"Check for Accidents and Filter Bait Listings: Used Car Buying Tips"

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[Asia Economy Reporter Changhwan Lee] March marks the beginning of the peak season for the used car market, as it starts to gain momentum. Due to events such as school admissions, employment, and personnel transfers coinciding, demand for purchasing or replacing cars increases, leading to active transactions.

Encar.com, the largest car trading platform in Korea, introduced useful information on March 6 for consumers to know when buying used cars as the market enters its full peak season.

The biggest concern for consumers when purchasing a used car is whether the car has been in an accident. Sometimes, accident history is not recorded in the performance and condition inspection report, leading buyers to purchase the car, only to later discover during inspection that there has been panel beating or paint repairs, resulting in complaints that an accident car was sold.

The accident criteria for used cars, according to the Automobile Management Act, refer to cases where there has been panel beating, welding, repair, or replacement of major frame parts. External panels such as doors, bonnet, front fender, and trunk (outer panels recorded in the report) can be replaced individually, and since replacement does not significantly affect the car’s performance, these are not classified as accident repairs.

To check these aspects, it is advisable to seek expert assistance. Encar.com advises that if it is difficult to judge a good used car, using a reliable service from a platform like Encar.com can be helpful.

Identifying bait listings is also important. It is rare for listings to be priced significantly lower than comparable vehicles in the used car market. You should be aware that listings priced noticeably below the average market price are likely to be false or bait listings.

Common patterns of false listings include newly released, nearly new cars registered at prices under 10 million KRW, multiple listings of the same car at different prices, frequent price changes, or cars advertised for a long time despite objectively good conditions.

When purchasing a used car, it is recommended to check the market price of the desired car through used car trading platforms and select a car that matches the average price. If there are concerns, negotiating with the seller to add special terms to the contract can also be helpful.