Although new models are no longer being released, it has been found that vehicles with high cost-effectiveness and utility continue to be popular in the used car market, compared to vehicles in the same class.
K Car announced that according to the analysis of cumulative sales data for the third quarter of this year, the most sold discontinued model in Korea is the ‘Renault Samsung SM5’. The sales volume of the SM5 corresponds to about 20% of the sales volume of the Hyundai Grandeur, which is the best-selling model in the entire used car market, indicating that despite being discontinued, it is still a key model in circulation in the used car market.
Starting with the first generation model in 1998, the SM5 saw no new model releases after a partial change in the third generation in 2015. Following the debut of the SM6 in 2016, the SM5 was discontinued due to sales interference. Ultimately, the SM5 was discontinued in 2019, but continues to maintain steady popularity in the used car market due to its high cost-effectiveness compared to vehicles in the same category. It features popular convenience specifications as standard and demonstrates driving performance above basic levels, attracting consumers.
Subcompact and compact cars, which are popular as second cars or for work, ranked high as well. Coming in at second place is the Chevrolet Cruze (discontinued in 2018), followed by the Renault Samsung SM3 (discontinued in 2020) in third place, and the Hyundai Accent (discontinued in 2019) in fourth. Moreover, delays in the new car deliveries of the Staria allowed the Hyundai Starex (discontinued in 2021), known for its various utilities including cargo transport and school commutes for children and students, to be selected as an alternative vehicle, claiming the fifth spot.
Additionally, vehicles consistently chosen by drivers for various reasons, such as camping and livability, caught attention. The Chevrolet Orlando, praised for its excellent cost-effectiveness as a vehicle for camping and livability, continues to be popular despite its discontinuation in 2018, owing to its spacious interior and the ability to fully flatten the second and third-row seats without separate work.
Despite its small size, the Chevrolet Damas and Labo, which were discontinued earlier last year, remained popular as livelihood vehicles, often referred to as “the car for small business owners,” due to their large cargo space, maneuverability on narrow roads, and use of LPG fuel.
These models can be checked through the ‘Vehicle Search’ menu on the K Car website and application.
Jung In-kyung, CEO of K Car, stated, “Due to high economic viability and various utilities, discontinued models are consistently gaining popularity in the used car market,” and added, “K Car will strive to ensure that customers can confidently purchase discontinued models through transparent acquisition processes and high-quality product offerings.”
Lee Sang-jin daedusj@autodiary.kr