used Sedans Drop

[Image source=Yonhap News]

[Asia Economy Reporter Ki-min Lee] As car camping and car picnics (car + picnic) become popular, the popularity of sports utility vehicles (SUVs) continues, and the volume of SUV transactions in the used car market has increased, causing sedan prices to slightly decline.

According to AJ Sellcar's used car transaction data for October on the 31st, the volume of domestic used SUV transactions increased by about 5% compared to the previous month.

Among domestic used SUVs, Hyundai Santa Fe TM saw a 73% increase in transaction volume compared to the previous month, while Kia The New Sorento and Hyundai All New Tucson also increased by 23% and 15%, respectively.

Not only mid-size SUVs but also demand for compact SUVs is rising, leading to price increases. In the last month, prices of domestic compact SUVs such as Ssangyong Tivoli, Hyundai Kona, Kia Niro, and Renault Samsung XM3 increased by at least 1% and up to 19%.

This is interpreted as being influenced by the high popularity of the compact SUV Casper, which was the first to be sold online targeting the MZ generation, along with an increase in autumn outing plans due to the substitute holiday in October, raising interest in compact SUVs and affecting transaction prices.

Casper recorded 18,940 pre-orders on the first day of pre-contracts. This is the highest record among Hyundai Motor Company's internal combustion engine vehicles.

Sedan models with decreased transaction volumes saw price drops. Hyundai The New Avante AD and Grandeur IG, which were actively traded in the used car market, fell slightly by 1% and 3%, respectively, compared to the previous month.

The New Avante AD and Grandeur HG also saw price decreases of about 15% and 2%. Additionally, Kia's 2nd generation K5 and The New K3 prices dropped by 5% and 6%, respectively.

An In-sung, head of AJ Sellcar's online business division, said, "As the off-season in the used car market passes, more consumers are selling their cars, and prices are falling mainly for popular sedans, making it a good time to buy used sedans."

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