Encar.com has released the used car prices for February 2024. The disclosed prices are based on big data from Encar.com, analyzing the used car prices of popular model years 2021 from domestic brands such as Hyundai, Kia, Renault Korea, and KG Mobility, as well as import brands like Mercedes-Benz, BMW, and Audi. The analysis is based on vehicles with a mileage of 60,000 km and excludes vehicles with accidents.

The average prices of major domestic and imported cars in February fell by 6.08% compared to the previous month, marking a significant drop compared to previous years. The domestic used car market has shown a continuous decline since last year after a sharp increase due to the pandemic and semiconductor supply shortages, which peaked in 2022.

This trend appears to have persisted until early this year, and the recent depreciation rates for February have been significantly influenced by model updates. Moreover, as early this year is typically a low season for used cars, price adjustments by dealers were common, further impacting the price decline. Therefore, for consumers planning to buy a vehicle, this February seems to be the optimal time for a wise purchase under favorable conditions.

The average price of domestic cars fell by 5.93%, with notable declines in compact cars, small cars, and electric vehicles. The Kia The New Ray Signature, frequently chosen as a first car or entry-level vehicle, saw a decline of 7.34%, while the Chevrolet The New Spark Premier fell by 6.78%. The small SUV, Chevrolet Trailblazer 1.3 Turbo 2WD RS, also showed a decline of 7.86%.

In terms of electric vehicles, the Kia EV6 Long Range Earth recorded the largest drop among domestic vehicles at 8.04%, and the Hyundai Ioniq 5 Long Range Prestige also saw a 7.52% drop, exhibiting greater depreciation compared to internal combustion engine vehicles.

Conversely, some SUV models experienced relatively smaller depreciation rates. The Kia Sportage Generation 5 2.0 2WD Noblesse had the smallest price drop at 2.38%, while the Genesis GV70 2.5T AWD fell only by 3.62% compared to the previous month.

The average price of imported cars declined by 6.27% compared to the previous month. Among them, German sedans like Mercedes-Benz and Audi showed a drop of around 7%. The model with the largest price drop was the Audi A6 (C8) 45 TFSI Premium, which decreased by 7.95%, dropping to around 37 million won. The A4 (B9) 40 TFSI Premium also fell by 7.18%.

The Mercedes-Benz E-Class W213 E250 Avantgarde and C-Class W205 C200 Avantgarde experienced drops of 7.76% and 7.94%, respectively, while the BMW 3 Series (G20) 320i M Sport fell by 7.47%.

In contrast, some SUVs showed smaller declines compared to sedans. The Volvo XC90 Generation 2 B6 Inscription had the smallest drop at 2.47%, followed by the Volkswagen Tiguan Generation 2 2.0 TDI Prestige and the BMW X5 (G05) xDrive 30d xLine, which both exhibited declines in the 5% range.

Imported electric vehicles have shown smaller price drops compared to domestic electric vehicles. While domestic electric vehicles recorded declines of 7-8%, the Tesla Model 3 and Model Y only saw a drop in the 4% range compared to the previous month.

An Encar.com representative stated, “Used car prices that had seen significant increases until 2022 are continuing to adjust this year, resulting in a substantial price drop early this year compared to usual trends. With the peak season starting in March, there is a possibility of prices rebounding again, so for consumers considering purchasing a car, February is likely the optimal time to select a product at a reasonable price,” he said.

Lee Sang-jin daedusj@autodiary.kr