According to analysis by Encar.com, iconic discontinued models such as the Stinger, Damas, and Starex are continuously traded in the used car market due to their economic viability and rarity.
After being discontinued in the first half of 2021, the economic and practical LPG vehicles like the Chevrolet Damas and the LaBo specialize in transportation, providing lower fuel and maintenance costs. Until a proper alternative model emerges, they remain consistently traded in the used car market, with monthly registrations averaging between 110 and 140 units since June 2021.
This year’s market prices have shown an upward trend as April arrives. The April price for the 2021 New Damas 2-seater panel van DLX is 6.45 million KRW, reflecting a 1.41% increase from the previous month. Meanwhile, the 2021 New LaBo long cargo DLX has surged by 10.84% to 7.11 million KRW.
The Hyundai Starex, which replaced the Staria, has high utilization value for transporting children and students even after its discontinuation in 2021, with monthly registrations averaging around 1,700 to 2,000 units. The April price for the 2021 The New Grand Starex van 5-seater Style has slightly increased by 0.71%, now at 19.2 million KRW.
Domestic high-performance models attract consumers seeking sporty driving at a reasonable price. The Kia Stinger, for instance, has seen an average of about 300 units registered monthly since its discontinuation in mid-2023. The April price for the 2021 Stinger Meister 2.5 AWD Masters is 34.18 million KRW, reflecting a minor decrease of 0.83%, while the 2021 Hyundai Veloster (JS) gasoline 2.0 N has seen a slight increase of 0.14% to 24.85 million KRW, showing little change overall.
Sedans like the Renault (formerly Renault Samsung) SM5, SM3, and Kia K7 had great popularity with numerous generations before being discontinued, resulting in a wide variety of models being traded. Last year, approximately 9,500 SM5 vehicles from the first to the last generation were registered. The April price for the 2019 SM5 Classic model has decreased by 0.68% to 8.35 million KRW, showing minimal variation from the previous month.
Additionally, the popular compact car Chevrolet Spark consistently ranks high in monthly used car registrations. The April price for the 2021 The New Spark Premier remains the same as the previous month at 8.67 million KRW.
However, there is an increased concern regarding the potential repair and parts supply for discontinued vehicles. If you’re considering a purchase, it’s advisable to check the manufacturer’s warranty periods or to opt for warranty services offered by used car platforms.
Models that were recently discontinued may still have remaining warranty periods for the body, general parts, and major engine and drivetrain components. However, the warranty periods for commercial vehicles, generally shorter than those for regular passenger cars, could vary by model, so it’s essential to confirm this beforehand.
According to the Fair Trade Commission announcement, manufacturers must retain automotive parts for eight years from the discontinuation date, so understanding the discontinuation timeline of the model you wish to purchase can be beneficial. Alternatively, utilizing replacement or recycled parts is also a viable option.
An Encar.com representative stated, “The opportunity to select discontinued models that are no longer released as new cars at reasonable prices is a unique strength of the used car market.” They added, “Given the nature of commercial vehicles or vans that are frequently used, it’s necessary to carefully check the vehicle’s condition when purchasing.”
Lee Sang-jin daedusj@autodiary.kr