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Encar.com: Kia Carnival Ranks First in Residual Value Among Popular Family Cars

[Asia Economy Reporter Changhwan Lee] As more consumers consider purchasing family cars recently, interest in mid-to-large SUVs (Sport Utility Vehicles) and MPVs (Multi-Purpose Vehicles) is also increasing.

Encar.com, the largest car trading platform in Korea, announced on the 19th that based on big data analysis of residual values of popular 2020 models of mid-to-large SUVs and MPVs, the domestic car with the highest residual value was the Carnival, and the imported car with the highest residual value was the Volvo XC60.

This residual value survey targeted 11 popular domestic and imported models known for their popularity as family cars.

The 2020 models without accident records included Hyundai Palisade, The New Santa Fe, Kia Carnival 4th generation, Sorento 4th generation, Renault Samsung The New QM6, SsangYong Beautiful Korando, Chevrolet Traverse, Volkswagen Tiguan 2nd generation, Volvo XC60 2nd generation, Ford Explorer 6th generation, and Audi Q5 (FY).

The survey results confirmed that popular used cars close to new car condition maintain high market prices even considering option prices, and popular SUVs showed strong price retention, resulting in high residual values.

Among both domestic and imported cars, the model with the highest residual value was the Kia 4th generation Carnival 9-seater diesel model, recording a high residual value of 91.77%. In May, the used car price even exceeded the new car price, confirming that demand for the Carnival continues strongly in the used car market.

The 4th generation Carnival became the strongest player in the domestic minivan market, surpassing 100,000 units in domestic sales within just one year of its launch. It is highly popular not only as a corporate vehicle but also as a family car for multi-child households. Additionally, due to the extended new car delivery period for diesel models, demand for used models available without waiting has increased, contributing to its high residual value.

Following this, mid-to-large SUVs from Hyundai and Kia recorded high residual values in the 88% range. The large SUV Hyundai Palisade had 88.82%, Kia Sorento 4th generation had 88.73%, and Hyundai The New Santa Fe had 88.47%. Other models included Renault Samsung The New QM6 at 79.06%, Chevrolet Traverse at 78.54%, and SsangYong Beautiful Korando at 75.06% residual value.

Among imported cars, the Volvo XC60 2nd generation recorded the highest residual value at 86.90%, followed by Ford Explorer 6th generation (80.87%), Volkswagen Tiguan 2nd generation (76.96%), and Audi Q5 (75.20%).

Although imported cars generally have higher depreciation rates than domestic cars, these models maintain steady demand in the used car market due to their strong popularity in the new imported SUV market, resulting in residual values comparable to domestic SUVs.

An Encar.com representative said, “Mid-to-large SUVs and minivans are family cars with continuous used car demand. Especially, domestic SUVs tend to have strong price retention, leading to high residual values, which means owners can get good prices when selling later. For those considering purchasing a used car as a family car, many customers use the non-face-to-face purchase service ‘Encar Home Service,’ which allows them to test drive the car with their family for seven days before making a purchase decision.”