Encar.com has released the used car prices for October 2022. The data is based on big data analysis of popular models from domestic automakers such as Hyundai, Kia, Renault Samsung Motors, and Ssangyong, as well as imported brands like Mercedes-Benz, BMW, and Audi, specifically analyzing 2019 models. The analysis focused on vehicles with a mileage of 60,000 km and accident-free status.
The analysis of major used car prices for October shows that the average prices for both domestic and imported vehicles have slightly decreased by 0.16% compared to the previous month, indicating a stable market.
The average price for domestic cars fell by 0.36% with no significant changes, while large SUVs and RVs saw a somewhat larger price increase. In contrast, the prices for small and compact SUVs showed a more significant decrease.
Notably, the price increase for large SUVs and RV models, which are in steady demand as family cars, is evident. Among domestic cars, the model that saw the biggest price increase is the Hyundai Palisade, which rose by an average of 2.66% compared to the previous month, while the Kia Carnival also experienced an average increase of 1.80%. On the other hand, the Hyundai Kona fell by an average of 1.53%, the All-New Tucson by 1.89%, and the Kia Sportage the Bold by 2.32%.
Additionally, the Kia The New Niro Hybrid, which began to show a price increase trend last month, saw an average price rise of 1.89% from the previous month, reaching a maximum increase of 2.92%.
The average price for imported vehicles decreased slightly by 0.01%, showing almost no change from the previous month. Among imported vehicles, hybrid models showed a significant price increase. This is attributed to the growing trend toward eco-friendly cars and the waiting period for the release of domestic hybrid vehicles, which has shifted a considerable portion of demand toward imported hybrid cars.
The price of the Toyota Camry (XV70) increased significantly, with both maximum and minimum prices rising over 5%. The 7th generation Lexus ES300h also saw an increase of 4.15% for maximum prices and 3.45% for minimum prices. Additionally, the Porsche Cayenne (PO536) and Mini Cooper experienced average price increases of 3.46% and 1.20%, respectively.
In contrast, German brand models experienced a more significant price decrease than the average fluctuations. In the case of Audi, the new A6 saw a decrease of 3.19% on average and 4.86% for maximum prices, while the A4 (B9) also fell by an average of 2.77%. Furthermore, the BMW X3 (G01) decreased by an average of 3.48%, the 3 Series (F30) by an average of 1.85%, and the Mercedes-Benz C-Class W205 by an average of 2.16%.
An Encar.com representative stated, “Due to the recent economic downturn and the waiting period for new vehicle releases, more consumers are turning to reasonably priced used cars. We expect the trend of hybrid vehicles, particularly popular models, to continue in the used car market for the foreseeable future.”
Contact: Jaesin Lee daedusj@autodiary.kr