Encar.com has released the used car prices for May 2023. The disclosed prices are based on big data from Encar.com, analyzing the used car prices of popular models from domestic manufacturers like Hyundai, Kia, Renault Korea Motors, and KG Mobility, as well as imported brands like Mercedes-Benz, BMW, and Audi for the 2020 models. The analysis was conducted on vehicles with a mileage of 60,000 km and involved accident-free cars.
After the increase in used car prices last year, the market began to stabilize at the start of this year, leading to the recovery of consumer demand and the revitalization of the used car market. The stabilization of used car prices during the peak months of March and April has resulted in increased purchasing demand, and this May has shown a slight rise in prices for some models. The average price of representative domestic and imported models in May increased by 0.42% compared to the previous month.
The average price of domestic cars has seen a slight increase of 0.70% from the previous month, indicating a stable market. Notable price increases were observed primarily in larger vehicles. Among domestic vehicles, the Genesis G80 (RG3) gasoline 2.5 turbo AWD saw the most significant price rise at 3.42%, while the Hyundai New Grandeur IG 2.5 Exclusive increased by 1.15%, and the Kia K7 Premier 2.5 GDI Noblesse rose by 1.62%.
For large SUVs, the Chevrolet Traverse 3.6 AWD Redline experienced a price increase of 2.19%, while the Hyundai Palisade 2.2 2WD Prestige rose by 1.90%.
Among the mid-sized SUVs that saw a decline in prices last month, the Kia Sorento 4th generation diesel 2.2 2WD Signature, Sportage The Bold diesel 2.0 2WD Prestige, and Renault The New QM6 2.0 GDe RE Signature 2WD all rebounded in price. Additionally, demand for compact cars, which tend to experience increased interest during the spring season, has continuously contributed to a price rise of around 1%.
Imported vehicles, on the other hand, have shown a slight increase of 0.10% compared to the previous month. The models exhibiting notable price changes include the Porsche Cayenne and the Tesla Model 3. The Porsche Cayenne (PO536) 3.0 Coupe saw a significant rise of 5.75% compared to the previous month, marking the highest increase among imported cars. This is attributed to the high popularity of the domestic Cayenne model and long waiting times for new car deliveries.
The Tesla Model 3, which has seen continuous price reductions, dropped by 3.27% in May compared to the previous month and has fallen nearly 10 million won compared to January of this year.
Furthermore, it was confirmed that the price increases for compact/mid-sized SUVs and mid-sized sedan models were somewhat larger than average. Following last month, the Volkswagen Tiguan 2nd generation 2.0 TDI Prestige and the Jeep Wrangler (JL) 2.0 Rubicon Power Top 4-Door increased by 2.46% and 2.01% in price, respectively.
The BMW 3 Series (G20) 320i M Sport also increased in price by 2.37%, while the Audi A4 (B9) 35 TDI Premium, which experienced a significant price drop last month, rebounded with a price increase of 2.66% this month. In contrast, the Volvo XC60 2nd generation T6 Inscription dropped by 4.27%, marking the largest decline among imported vehicles.
According to an Encar.com representative, “May tends to see a decrease in used car purchases due to holiday periods and new car promotions; however, it seems that the hesitance in used car purchasing that prevailed during the peak season is starting to fade. Considering that used car prices are stabilizing as we approach mid-year, consumers planning to purchase a used car this month may want to seriously consider making their purchase now,” they stated.
Lee Sang-jin daedusj@autodiary.kr