"Electric Cars Popular in Used Market Too" Transaction Volume Increases by 200%

[Asia Economy Reporter Changhwan Lee] The domestic electric vehicle (EV) boom is not only affecting new car sales but also driving active transactions in the used car market.

On the 1st, AJ Sellcar, a non-face-to-face car selling service provider, announced that the used car transactions of electric vehicle models surged by 200% compared to the same period last year, based on an analysis of transaction data from January to November of last year.

Used EV transactions increased by 43% in the second half of last year (July to November) compared to the first half, and rose 121% compared to the same period the previous year. AJ Sellcar explained that this shift is likely due to changes in consumer perception of diesel cars following the November urea solution shortage crisis and delays in new car deliveries, prompting consumers to turn their attention to the used car market.

The average market price of used electric vehicles showed a continuous upward trend last year, rising approximately 38% compared to January.

When combined with the prices of eco-friendly hybrid (HEV) models that improve the efficiency of internal combustion engines, the increase was about 43% compared to the same month. Steady interest in used eco-friendly cars and the listing of various models in the used car market appear to have driven up the average prices.

AJ Sellcar analyzed the EV listings (a total of 541 units) through its online and offline auction sites from January to November last year and reported that a variety of electric vehicle models, ranging from compact cars to trucks, were listed, including the ‘Ioniq Electric’ (winning bid rate 48%), ‘Tesla’ (winning bid rate 8%), ‘Bongo3 EV’ (winning bid rate 25%), ‘Niro EV’ (winning bid rate 44%), and ‘Ray EV’ (winning bid rate 66%).

The ‘SM3 Z.E’ was the most traded model, followed by the ‘Bolt EV’ and ‘Ioniq Electric’ in second and third place. The SM3 Z.E, which was the first mass-produced and sold EV in Korea starting in 2013 and discontinued at the end of last year, saw active trading in the used car market as new car purchases became difficult.

Additionally, Hyundai Motor’s Ioniq Electric and Kona EV recorded a 100% winning bid rate at offline auctions due to exports to Middle Eastern countries such as Jordan, proving the overseas popularity of domestically produced used electric vehicles.

An Inseong, head of AJ Sellcar’s online business division, said, “As the transition from internal combustion engine vehicles to eco-friendly electric vehicles accelerates, the presence of EVs is growing in AJ Sellcar’s overall used car transactions.” He added, “Since changes in prices and transaction volumes of electric and hybrid vehicles are becoming prominent in the used car market, it is increasingly important to choose a platform that allows safe transactions without bait estimates when selling your car.”