Encar.com has released the used car market prices for March 2023. The disclosed prices are based on Encar.com’s big data analysis of the popular used car models from domestic brands like Hyundai, Kia, Renault Korea, and Ssangyong, as well as imported brands such as Mercedes, BMW, and Audi, specifically for the 2020 model year, analyzing vehicles with a mileage of up to 60,000 km and without accident records.
The used car prices for representative models from both domestic and imported brands dropped by 4.19% compared to the previous month, continuing their declining trend. After a significant surge in used car prices due to last year’s inflation, the market has begun to stabilize since early this year. This decline in prices is expected to resonate with the seasonal surge in used car transactions in March, driven by social trends like employment, promotions, and school admissions, leading to an increase in pent-up demand for used cars.
The average price of domestic cars decreased by 4.12% compared to the previous month, indicating a trend towards stabilization. For example, the March price of the popular compact car, the Chevrolet Spark Premier, which rose to nearly 9.6 million KRW at the end of last year, has decreased by 8.22% to 8.2 million KRW compared to February.
The Kia Morning Urban Prestige also fell by 4.70%, now priced at 9.55 million KRW.
Additionally, models like the Hyundai Palisade 2.2 2WD Prestige dropped by 4.80%, while the New Grandeur IG 2.5 Exclusive saw a 4.26% decline. The Kia New Carnival 9-seater Prestige is down by 4.92%, and the Sportage The Bold Diesel 2.0 2WD Prestige dropped by 4.68%. The Chevrolet Trailblazer 1.3 Turbo 2WD RS also experienced a 3.98% price reduction. Interestingly, the Kia K7 Premier 2.5 GDI Noble, which had a significant 8% drop in February, has only slightly decreased by 1.69% this month, marking the smallest drop among domestic models.
Relatively, price decreases for compact and hybrid models showed a lesser trend. The Hyundai New Avante AD 1.6 Smart decreased by 2.82%, and the Tucson (NX4) 1.6 Turbo 2WD Inspiration fell by 2.29%. The fourth-generation Sorento Diesel 2.2 2WD Signature model also experienced a lower-than-average drop at 3.05%. The hybrid model of the Hyundai Tucson Hybrid (NX4) Inspiration saw a 2.28% decline, while the Kia New Niro 1.6 HEV Noble Special fell by 3.31%.
The average price of imported cars decreased by 4.27% from the previous month. The popular sedan model, the Mercedes E-Class W213 E250 Avantgarde, dropped by 4.18%, while the C-Class W205 C200 Avantgarde fell by 5.43%. The BMW 5 Series (G30) 520i M Sport decreased by 4.21%, and the 3 Series (G20) 320i M Sport dropped by 4.99%.
Additionally, the X5 (G05) xDrive 30d, Volvo XC90 2nd generation and XC60 2nd generation, and Ford Explorer 6th generation 2.3 Limited 4WD also experienced a price decrease of 3.73%, alongside SUV models like the Mini Cooper Base 3rd generation.
On the other hand, high-end large SUVs showed a relatively lower decline compared to other models. The Mercedes GLE-Class W167 GLE300d 4MATIC decreased by only 0.44% compared to last month, showing almost no change, while the Porsche Cayenne (PO536) Coupe fell by just 1.05%.
An Encar.com representative stated, “Overall, the market is stabilizing and the demand for used cars is recovering. Consumers who have hesitated due to high prices, as well as young professionals and employees seeking reasonably priced used cars, are expected to become increasingly active in transactions.”
I Jang, daedusj@autodiary.kr