The domestic wagon market is often described as a barren land due to its small size. As the wagon market is not large, there are not many used cars available, but due to their unique practicality and reasonable price range, wagons are steadily traded in the used car market.
According to a big data analysis of used car transactions of representative wagon models by Encar, the most popular model is the Hyundai i40.
Wagons are in demand among consumers who prefer the camping, car camping, and outdoor lifestyle, as they offer SUV-like space utilization combined with sedan comfort. However, because wagons are less popular compared to mainstream vehicle types like sedans and SUVs, they tend to depreciate more rapidly in the used car market. For this reason, consumers looking for wagons can find a variety of vehicles ranging from 2-3 year-old models to discontinued ones, all at reasonable prices.
In the last three years, the top registered popular wagon model on Encar is the Hyundai i40. This model was first introduced in Korea in 2011 and continued to be a staple of domestic wagons until its discontinuation in 2019. The i40 is offered at a relatively low price point, making it an attractive option for consumers seeking economy and reasonableness. The market price for a 2015 model of the New i40 2.0 GDi Unique is 8.86 million won, while the PYL is 10.42 million won and the D-Spec is 10.09 million won.
In second place is the BMW 3 Series (G20) Touring. The 3 Series Touring combines SUV-level storage space with the driving performance that is characteristic of the 3 Series, maintaining consistent demand. The market price for a 2021 3 Series (G20) 320d Touring is 33.49 million won, with a residual value of 56.28%.
Following in the ranks from third to fifth are the Volvo V60 Cross Country 2nd generation, V90 Cross Country, and Genesis New G70 Shooting Brake. The market price for a 2021 Volvo V60 Cross Country 2nd generation B5 Pro AWD is 41.80 million won, while the V90 Cross Country B5 Pro AWD is priced at 52.03 million won, with residual values of 70.37% and 69.19% respectively.
The 2022 New G70 Shooting Brake has a market price of 36.00 million won for the gasoline 2.0T 2WD Premium, with a residual value of 83.52%. It’s notable how well this newer model maintains its price despite being the latest model.
An Encar representative stated, “Wagons offer the advantage of being available at more reasonable prices compared to other vehicle models of similar year and mileage,” adding, “As spring approaches with more outings and travels, consumers looking for practical vehicles should consider wagon models.”
Jin Sang-Jeon daedusj@autodiary.kr