"Even Old Cars Want to Be 'Porsche Cayenne'... Used Car Sales Over 100 Million KRW Soar"

Porsche Cayenne, 155% Increase Compared to 2021

Last year, transactions of high-priced vehicles worth over 100 million KRW in the domestic used car market increased by nearly 140% compared to 2020.

On the 22nd, Encar.com, the largest car trading platform in Korea, announced that used car sales of vehicles priced over 100 million KRW increased by 10% compared to the previous year. The number of registrations also rose by about 5% year-on-year. Compared to 2020, the number of sales increased by 138%, and registrations increased by 120%. Sales showed steady double-digit growth, with 59% in 2021 and 35% in 2022.

Porsche Cayenne

Encar.com explained that high-priced used car transactions were mainly conducted through private direct sales. According to Encar.com's private direct sales service 'Self Registration,' among the top 20 traded models, 12 were vehicles priced over 50 million KRW. Among imported cars priced over 100 million KRW, there were five models: Mercedes-Benz 'S-Class W222,' 'G-Class W463b,' 'CLS-Class C257,' Porsche '718 Boxster,' and 'Cayenne (PO536)'.

In addition, private direct sales of vehicles priced between 50 million KRW and 100 million KRW, such as Mercedes-Benz 'E-Class W213,' BMW '5 Series (G30),' Genesis 'GV80,' and 'G80 (RG3),' were also active.

The most popular model among high-priced used cars over 100 million KRW was the Porsche 'Cayenne (PO536).' Its sales volume increased by 155% compared to 2021. As Porsche's sports utility vehicle (SUV) that surpassed 10,000 new car sales for the first time last year, it continued its popularity in the used car market. As of January this year, the used car price for a 2021 Cayenne (PO536) 3.0 model was 100.99 million KRW, maintaining a residual value of 90.8%.

An Encar.com official stated, "As the luxury car new car market has grown in recent years, its influence is also extending to the used car market. Especially for imported high-priced cars, the limited supply and long waiting periods for new car delivery lead many consumers to consider used cars as an alternative."

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