ENCAR.com has released the used car prices for December 2022. The prices disclosed this time are based on big data from ENCAR.com, analyzing the used car prices of popular models from domestic manufacturers such as Hyundai, Kia, Renault Samsung, and SsangYong, as well as imported brands like Mercedes-Benz, BMW, and Audi, all from the year 2019. The analysis is based on vehicles with mileage up to 60,000 km and no accidents.
Analysis of the main used car prices for December reveals that the average price for both domestic and imported cars decreased by 0.60% compared to the previous month. December is known as a traditional off-peak season in the used car market, as many people tend to dispose of cars before the new year, leading to an increase in inventory and promotional discounts from manufacturers, thereby reducing used car demand.
Despite entering the off-peak season for used cars, the average price for domestic vehicles this month showed a smaller decline of only 0.09% compared to previous years, indicating a stable situation. There were not many models that saw significant price drops, while the compact SUVs from Hyundai and Kia exhibited a trend of price increases.
The Hyundai Santa Fe TM saw both its minimum and maximum prices rise, with an average price increase of 2.08% compared to the previous month, while the average price of the all-new Tucson increased by 1.45%. The average price of the Kia The New Sorento rose by 2.07%, and the Sportage The Bold had a slight increase of 0.62%. The Genesis G80 also experienced an increase, with both its minimum and maximum prices rising to an average increase of 1.02%.
Other models such as the Hyundai Sonata New Rise, Palisade, Kia The New K5 2nd generation, all-new K3, and all-new K7 showed a slight average price increase of less than 1%, indicating effective price maintenance.
Hybrid models, which had been on an upward trend for the past few months, reflected a downward trend. The Kia The New Niro Hybrid saw a price decline where minimum and maximum prices dropped to around 3%, leading to an average price drop of 3.79%. The average price of the Hyundai The New Grandeur IG also saw a slight decrease of 0.26%.
For imported cars, the overall average price decreased by 0.93% compared to the previous month. While the majority of models showed price declines, the Porsche Cayenne (PO536) and Lexus ES300h 7th generation were the only models to display an increase. The Cayenne’s minimum price increased by 3.35%, and its maximum price rose by 1.00%, leading to an average increase of 1.85% compared to the previous month. In the case of the ES300h, even with a slight decrease in maximum price, the minimum price saw an increase, resulting in an average price rise of 0.13%.
The model that experienced the most considerable price drop was the Land Rover Range Rover Evoque, which saw an average price decrease of 3.40% compared to the previous month. Additionally, models like the Benz E-Class W213 and Audi A4 (B9) dropped by 2.74%, Volvo XC60 2nd generation by 2.22%, BMW 5 Series (G30) by 1.83%, and Mini Cooper by 1.36% on average.
An official from ENCAR.com stated, “The overall price fluctuation rate for December, entering the off-peak season for used cars, is similar to previous years; however, the drop in prices for domestic cars this December was not substantial.