Used Leisure Vehicles Up to 1 Million KRW More Before Summer Vacation... Checking Market Prices

Korea Automobile Dealers Association Announces July Used Car Market Status
Generally Stable, but "Increasing Drivers Preparing for Car Camping and Camping"
Large and Imported Cars Selling Quickly, Mainly Short Mileage Listings

[Image source=Yonhap News]

[Asia Economy Reporter Kim Bo-kyung] Ahead of the summer vacation season, the prices of some used leisure vehicles (RVs) such as the Palisade and Carnival have shown a slight increase.

On the 1st, the Korea Automobile Dealers Association Federation (KADA Federation), a used car industry group, announced the used car market conditions for July. The prices of major car models have remained stable, with a slight rise in prices for some sports utility vehicle (SUV) models in anticipation of the vacation season.

A KADA Federation official stated, "With the effective lifting of COVID-19 social distancing measures, more drivers preparing for car camping and camping trips have led to noticeable price increases in SUVs and minivans. Especially as new car delivery times have lengthened, the overall used car prices have remained stable."

The KADA Federation provides price information based on big data of actual used car transactions reported to the government network. Prices were compiled for popular trims of major models, focusing on 2018 models that are 4 years old and accident-free. Depreciation should be considered based on trim options, accident history, and mileage. Prices for all car models can be checked on the Korea Car Market mobile platform operated by the federation.

◆Compact Cars

Prices remained stable following last month. These cars are consistently popular as they are the first choice for young professionals and new drivers considering their first car. For example, the Kia Ray is favored by business owners and drivers who enjoy affordable car camping due to its convenient cargo space.

The 2018 Kia All New Morning is priced between 8 million and 11 million KRW, and the The New Ray ranges from 9 million to 12 million KRW. The 2018 Chevrolet The Next Spark is priced between 6.5 million and 10.5 million KRW.

◆Compact Mid-size Cars

Compact mid-size cars, which have high demand for commuting and business use, also maintained stable prices this month.

The 2018 Hyundai Avante AD is priced between 11 million and 14.5 million KRW, while the Kia All New K3 ranges from 10.5 million to 15 million KRW. Since prices vary widely depending on trim and options, it is important for consumers to carefully check the trim level with the desired options.

◆Mid-size Cars

Mid-size sedans consistently rank high in used car sales.

The 2018 Hyundai LF Sonata New Rise 2.0 gasoline model in the Modern trim is priced between 15 million and 16.5 million KRW, and the Kia New K5 2.0 gasoline Prestige trim ranges from 16 million to 17 million KRW. The Renault SM6 2.0 gasoline LE trim is priced between 14.5 million and 15.5 million KRW, and the Chevrolet All New Malibu 1.5 LTZ Premium trim ranges from 16 million to 17 million KRW. The Genesis G70 2.0 AWD Supreme trim is priced between 30 million and 33 million KRW.

◆Full-size Cars

Full-size cars with rich convenience features and low mileage are selling quickly. Depending on the model, considering an additional 1 million to 2 million KRW can secure a vehicle with a price difference of over 5 million KRW compared to a new car.

For example, the average price of the 2018 Genesis G80 3.3 AWD Luxury trim is 33 million KRW, while the higher Premium Luxury trim is priced at 34.5 million KRW.

The 2018 Hyundai Grandeur IG 2.4 Premium trim is priced between 20.5 million and 23 million KRW, and the same year Kia All New K7 is priced about 1 million to 2 million KRW lower.

◆SUV·RV

Prices for SUVs, RVs, and minivans, which had been stable, rose slightly compared to last month ahead of the summer vacation season. Depending on the model and trim, vehicles equipped with popular convenience features saw price increases of up to 1 million KRW.

Based on 2018 models, the Hyundai Santa Fe TM 2.0 diesel Premium trim is priced between 22 million and 24.5 million KRW, the Palisade 2.2 diesel Prestige trim ranges from 34.5 million to 36 million KRW, the Kia The New Sorento 2.0 diesel Prestige trim is priced between 20.5 million and 23 million KRW, and the All New Carnival 9-seater diesel Luxury trim ranges from 18 million to 20 million KRW.

The Renault QM6 2.0 gasoline LE trim is priced between 16 million and 18 million KRW, while the same trim LPi model commands a price about 1 million KRW higher.

◆Eco-friendly Cars (Electric, Hybrid)

Although transactions have slowed due to a series of electric vehicle fire incidents, the popularity of electric and hybrid cars remains stable amid the high oil price era.

The Hyundai Grandeur IG Hybrid is priced between 25 million and 27.5 million KRW for the 2018 Premium trim, which is 3 million to 6 million KRW higher than the gasoline model of the same year. The Ioniq EV N trim is priced between 19.5 million and 22 million KRW.

◆Imported Cars

Imported cars continue to show steady strong stability centered on popular models, with quick sales mainly of low-mileage vehicles. The Mercedes-Benz E-Class E300 Avantgarde gasoline model from 2018 is priced between 43 million and 47 million KRW, while the BMW 5 Series 520D diesel model ranges from 35.5 million to 42 million KRW depending on trim.