Encar.com has released the used car prices for September 2023. The newly disclosed prices are based on Encar.com’s big data analysis of popular used car models from domestic brands such as Hyundai, Kia, Renault Korea, KG Mobility, and imported brands like Mercedes-Benz, BMW, and Audi from 2020. The analysis considered vehicles with a mileage limit of 60,000 km and focused on accident-free vehicles.

September marks a time when demand typically increases ahead of the Chuseok holiday, leading to a revitalization of the used car market. As a result, the price fluctuations are not significantly large, and popular models tend to transact more quickly. Based on Encar.com’s big data, the analysis of the popular used car prices for this September shows that the average price drop for both domestic and imported cars is less than 1%, indicating a stable market.

The overall average price for domestic cars dropped slightly by 0.77% compared to the previous month. With increasing demand for family cars and outdoor vehicles ahead of the holiday season, this month’s prices for some SUVs have decreased or remained stable, making it an opportune time to buy. The Tucson (NX4) 1.6 Turbo 2WD Inspiration decreased by 1.26%, while the 4th Generation Sorento Diesel 2.2 2WD Signature fell by 0.21%. Additionally, the hybrid SUV Tucson Hybrid (NX4) Inspiration saw a price drop of 1.81%, and the new Niro 1.6 HEV Noblesse Special dropped by 1.09% compared to the previous month.

Furthermore, the price drops for mid-size SUVs and sedan models, which are favored as family vehicles due to their spacious interiors and comfortable ride quality, are noteworthy. The Genesis GV80 3.5T Gasoline AWD saw a price decrease of 2.31%, while the Kia K7 Premier 2.5 GDI Noblesse experienced a significant drop of 4.43%.

In contrast, some mid-size and larger SUVs and RV models showed a trend of price increases. The Kia The New Carnival 9-Seater Prestige, which is popular among multi-family consumers, rose by 2.08%, the Sportage The Bolt Diesel 2.0 2WD Prestige increased by 1.37%, and the Renault The New QM6 2.0 GDe RE Signature 2WD went up by 1.56%.

Imported cars, overall, have shown a downward price trend, with the average price falling by 1.25% compared to the previous month. Notably, the price drops of certain brand models that actively conducted summer season discount promotions have caught attention.

The price decrease among BMW models was particularly striking. The BMW 5 Series (G30) 520i M Sport dropped by 2.36%, the 3 Series (G20) 320i M Sport fell by 2.28%, and the X5 (G05) xDrive 30d xLine decreased by 2.99%. The base version of the Mini Cooper 3rd generation experienced the largest drop among imported vehicles at 3.58%.

Additionally, last month’s price increases for the Volvo XC60 2nd generation T6 Inscription have led to a drop of 3.36% this month, while the Audi A6 (C8) 40 TDI Premium and Volkswagen Tiguan 2.0 TDI Prestige saw decreases in the 1% range.

On the other hand, the Porsche Cayenne (PO536) 3.0 Coupe and Ford Explorer 6th generation 2.3 Limited 4WD witnessed price increases of 1.27% and 1.96%, respectively, marking three consecutive months of price hikes. The Toyota Camry (XV70) 2.5 XLE Hybrid, a leading representative of hybrid models, and the Lexus ES300h 7th generation Executive rose by 1.32% and 0.57%, respectively, buoyed by the popularity of Japanese hybrids.

An Encar.com representative stated, “As the prices for domestic SUVs like the GV80, Sorento, and Tucson decrease and with the upcoming holiday, customers looking to purchase an SUV should consider making a move. Conversely, as demand for SUVs rises, it is also a suitable time to sell certain SUV and RV models like the Carnival, QM6, and Explorer, as their prices are increasing.”

Lee Sang-jin daedusj@autodiary.kr