Used Ioniq 5 More Expensive Than New Cars, Here's Why

Used Electric Vehicle Prices Surge Sharply Amid Ongoing Vehicle Semiconductor Shortage Crisis

[Asia Economy Reporter Changhwan Lee] Recently, the prices of used cars for major electric vehicle models have risen significantly, resulting in a phenomenon where used car prices exceed new car prices.

As the shortage of automotive semiconductors has prolonged, causing delays in new car deliveries, a reversal in prices between used and new cars is being observed.

According to K Car on the 9th, popular electric vehicle models such as the Ioniq 5, EV6, and Porter 2 Electric in January had used car market prices about 5 million KRW higher than the actual purchase price of new cars.

The Ioniq 5, which saw the largest increase in used car prices this month, reached 47.06 million KRW, a significant rise of 11.7% compared to the previous month. The Kona Electric ranked second with a price of 29.06 million KRW, up 10.7% from the previous month.

Imported cars also show a notable price increase in eco-friendly vehicles. Tesla Model 3 and Model X ranked first and second respectively. The Model 3's price rose 11.9% from the previous month to 58.56 million KRW, while the Model X increased 7.5% to 127.22 million KRW in January.

Among the top 10 models with rising prices, six are eco-friendly vehicles, including the Prius Prime, which rose 5.05% from the previous month. Notably, Japanese cars, which had faced difficulties due to the 'No Japan' boycott for some time, have also seen price increases in their hybrid models, attracting attention.

'Ioniq 5' / Photo by Jin-Hyung Kang aymsdream@

Electric and hybrid vehicles are equipped with more electronic components compared to traditional internal combustion engine vehicles, making them more susceptible to semiconductor supply imbalances, which leads to delivery delays.

The shortage of automotive semiconductors has persisted for over a year and is expected to continue affecting the market at least through the first half of this year. For some models, new car deliveries have been delayed for more than a year.

Additionally, the reduction in government subsidies for electric vehicle purchases this year compared to the previous year is analyzed to be increasing demand for used eco-friendly vehicles.

Due to high demand, the average sales period for electric vehicles is gradually decreasing. The average sales period for electric vehicles was 38 days in September last year, dropping sharply to 31 days in October and 16 days in November, showing rapid turnover. This contrasts with internal combustion engine vehicles such as gasoline, diesel, and LPG, which maintain an average sales period of around 30 days.

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