Import car manufacturers are hot on the promotional event scene.
Volkswagen is currently offering a 60-month interest-free installment plan for the Tiguan Allspace and Jetta. According to the Financial Services Association’s disclosure information portal, Volkswagen Financial’s average interest rate is 5.15%. This is equivalent to a discount of 2.76 million won on the Tiguan Allspace priced at 53.74 million won.
The Mercedes-Benz S-Class is also available for purchase with an interest-free installment plan. By paying a 50% down payment, buyers can receive 24-months of interest-free installments for the remaining balance. Considering the average interest rate of 5.83% for Mercedes-Benz, this equates to a discount of over 10 million won.
There are also low-interest installment plans available, though they are not interest-free. Land Rover is offering a low-interest installment plan of 0.99% for both the Range Rover and the Defender.
Long-term installments are also available. Mercedes-Benz is providing a financing rate of 6.98% for a 72-month long-term installment plan on the newly released 11th generation E-Class, which debuted in January this year. If a customer pays a 30% down payment when purchasing an E-Class, they can comfortably repay the vehicle’s price over a maximum of 72 months. For example, purchasing the E200 Avantgarde model priced at 73.9 million won requires a 22.17 million won initial payment, allowing for 720,000 won monthly payments for the remaining time.
Even Porsche, which had no promotions before, has now kicked off an event. The model in question is the four-door electric sports car, the Taycan. The Taycan is being offered at significant discounts by different dealers. Additionally, there’s a lottery for a four-year unlimited charging card and a business class travel voucher worth 8 million won, with no restrictions on charging amounts.
Import car manufacturers are actively engaging in promotions due to declining sales figures. The cumulative number of sales in the domestic import car market until April was 76,143, a decrease of 7.8% compared to 82,594 during the same period last year.
The struggles of the import car market are expected to continue for some time.
Lee Sang-jin daedusj@autodiary.kr