Encar.com has released the used car prices for December 2023. The newly disclosed used car prices are based on big data from Encar.com, analyzing the used car prices of popular models from domestic automakers like Hyundai, Kia, Renault Korea Motors, KG Mobility, and imported brands such as Mercedes-Benz, BMW, and Audi, specifically for 2020 models. The analysis was based on vehicles with a mileage of 60,000 km and focused on accident-free cars.

December is traditionally known as a slow season for used cars, as many individuals look to dispose of their vehicles before the year changes, increasing the inventory, while significant discount promotions are actively conducted by automakers. This year, the prices of major domestic and imported models decreased by 0.96% compared to the previous month.

The average price of domestic cars fell by 0.60% compared to the previous month, indicating a stable price trend with little fluctuation. Generally, only a few models saw significant price drops, and among them, certain compact and mid-sized cars priced between 10 million and 20 million KRW showed minimal fluctuations or slight increases.

The Hyundai The New Avante AD 1.6 Smart increased by 0.61%, while the Sportage The Bold Diesel 2.0 2WD Prestige rose by 0.10%. The price of the large sedan Kia K7 Premier 2.5 GDI Noble was up by 0.25%, available at a mid-20 million KRW price range. Additionally, the Kia The New Niro 1.6 HEV Noble Special and Chevrolet Trailblazer 1.3 Turbo 2WD RS remained stable with no price fluctuations.

On the other hand, large SUVs priced above 30 million KRW saw more significant price declines compared to the average. The Chevrolet Traverse 3.6 AWD Redline experienced the largest price drop of 2.43%, while the Genesis GV80 3.5T Gasoline AWD fell by 1.57%.

The average price of imported cars decreased by 1.40%, reflecting a general downward trend of 1-2%. However, competitively priced German compact sedans and Japanese hybrids displayed slight price increases.

The Mercedes-Benz C-Class W205 C200 Avantgarde rose by 0.13%, and the Audi A4 (B9) 35 TDI Premium increased by 0.26%. The Lexus ES300h 7th generation Executive rose by 0.37%, while the Camry (XV70) 2.5 XLE Hybrid experienced a 0.40% increase.

The model that experienced the largest price drop was the Volvo XC60 2nd generation T6 Inscription, which fell by 3.16% from the previous month. Other notable declines included the Jeep Wrangler (JL) 2.0 Rubicon Power Top 4 Door with a 2.33% decrease and the Volvo XC90 2nd generation T6 Inscription, down by 2.26%.

A representative from Encar.com stated, “December is when a tendency to sell cars increases due to factors like model year changes, which typically leads to price declines. For buyers interested in used cars, this is an appropriate time to consider making a purchase. However, compact and mid-sized cars priced relatively lower have maintained their value this month as well, so consumers planning to buy these vehicle types before the year ends should think about doing so around this time of year.”

Lee Sang-jin daedusj@autodiary.kr