"Dad, I'll Choose This as My First Car" 15 Million Won 'Reasonable Price' Drives Popularity of Used Small SUVs

Compact SUVs Priced Between 15 and 20 Million Won See Price Increases
Imported Cars and Electric Vehicles Decline as New Car Prices Drop

Consumers considering purchasing their first car as a used vehicle are turning their attention from compact cars to small SUVs. As practical and cost-effective purchases increase, small SUVs are becoming the 'new normal' in the market.

The New Kona

According to an analysis of price trends by K Car, a directly managed used car platform, covering approximately 740 models released in Korea within the past 10 years, the overall prices of domestic and imported cars have decreased by 0.3% and 0.9%, respectively. In contrast, small SUVs priced between 15 million and 20 million won have shown an upward trend, highlighting a clear difference.

By vehicle type, the Chevrolet The New Trailblazer recorded the highest increase at 3.6%, followed by the Trailblazer (2.5%) and Renault Korea XM3 (1.3%). The Kia Niro (0.4%), The New Seltos (0.2%), and Hyundai Motor Company's Kona (0.3%) are also expected to see slight increases. This trend is attributed to small SUVs absorbing the demand waiting for compact cars, thanks to their wider visibility and better space utilization compared to sedans.

On the other hand, imported cars and electric vehicles are showing weakness. Due to ongoing new car promotions at the beginning of the year, the prices of major popular imported models such as the Mercedes-Benz E-Class W213 (-2.1%) and BMW 5 Series G30 (-1.8%) have declined. Electric vehicles are also experiencing continued price adjustments, with the Model Y Juniper (-3.2%) and Kia The New EV6 (-4.6%) affected by price-cutting competition initiated by Tesla.

Some models have experienced significant declines due to changes in maintenance environments. The Chevrolet The New Traverse fell by 7.7%, the Traverse by 5.5%, and The New Malibu also saw its price drop by 4.2%.

Eunhyeong Jo, an analyst with the K Car PM team, said, "As more consumers are opting for small SUVs instead of compact cars, trading activity during the peak season is brisk," adding, "For electric vehicles, volatility is expected to continue for the time being, depending on manufacturers' pricing policies."

This content was produced with the assistance of AI translation services.