Encar.com has released the used car prices for November 2022. The disclosed data is based on Encar.com’s big data analysis of popular 2019 models from domestic automakers like Hyundai, Kia, Renault Korea, and Ssangyong, as well as imported brands such as Mercedes-Benz, BMW, and Audi. The analysis is based on vehicles with a mileage cap of 60,000 km and accident-free cars.
November marks the onset of the off-season for the used car market, resulting in a 0.30% decrease in the average price of both domestic and imported vehicles compared to the previous month. However, the price of domestic vehicles, which generally have longer new car delivery periods, showed a slight increase.
The average price of domestic vehicles increased by 0.20% compared to the previous month. For Hyundai, all models except for the All-New Tucson showed rising prices. The model with the largest increase was the Hyundai Palisade, which has seen consecutive price increases for two months. The Palisade’s average price rose by 2%, with minimum and maximum price increases of 1.23% and 2.46%, respectively. The maximum price for the Sonata New Rise rose by 1.75%, and the Santa Fe TM’s maximum price also increased by 1.34%, reflecting an average price rise of around 1%.
Hybrid models are also showing a price increase trend, albeit slight. The average price of the Kia The New Niro Hybrid rose by 0.95% compared to the previous month, with the maximum price increasing by 1.35%. The average price of the Hyundai The New Grandeur IG also saw a minor rise of 0.34%.
While the overall prices are relatively stable, small and mid-sized vehicles tend to show minor declines. The average price of the Ssangyong Tivoli Armor fell by 1.53%, while the Kia All-New K3 and The New Sorento saw declines of 1.03% and 0.85%, respectively.
Imported vehicles showed a general downward trend, with average prices dropping by 0.88%, a more considerable decline compared to domestic vehicles. Among these, the average price of the Audi A4 (B9) saw the most significant decrease, falling by 3.03% compared to the previous month. The minimum and maximum prices for the A4 (B9) dropped by 2.28% and 3.66%, respectively.
The Mercedes-Benz E-Class W213 and the BMW 5 Series (G30) also experienced declines in average prices of 1.88% and 1.26%, respectively. Other notable declines included the Land Rover Range Rover Evoque (1.94%), Volkswagen Tiguan second generation (1.41%), Volvo XC90 second generation (1.28%), and Mini Cooper (1.27%).
The Lexus ES300h seventh generation recorded the largest increase among all models, with an average rise of 1.17%, continuing its upward trend from the previous month.
An Encar.com representative commented, “From November onwards, the used car market typically enters the off-season due to year-end new car promotions and the release of updated models. However, for domestic cars, the ongoing demand persists due to extended waiting times for new car deliveries. In contrast, prices for imported vehicles have dropped to levels similar to previous years, as their waiting periods tend to be shorter.
Leah Kim leahkim@autodiary.kr