Encar.com has released the used car prices for October 2023. The disclosed prices are based on big data from Encar.com, analyzing used car prices of popular models from domestic brands such as Hyundai, Kia, and Renault Korea Automotive, as well as imported brands like Mercedes-Benz, BMW, and Audi, specifically for the 2020 model year. The analysis was based on vehicles with a mileage of 60,000 km and no accidents.

October marks a period of increasing used car demand after the holidays, entering the fall peak season. In this month, the average prices of domestic and imported cars have seen a slight decline of 0.64%, showing overall stability without major fluctuations compared to the previous month.

The overall average price of domestic cars decreased by 0.51%, with most models showing fluctuations of less than 1%. However, the price drops of certain value-for-money models are noteworthy.

The Renault The New SM6 1.8 TCe Premier dropped by 3.77% compared to last month, and the Chevrolet Traverse 3.6 AWD Redline decreased by 2.25%. The Tucson (NX4) 1.6 Turbo 2WD Inspiration also saw a price drop of 1.73%, forming a price range in the upper 20 million won mark for the first time this year. The Hyundai The New Avante AD 1.6 Smart, which is easily accessible at around 10 million won, slightly decreased by 0.27%, while the Chevrolet Trailblazer 1.3 Turbo 2WD RS registered a minor decline of 0.13%.

Conversely, the Kia K7 Premier 2.5 GDI Noblesse, which saw a significant decline last month, rebounded this month by 2.23% due to increased demand after the decline. Additionally, the KG Mobility Very New Tivoli Gasoline 1.5 2WD V5 and the Kia Sportage The Bold Diesel 2.0 2WD Prestige saw increases of 0.35% and 0.34%, respectively.

Imported cars experienced an average price drop of 0.80%, indicating a larger decline compared to the overall average in October. Notably, the decline of some SUV models is remarkable. The Porsche Cayenne (PO536) 3.0 Coupe, which had been on a rising trend for three consecutive months, saw a drop of 1.53% this month. The second-generation Volvo XC90 T6 Inscription and XC60 T6 Inscription models decreased by 2.76% and 1.45%, respectively, while the basic Mini Cooper model (3rd generation) fell by 1.60%, continuing its downward trend from last month.

The Tesla Model 3 has exhibited a decline of 2% to 3% for three consecutive months. For October, the Model 3 price dropped significantly by 3.27%. This extended decline is expected to continue due to electric vehicle discounts from manufacturers and government support policies for purchasing electric cars.

In contrast, some German brands that experienced a comparatively large price drop last month have shown slight increases or minimal changes this month due to new car discount promotions. For BMW, which notably decreased last month, the 5 Series (G30) 520i M Sport fell by 0.35%, while the X5 (G05) xDrive 30d xLine saw a minor increase of 0.05%, showing almost no change compared to the previous month.

The Mercedes-Benz GLE-Class W167 GLE300d 4MATIC increased by 1.60% compared to last month, while the C-Class W205 C200 Avantgarde saw a slight rise of 0.25%. The E-Class W213 E250 Avantgarde dropped by 0.54%. The Audi A4 (B9) 35 TDI Premium fell by a relatively significant 2.75% compared to the previous month.

An Encar.com representative stated, “If consumers are considering purchasing a used car, it might be worth considering value-for-money domestic compact or mid-size cars, or imported SUVs like the XC60 and Mini Cooper, which have shown significant price drops. Conversely, as we approach the end of the year, the trend is toward decreasing demand for used cars, so customers thinking of selling their vehicles are advised to consider selling this month when price fluctuations are minimal.”

Jang Sang-keun daedusj@autodiary.kr