Used Electric Vehicles Gain Popularity Amid High Oil Prices... Transactions Surge by 120%

Danggeun Used Cars Introduces Battery Condition Input Feature

As instability in the Middle East continues to drive up oil prices, the volume of used electric vehicle transactions has surged.

According to data analyzed by Danggeun's used car service, "Danggeun Used Cars," for March and April of this year, the number of electric vehicle transactions increased by 120.4% compared to the same period last year. This figure is more than double the overall transaction growth rate of Danggeun Used Cars, which stood at 55.8% during the same period.

The most notable change is the transaction speed. During this period, the average time to complete a transaction for electric vehicles was 16.7 days, 8.1 days shorter than the 24.8 days recorded during the same period last year. In comparison, internal combustion engine vehicles maintained a similar trend, with average transaction completion times of 14.9 days last year and 14.6 days this year.

Last year, electric vehicles took an average of 9.9 days longer to sell than internal combustion engine vehicles, but this year, the gap has narrowed to just 2.1 days. Analysts attribute this to increasing demand for electric vehicles, which offer lower maintenance costs amid high oil prices, making used electric vehicles as quickly traded and popular as their internal combustion engine counterparts.

By model, Tesla Model Y ranked first in transaction volume, followed by the Hyundai Ioniq 5, Tesla Model 3, and Kia EV6. Notably, commercial and compact electric vehicles such as the Hyundai Porter II Electric (5th), Kia Ray EV (6th), and Kia Bongo III EV (7th), as well as ultra-compact models like the Renault Twizy (8th), also made it into the top ranks, indicating balanced demand across all vehicle segments.

Transaction prices also showed a wide range. The average transaction price for the top-selling Model Y was 42.16 million won, while the 8th-ranked Twizy averaged 1.72 million won—a price difference of approximately 24 times. From ultra-compact electric vehicles priced in the 1 million won range to premium SUVs in the 40 million won range, users are making diverse choices according to their budgets and intended uses.

In response to this trend, Danggeun Used Cars has recently introduced a new feature that allows users to enter battery condition information when listing electric vehicles for sale, further tailoring its services to the unique characteristics of electric vehicle transactions. With this feature, buyers can check the battery condition and charging method—key factors in electric vehicle transactions—making it easier to search for and compare listings.

A representative from Danggeun Used Cars stated, "The data confirms that electric vehicles are evolving from a niche product to a mainstream category in the used car market," adding, "We plan to continue enhancing our services so that users can trade used electric vehicles even more conveniently."

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