The recently launched 2023 Kia The New Carnival (4th generation) has hot demand alongside the popularity of the previous 2020 model of the used Carnival (4th generation). As a result of the new model release, the demand for switching from the old model (2014–2018) to the new model (2020–2023) has increased.
This trend is impacting the used car prices for the Carnival. K Car, the leading direct-used car platform in South Korea, analyzed the average market price for Kia Carnival models circulating in the domestic used car market. It was reported on the 7th that prices for the old models (2010–2018) had decreased by up to 3.9%, while the prices for the newer 4th generation models (2020–2023) experienced a slight decrease of 1.3%, indicating a trend towards stabilization.
In detail, the Carnival R released in 2010 saw a price drop of 2.5%, while the All-New Carnival launched in 2014 decreased by 2.6%. The 2018-release The New Carnival fell by 3.9%. In contrast, the 2020-released 4th generation Carnival, which set a record for maximum pre-orders on its debut day, only dropped by 1.3%. Typically, in a declining market for used cars, the average monthly depreciation rate hovers around 1%.
For instance, consumers who purchased the All-New Carnival (2014 model) are increasingly considering upgrading to the 4th generation Carnival (2020 model) or The New Carnival (2023 model), which lowers the preference for The New Carnival (2018 model) and explains the significant price drop for it. Notably, the All-New Carnival and The New Carnival have very similar appearances, further dampening the replacement demand between these models.
Lee Mingoo, the chief analyst at K Car and an adjunct professor at the University of Science and Technology, stated, “The demand for replacing old Carnivals (2010–2018 models) with the high-spec 4th generation (2020–2023 models) has increased due to the popularity of the newly released hybrid model of The New Carnival. Consequently, as older models accumulate in the used car market, their prices are declining.”
Lee Sangjin daedusj@autodiary.kr