Encar.com "August Used Car Prices 'Stable'"

[Asia Economy Reporter Hyunseok Yoo] Encar.com announced on the 3rd that used car prices this month are expected to remain stable.

August, the peak vacation season, tends to see a decline in used car prices due to increased household spending and the added impact of heatwaves. However, this month’s price changes are minimal. Overall, prices have maintained a stable trend with an average change of less than 1%.

For domestic cars, the average price fluctuations compared to the previous month were not significant, but many models showed a general downward trend. Among them, the model with a relatively large drop was the Hyundai The New Sorento, which saw an average decrease of 2.8%, with the highest price dropping by 4.2%, a decrease of 1.31 million KRW compared to the previous month. Other models such as the Hyundai Grandeur IG, Genesis G70, G80, Kia All New K7, Renault QM6, and Ssangyong Tivoli Armor also showed average price declines in the 1-2% range.

Hybrid models showed little to no price changes or slight increases. The minimum price of The New Grandeur IG Hybrid, which rebounded last month, slightly decreased, but the maximum price rose by about 200,000 KRW. Similarly, the maximum and minimum prices of the Kia The New Niro increased slightly by 150,000 to 200,000 KRW.

Additionally, contrasting price movements among Hyundai and Kia’s representative compact sport utility vehicle (SUV) models drew attention. The model with the largest average price increase was the Kia Sportage The Bold, whose maximum price rose by 950,000 KRW compared to the previous month, reaching the 25.4 million KRW range. In contrast, the Hyundai All New Tucson saw its minimum and maximum prices drop by approximately 620,000 to 630,000 KRW, forming a price range from 17.9 million KRW to 25.8 million KRW.

The average prices of imported cars remained stable with little change from the previous month, although some models experienced sharp price increases. The Porsche Cayenne saw significant increases in both minimum and maximum prices, rising by 3.53% and 5.35% respectively, continuing from last month. This resulted in a maximum price increase of 7.18 million KRW compared to the previous month.

Additionally, the BMW 5 Series experienced a slight decrease in minimum price but a 3.32 million KRW increase in maximum price, reaching the 69.3 million KRW range. Imported hybrid models such as the Toyota Camry and the 7th generation Lexus ES300h also saw slight price increases.

The Audi New A6, which experienced a larger-than-average price decline, dropped by an average of 2.08%, with prices falling between 570,000 and 830,000 KRW compared to the previous month. Other models such as the Mercedes-Benz E-Class W213, Audi New A6, and Volvo XC60 2nd generation also saw price declines in the 1% range.

An Encar.com official stated, “Traditionally, August sees a decline in used car prices due to increased household spending on vacation costs, but this August the price drop is not significant. Nevertheless, except for models with relatively long new car waiting times, many models have seen price declines, so consumers planning to purchase used cars should consider August as a good time.”

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