Encar.com has released the used car prices for March 2024. The data is based on big data from Encar.com, analyzing popular models from domestic manufacturers such as Hyundai, Kia, Renault Korea Automotive, and KG Mobility, as well as imported brands like Mercedes-Benz, BMW, and Audi for 2021 models. The analysis considered vehicles with a mileage of 60,000 km and those without accidents.
March marks a period of increasing demand for used cars, driven by social trends such as employment, transfers, and school admissions. The average prices of major domestic and imported cars have decreased by 0.62%, indicating a minor downward trend compared to the larger price drops seen during the off-peak months of January and February.
As spring progresses, there is a potential for price rebounds in some popular models, making March a strategic time for potential buyers.
Given the current economic climate, which has put financial strain on households, opting for a used car instead of a new one can be a wise choice. This is particularly true for entry-level employees or those in their twenties considering their first car, who should pay attention to subcompact and compact models that have not seen significant price fluctuations.
To start, the average price of domestic cars has dropped by 0.65%. Compact models have seen price declines, while subcompact models are stable. The Hyundai Avante (CN7) 1.6 Inspiration has decreased by 0.67%, while the Kia The New Ray Signature and Chevrolet The New Spark Premier have seen slight increases of 0.24% and 0.20% respectively. Given these models’ consistent popularity in the market, the latter part of March and April may witness a price rebound, suggesting that now is an optimal time to purchase.
The price drops for large vehicle models are also noteworthy. The large sedan Hyundai The New Grandeur IG Hybrid has decreased by 1.33%, while the large SUV/RV Palisade 2.2 2WD Prestige and Kia Carnival 4th Generation 9-Seater Prestige have dropped by 1.19% and 1.11%, respectively.
The average price for domestic electric vehicle models such as the Hyundai Ioniq 5 Long Range Prestige and the Kia EV6 Long Range Earth has decreased by 0.75% and 1.19%, respectively.
The average price of imported vehicles has dropped by 0.57%, with some models experiencing larger declines. The Audi A4 (B9) 40 TFSI Premium has seen a notable drop of 4.35%, while the Volvo XC90 2nd Generation B6 Inscription has decreased by 3.61%.
In contrast, German midsize and large model prices have fallen by less than 1%. The Mercedes-Benz E-Class W213 E250 Avantgarde has dropped by 0.32%, and the C-Class W205 C200 Avantgarde by 0.83%. The BMW 5 series (G30) 520i M Sport, Audi A6 (C8) 45 TFSI Premium, and Volkswagen Tiguan 2nd Generation 2.0 TDI Prestige have also seen price reductions of around 0.5%.
As for imported electric vehicles, the more budget-friendly Tesla Model 3 Long Range has seen an increase of 0.65%, while the Model Y Long Range has dropped by 2.76%.
An official from Encar.com commented, “March marks the beginning of the used car peak season, with transactions becoming more active.” They further stated, “For those with limited budgets or considering their first vehicle, March could be a favorable time to purchase due to minimal price fluctuations.”
Lee Sang-Jin daedusj@autodiary.kr