As Encar.com analyzed used car price data for five electric vehicles and six hybrid models, it was revealed that hybrid prices depreciated less than those of electric vehicles.
The models analyzed in this price data include the 2021 Hyundai The New Grandeur IG Hybrid, Hyundai The New Santa Fe, Kia The New Niro, Kia K7 Premier Hybrid, Lexus ES300h 7th generation, and Toyota Camry (XV70) Hybrid, making up a total of six hybrid models alongside five electric vehicles: the Hyundai Ioniq 5, Kia EV6, Chevrolet Bolt EV, Tesla Model 3, and Mercedes-Benz EQA.
Upon analyzing the September prices of representative models, it was noted that the price fluctuations for electric vehicles were relatively larger compared to hybrids. The average price of electric vehicles dropped by 1.11% in September, while the average price of hybrid models saw a slight increase of 0.19%, indicating more stable price trends overall.
Examining the price changes of each hybrid model, despite the monthly depreciation typical of used cars, it was confirmed that there are models where prices saw only slight declines or even increases. This reflects a growing demand for hybrid vehicles as transitional models during electrification, characterized by their high fuel efficiency and lack of charging concerns.
Looking at the price changes of hybrid models, the price of the The New Santa Fe HEV 1.6 2WD Calligraphy rose by 0.29% in September, while Toyota, which has recently expanded its new car lineup, saw its flagship hybrid model, the Camry (XV70) 2.5 XLE Hybrid, increase by 3.94% compared to the previous month.
The price of the Hyundai The New Grandeur IG Hybrid Calligraphy fell by 1.05% compared to the previous month, along with The New Niro 1.6 HEV Signature (0.46%), K7 Premier Hybrid Noblesse (0.78%), and ES300h 7th generation Executive (0.79%), all showing depreciation rates of less than 1%.
The electric vehicle market is exhibiting slowed growth due to high vehicle prices and a lack of charging infrastructure. Furthermore, at the end of September, the government announced an expanded electric vehicle subsidy policy, which seems to have influenced the prices of used electric vehicles.
Specifically, following continuous price reductions, the September price of the Tesla Model 3 Long Range saw a significant decline of 2.86%, landing in the 46 million won range. The Ioniq 5 Long Range Prestige dropped by 1.63%, the EV6 Long Range Earth by 1.46%, and the Bolt EV Premier by 1.01%. In contrast, the EQA 250, which had been on a downward trend until August, rebounded by 1.43% in September.
According to an Encar.com representative, “Hybrid vehicles continue to see increasing demand in the used car market in terms of price and maintenance. While used electric vehicles tend to experience significant depreciation depending on battery diagnostics and new car promotional policies, they also offer the advantage of being available at notably lower prices compared to new models, making them a more budget-friendly purchase option.”
Lee Sang-jin daedusj@autodiary.kr