Used EV Market Sees Polestar Gain Ground as Tesla Dominates, Stirring the Imported-Car Landscape(?)

First Car released its top 10 used EV sales rankings and September projected prices based on three months of actual sales data from June to August. According to First Car, Tesla remained at the top of the used EV market, while in the imported-car market demand became concentrated around EV-focused brands, with trends such as Polestar's rise also shaking up the imported-car landscape.

In the domestic car market, demand was said to have concentrated on small and compact EVs that maximize running costs and affordability amid high inflation. Along with that, the domestic market showed a clear trend of "practical consumption," and inquiries from the 2030 generation into budget-friendly entry-level EVs that can reduce the burden of ownership costs increased.

According to First Car's tally, the best-selling used EV was the Tesla Model 3 (Long Range). The Tesla Model 3 (Long Range) was projected to have a September floor price of KRW 30.73 million and was analyzed to have secured price competitiveness by depreciating 54% from its new-car list price.

In the imported EV segment, the Tesla Model Y (RWD) came in second and led the market's strength. The Tesla Model Y (RWD) drove the strength of imported EVs, was priced at a floor of KRW 36.71 million, and posted a 31% drop from new. As a result, the imported EV market showed a shift away from a brand-power structure centered on internal combustion engine models.

Among non-Tesla models, the Polestar 2 (Long Range Single Motor) ranked highest overall at No. 6. The Polestar 2 (Long Range Single Motor) was the No. 1 non-Tesla imported car, traded at a floor of KRW 29.27 million, and showed a 47% drop from new.

In the premium imported EV category, both the BMW iX3 and the BMW i4 made the top 10. The BMW iX3 ranked No. 9 with an average price of KRW 49.87 million and was 44% below new, while the BMW i4 ranked No. 10 with an average price of KRW 48.56 million and was also 44% below new. The BMW iX3 and BMW i4 were in the upper end of the KRW 40 million range.

In the domestic EV market, the Hyundai Ioniq 5 and Kia EV6 ranked No. 3 and No. 5, respectively. The Hyundai Ioniq 5 maintained its position as a leading model with a floor price of KRW 27.84 million and a 55% drop from new, while the Kia EV6 posted a floor price of KRW 25.26 million and a 56% drop from new.

First Car said the presence of entry-level models that emphasize price competitiveness has grown in the used EV market. It described this as a notable rise in economy-focused entry-level EVs.

Specifically, the Kia The New Kia Ray EV ranked No. 4 with a floor price of KRW 19.35 million. The Kia The New Kia Ray EV was the only model in the top 10 with a price in the KRW 10 million range. The Hyundai Casper Electric ranked No. 7 with a floor price of KRW 23.64 million and a 21% drop, while the Kia The All New Niro EV ranked No. 8 with a floor price of KRW 22.18 million and a 52% drop.

First Car explained that while demand for internal combustion engine vehicles remains centered on family cars, EV demand is rapidly diversifying into second cars for urban commuting. It said the used EV market is dominated by Tesla, but there are practical imported models such as the Polestar 2 in the KRW 20 million range, and choices have expanded with city-oriented entry EVs such as the Ray EV and Casper Electric.

It also analyzed that reasonable prices have formed, with depreciation of up to more than 50% from new-car prices. First Car forecast that September is the optimal buying window for value-conscious consumers.

Source: TECHWORLD · Lee Gwang-jae
Original: https://www.epnc.co.kr/news/articleView.html?idxno=406365

References

• https://www.epnc.co.kr/news/articleView.html?idxno=406365