'I Hate Kapoor Anymore'... Debt Doubled for 20s, Couldn't Even Get a New Car
New Car Purchase Share Under Age 20 at 6.0%
Lowest Since 2009 Survey
20s Face Income Decline and Rising Debt
The proportion of new car purchases by those aged 20 and under has decreased to an all-time low. According to the age-specific new car registration data compiled by the Korea Automobile Mobility Industry Association (KAMA) on the 25th using statistics from the Ministry of Land, Infrastructure and Transport, the number of passenger car new registrations for those in their 20s (80,535 units) and teens (1,823 units) from January to November this year totaled 82,358 units. This accounts for 6.0% of the total new car registrations (1,376,621 units). This is the lowest level since the Ministry began compiling data in 2009.
The share of new car registrations for those aged 20 and under was 11.1% in 2009. It rose to 12.2% the following year, then continued to decline to 7.9% in 2015, 7.2% in 2020, and 6.3% last year. Meanwhile, the share of middle-aged and older adults aged 50 and above decreased from 19.4% in 2020 to 18.4% in 2021 and 17.3% in 2022, before rebounding to 19.3% this year. The share for those in their 60s also increased from 9.2% in 2020 to 11.5% this year.
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The decline in the share of those aged 20 and under appears to be related to 'financial circumstances.' According to the recently released 'Korea Social Trends 2023' report by Statistics Korea, the household income of household heads aged 20 and under decreased by 7.4%, from 33.63 million KRW in 2018 to 31.14 million KRW in 2021. Among all age groups, only those in their 20s experienced a decrease. The debt holdings of those aged 20 and under also nearly doubled, increasing from 25.91 million KRW in 2018 to 50.14 million KRW last year. This was the highest growth rate among all age groups.
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