Off-Season Used Car Market, Domestic Compact SUV Prices on the Rise

[Asia Economy Reporter Changhwan Lee] Despite the off-season market for used cars in August, the popularity of domestic compact SUVs (Sports Utility Vehicles) continues.

According to Encar.com on the 15th, the average price of domestic used cars in August slightly decreased by 0.27% compared to the previous month. Among these, the price drop for mid-to-large sedans was greater than the overall average price decline.

The model with the largest average price drop was the Renault Samsung SM6, which fell by 2.15% compared to the previous month, dropping to the 12 million KRW range based on the minimum price. Following this, the Kia All New K7 decreased by 1.54%, and the Hyundai Sonata New Rise by 1.15%.

Additionally, the Grandeur IG fell by 0.76%, the Avante AD by 0.70%, and the G70 by 0.58% compared to the previous month, while the The New K5 2nd generation and All New K3 slightly increased by 0.31% and 0.64%, respectively.

Domestic SUVs generally showed a slight increase in prices compared to sedan models, maintaining a steady upward trend.

The Hyundai Santa Fe TM saw an average price increase of 1.07% compared to the previous month, the Kia The New Sorento rose by 0.82%, and the SsangYong Tivoli Armor and Renault Samsung QM6 increased by 0.38% and 0.35%, respectively.

On the other hand, the 4th generation Sportage dropped by 1.04% due to the release of the new model, falling to the 20 million KRW range based on the maximum price.

The overall average price of imported cars also slightly decreased by 0.47% compared to the previous month. The Audi A6 had the largest drop at 1.74%, followed by the A4 at 1.64%, Chevrolet The New Spark at 1.42%, and Mini Cooper at 1.12%.

While prices of imported cars generally declined slightly, the average price of the Toyota Camry (XV70), which had been continuously falling for nearly five months, rebounded by 1.06% this month.

Additionally, the Porsche New Cayenne (0.72%), Volvo XC90 2nd generation (0.48%), and BMW 3 Series (0.34%) saw slight price increases.

An Encar.com official stated, “August is traditionally the off-season for the used car market, but both domestic and imported cars maintained a stable trend with average price declines of less than 1% compared to the previous month. In particular, the prices of domestic SUVs continue to rise steadily,” adding, “This is analyzed to be influenced by the preference for car travel due to COVID-19 and the increased use of online non-face-to-face purchasing services.”