Getcha, Analysis of Delivery Periods for Domestic Models
New Car Waiting Times Increase Compared to a Year Ago... Some Models Waited for Two and a Half Years
[Asia Economy Reporter Choi Dae-yeol] An analysis has revealed that the period from signing a new car contract to delivery has increased compared to a year ago.
According to the analysis by car purchase information platform Getcha as of this month on the delivery times of domestic cars, among 30 models from Hyundai, Kia, and Genesis, except for 4 models, the waiting period has lengthened compared to the same time last year. In October last year, the average delivery period for these models ranged from 4 weeks to 11 months, but over the past year, it has increased to 2 months to 30 months.
The waiting period has increased mainly for popular models and hybrid cars. The waiting period for Hyundai's compact sedan Avante 1.6 and mid-large sedan Grandeur 2.5 gasoline models has lengthened by 6 months (from 4 months to 10 months) and 3 to 4 months (from 3-4 months to 7 months), respectively, over the past year. In October last year, the expected delivery times for the Avante, Sonata, Grandeur, and Santa Fe hybrid models were 4 months, 4-5 weeks, 9-10 weeks, and 6 months, respectively, but this month, they have increased to 24 months, 7 months, 10 months, and 24 months.
Genesis, Hyundai's premium brand which previously had relatively short delivery times, now requires about 10 months to as long as 30 months to receive a vehicle as of this month. One year ago, the waiting period ranged from as short as 8-9 weeks to as long as 6-7 months. For example, the large sports utility vehicle (SUV) GV80 2.5T gasoline model, if ordered this month, is expected to be delivered around 2025.
The expected delivery periods for Kia's compact sedans K3 and K5 2.0 gasoline models have increased by an average of 3 to 5 months compared to a year ago, now standing at 4 months and 7-8 months, respectively. The waiting periods for the K5, K8, and Sorento hybrid models have also increased by 8.5 months, 2 months, and 7 months, respectively, over the past year.
However, Kia's representative recreational vehicle (RV), the Carnival, has seen its waiting period reduced by one month compared to a year ago, with both the 7-seater and 9- and 11-seater models now having a 6-month wait. The delivery periods for the K8 2.5 and 3.5 gasoline models have also decreased by 2 months (from 6 months to 4 months) and 0.5 months (from 2.5 months to 2 months), respectively.
The prolonged delivery times for new cars are attributed to production disruptions caused by supply shortages of vehicle semiconductors and other parts due to COVID-19, followed by a surge in demand that has yet to be resolved. Although the semiconductor supply shortage is gradually easing, it will still take more time for the accumulated demand to be fully met.
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