Encar.com analyzed big data on used car transactions, revealing that the trade of high-end vehicles worth over 100 million won has been growing steadily each year.
From the last three years of transactions involving vehicles priced over 100 million won through Encar.com, both the number of registered used cars and sales have been consistently increasing. Last year, the number of registrations for vehicles over 100 million won increased by about 5% compared to the previous year, and sales rose by approximately 10%.
The high-end used car market has been actively centered around direct transactions between individuals. Data from Encar.com’s direct trading service ‘Self-Registration’ shows that models priced over 50 million won dominated the market.
Of the top 20 models traded through Self-Registration, 12 were cars valued over 50 million won, including five luxury imports worth over 100 million won: the Mercedes-Benz ‘S-Class W222’, ‘G-Class W463b’, ‘CLS-Class C257’, and the Porsche ‘718 Boxster’, ‘Cayenne (PO536) ‘.
Additionally, personal direct transactions for models priced between 50 million and 100 million won, such as the Mercedes-Benz ‘E-Class W213’, BMW ‘5 Series (G30)’, and Genesis ‘GV80’, ‘G80 (RG3)’ have also been actively conducted. This contrasts with the traditionally popular Hyundai and Kia mainstream models in the used car market, such as the Grandeur and Avante.
The most popular model valued over 100 million won in the used car market was the Porsche ‘Cayenne (PO536)’. The Cayenne has become Porsche’s bestseller SUV, surpassing 10,000 sales last year, confirming its high popularity in the used car market as well.
The sales of the Cayenne (PO536) through Encar.com last year increased by approximately 155% compared to 2021. Reflecting this popularity, as of January this year, the used car price of the 2021 model Cayenne (PO536) 3.0 reached 100.99 million won, with a remarkable residual value of 90.8%.
Meanwhile, Encar.com operates the ‘Encar Premium Diagnosis’ service, which accurately assesses vehicle conditions for personal direct transactions. With rich experience in used car diagnostics, even difficult high-end vehicles like supercars can be thoroughly evaluated. Encar diagnostics masters provide tailored assessments with detailed explanations based on the manufacturer, model, year, and mileage of the vehicle.
An Encar.com representative stated, “As the luxury car new sales market has expanded in recent years, it is also gaining traction in the used car market. Particularly for imported high-end cars, due to the limited supply and long waiting times for new vehicle deliveries, there are a significant number of consumers considering used cars as an alternative.”
Lee Sang-jin daedusj@autodiary.kr