Narrowing Space for Parallel Imports... New Car Registrations at 30% Compared to Three Years Ago

Decrease of 1,409 units compared to 2019, totaling 573 units

Parallel imported new car registrations, which approached 2,000 units, have dropped to about 30% compared to 2019.
[Image source=Yonhap News]

[Asia Economy Reporter Oh Gyumin] The number of parallel imported new car registrations, which once approached 2,000 units, has dropped to about 30% compared to 2019.

According to data analyzed by Kaizyu Data Research Institute on the 29th, the number of parallel imported new car registrations recorded up to November this year was 573 units. This is a decrease of 1,409 units compared to 1,982 units in 2019, which was the highest new car registration in the past decade.

The proportion of parallel imported new car registrations has also declined. This year, the share of parallel imports among newly registered imported cars was 0.2%, down 0.3% from the average rate of 0.5% since 2015.

The most parallel imported vehicles this year were pickup trucks (161 units). Sports Utility Vehicles (SUVs, 149 units) and convertibles (127 units) followed. There were no parallel imports of wagons at all.

The ownership ratio of parallel imported new cars showed that corporations accounted for 51.8%, higher than individuals at 48.2%, indicating that corporations imported more parallel cars. Among individual owners, males accounted for 85.5%, significantly more than females, and by age group, those in their 40s (37.3%) registered the most parallel imported cars.

The most frequently parallel imported brands were American companies, unlike officially imported new cars. By model, American pickup trucks such as the Ford F Series and Dodge Ram were the most common. It was found that models that are not officially imported or are high-priced luxury models were mainly parallel imported.

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