K Car: "Hybrid Cars Facing 'Tax Reduction' See 37% Sales Increase This Year"

The Best-Selling Hybrid Vehicle is the 'Kia Niro'

K Car

[Asia Economy Reporter Kim Ji-hee] Interest in hybrid cars is increasing as the acquisition tax reduction limit for hybrid vehicles will be lowered from the current 900,000 KRW to 400,000 KRW starting next year.

According to K Car, a direct used car company, hybrid car sales from January to October this year increased by 37% compared to 2018. By model, Kia Niro accounted for the highest share of hybrid car sales at 13.8%. The compact SUV Niro is popular due to its reasonable price and excellent space utilization. Following that, Hyundai Grandeur IG Hybrid ranked second with 9.3%, and Hyundai Sonata Hybrid ranked third with 8.7%.

Looking at popular models by vehicle type, in the sports utility vehicle (SUV) segment, Niro recorded the highest sales, followed by Lexus NX300h and Toyota RAV4. In the large car segment, domestic representative large sedan models such as Hyundai Grandeur IG Hybrid, HG Hybrid, and Kia All New K7 Hybrid took the lead. In the mid-size car segment, the order was Sonata Hybrid, LF Sonata Hybrid, and K5 Hybrid.

There was some difference between the models actually purchased and those that attracted consumer interest. According to the number of customer views per model, the car that caught consumers' attention was the Grandeur IG Hybrid. The Grandeur IG Hybrid is a popular vehicle selling more than 2,000 units monthly on average, and its popularity in the new car market seems to have carried over to the used car market. Niro ranked second in views, followed by LF Sonata Hybrid, All New K7 Hybrid, and Grandeur HG Hybrid.

Reflecting the high popularity of hybrid cars, K Car will hold a two-week hybrid theme exhibition until the 6th of next month. Customers who purchase hybrid vehicles included in the exhibition will receive an unconditional discount of 300,000 KRW, and through a raffle, prizes such as the outfit worn by brand model Jung Woo-sung in the commercial video and accommodation vouchers for Lahan Hotel will be given.

Jung In-guk, CEO of K Car, said, “Hybrid cars have advantages such as high fuel efficiency, quietness, and tax benefits, leading to increasing demand in the used car market. Since the acquisition tax support for hybrid cars will be reduced from 900,000 KRW to 400,000 KRW starting next year, if you are considering a purchase, we hope you take advantage of this theme exhibition to enjoy the last chance for the 900,000 KRW acquisition tax support along with special discount benefits.”