As the economy faces downturns and high interest rates, more customers are looking for value-for-money models in the used car market that can be purchased outright.
Encar.com reported that due to the economic downturn, the highest sales of used cars are for those priced under 30 million won. Specifically, used cars priced between 10 million and 20 million won saw the most sales. The sales proportion in this price range increased from 24.12% in January to 30.63% in December. Meanwhile, the proportion of used cars sold for between 20 million and 30 million won slightly rose from 22.22% in January to 23.11% in December, and inquiries for used cars under 10 million won grew from 7.93% in January to 11.73% in December.
Conversely, the proportion of sales for used cars priced above 30 million won has decreased. The sales proportion of used cars priced between 30 million and 50 million won dropped from 22.73% in January to 18.45% in December. The sales proportion of used cars priced between 50 million and 100 million won, primarily luxury imports, also fell from 19.02% to 13.74%.
This situation can be attributed to rising interest rates and the economic downturn. Following tightening policies in the US and China, Europe has recently raised interest rates as well. Analysts suggest that the rise in interest rates has led to an increase in customers seeking reasonably priced models in the used car market that can be purchased outright.
An official from Encar.com stated, “There has been a growing number of customers looking for cost-effective models such as the Hyundai Avante AD and the 4th generation Sportage,” adding, “Sales of value-for-money models will continue to rise steadily this year.”
Lee Sang-jin daedusj@autodiary.kr