Encar.com has released its report on used car prices for January 2024. This report analyzes the used car prices of popular models produced in 2021, based on big data from Encar.com. It covers both domestic brands such as Hyundai, Kia, Renault Korea Motors, and KG Mobility, as well as imported brands like Mercedes-Benz, BMW, and Audi. The analysis considers vehicles with a mileage of 60,000 km and excludes accident vehicles.
While actual used car prices show a downward trend in January, there is a tendency for the demand from purchasers who postponed buying used cars at the end of the previous year to gradually increase as the new year begins. As a result, the prices of major domestic and imported models in January 2024 decreased by 1.42% compared to the previous month.
The average price of domestic vehicles fell by 1.50% from the previous month, with a more significant drop in the prices of compact vehicles versus sedans and small cars. Consumers considering purchasing an SUV should take note of this month’s discounts.
The Hyundai Palisade 2.2 2WD Prestige saw a price drop of 2.01%, while the New Santa Fe 2.2 2WD Prestige dropped by 1.53%. The Kia Sportage 5th generation 2.0 2WD Noblesse experienced the largest price decrease among domestic cars at 3.85%, and the 9-seater 4th generation Carnival Prestige fell by 2.74%.
In contrast, sedan and small models have seen a relatively smaller decline, with less than 1% drop compared to SUVs/RVs. The Avante (CN7) 1.6 Inspiration dropped by 0.80%, and the K5 3rd generation 2.0 Noblesse saw a minor decline of just 0.06%. Notably, the Sonata (DN8) 2.0 Inspiration was the only model to experience a price increase of 1.23%.
Price drops for compact and small cars like the New Ray Signature (0.97%), the New Spark (0.65%), and the Very New Tivoli (0.23%) were also relatively limited compared to SUVs.
The average selling price of imported cars decreased by 1.32% from the previous month. Particularly noteworthy are the differences in price drops among mid-size SUV models. The X5 (G05) xDrive 30d xLine plunged by 4.14%, the largest decline among imported cars, whereas the GLE-Class W167 GLE300d 4MATIC fell by only 0.63%, and the 2nd generation XC90 B6 Inscription slightly decreased by 0.52%. The Cayenne (PO536) 3.0, in contrast, experienced a price increase of 0.64%. This is believed to be due to aggressive new car discount promotions leading up to the end of last year, which significantly impacted the depreciation of the X5 model.
The Tiguan 2nd generation 2.0 TDI Prestige also saw a price drop of 3.07%, and both the E-Class W213 E250 Avantgarde and the 5 Series (G30) 520i M Sport showed declines in the mid-2% range.
For electric vehicles, domestic models such as the Ioniq 5 and EV6 have seen a larger decline in prices compared to Tesla’s Model 3 and Model Y. The Ioniq 5 Long Range Prestige and EV6 Long Range Earth saw declines of 3.71% and 4.40% respectively from the previous month, whereas the Model Y only dropped by 0.13%, and the Model 3 actually saw a price increase of 0.62%.
A representative from Encar.com stated, “The overall used car price in January shows a typical decrease of about 1%. Domestic SUVs and RVs are experiencing a larger price decline compared to other models, so we recommend that customers considering a purchase take advantage of the beginning of the year to make their move.”
Lee Sang-jin daedusj@autodiary.kr