K Car has announced that it will implement a “Flood Damage Assurance Program” starting from July 5, ahead of the peak of the rainy season, to alleviate concerns from consumers about purchasing flood-damaged used cars.
K Car adheres to a strict principle of not acquiring flooded vehicles through thorough inspections, which include internal and external damage assessment, engine diagnostics, transmission checks, flood examination, self-diagnosis, and coating measurement. Nonetheless, to further reassure consumers, the company has been operating the Flood Damage Assurance Program every year.
This program will run from July 5 to September 30, and is available to all consumers who purchase vehicles through the Home Service of used car buying or directly at any K Car location nationwide. If a vehicle purchased from K Car is found to have a flood history within 90 days contrary to the diagnostic results, the consumer can receive a full refund of the vehicle price and previous costs, along with an additional compensation of 5 million KRW.
K Car also provided guidance to consumers on how to determine whether a used car has been flooded. Initially, consumers can check the history of a used car for flood damage through the Car History provided by the Insurance Development Institute. There could be situations where flood history is difficult to confirm, such as for vehicles not covered by comprehensive insurance or those repaired without going through insurance by the owner, so caution is warranted.
There are also ways to check for flood damage directly. You can compare the manufacturing dates of key electronic components in the vehicle (such as ECU: Electronic Control Unit, BCM: Body Control Module, etc.) with the vehicle’s manufacturing date, or inspect the contamination of major parts and the dirt and corrosion in the fuse box. Additionally, by pulling the seat belts fully, you can check for mud traces, water stains, and evidence of parts replacements. Inspecting the interior by looking through the gap in the windows with a light source can reveal internal contamination. Also, lifting the floor mats to check for dirt and the musty smell caused by humidity are crucial factors for determining flood damage.
Jeong In-guk, CEO of K Car, stated, “As a leader in the used car market, K Car has been providing various services to ensure that consumers can purchase used cars with peace of mind.”
Lee Sang-jin daedusj@autodiary.kr