Used-Car Prices Fall by 1% Range... Seltos and Sorento Hybrids Hold Strong
TECHWORLD ·
✦ AI Summary
K Car released its analysis of average used-car prices for August.
In the August used-car market, average prices fell, with domestic cars down 1.6% from the previous month and imported cars down 1.7%.
Some SUV and hybrid models and popular near-new models rose or held steady, while earlier model year large midsize sedans and average EV prices fell.
K Car, operated by KG Mobility Platform, released its analysis of average used-car prices for August on the 10th. According to the findings, average prices in the August used-car market fell, with domestic cars down 1.6% from the previous month and imported cars down 1.7%.
However, apart from the overall price decline, some high-demand SUV and hybrid models and popular near-new models held steady or rose in price. As SUV and hybrid models showed relative strength, some high-demand SUV and hybrid models either rose or remained unchanged.
By contrast, large midsize sedans from earlier model years saw steeper declines as listings increased. KG Mobility Platform said price adjustments for popular models such as the Seltos, Sorento, Santa Fe, and Palisade eased the purchasing burden and helped support prices.
Near-new popular models from Kia and Hyundai either rose, held steady, or posted only slight declines. Kia's "The New All-New Seltos" had an average price of KRW 28.26 million, up 2.9% from the previous month, while "The New Sorento 4th Generation Hybrid" rose 1.3% month over month. "The New Kia Ray EV" also rose 0.2% from the previous month.
Among Hyundai models, "The New Grandeur (GN7)" held steady from the previous month, and "The New Avante (CN7)" also remained at the same level as the previous month. "The All-New Santa Fe Hybrid" likewise stayed unchanged from the previous month. On the other hand, "The All-New Palisade Hybrid" fell 0.1% from the previous month, and "Sonata The Edge Hybrid" declined 0.4%.
By contrast, compared with near-new popular models, price adjustments for earlier model year large midsize sedans widened. "Grandeur IG" fell 4.1% from the previous month, and "The New Grandeur" fell 3.9%. "All New K7" dropped 3.7% from the previous month, and "K7 Premier" fell 3.3%.
An increase in listings was cited as the reason for the weakness in large midsize sedans. As buyers moved to new Grandeur models, disposal of equivalent vehicles such as the existing Grandeur and K7 increased, expanding supply in the used-car market, the explanation said.
Average EV prices fell 0.4% from the previous month. The EV decline rate in July was 0.3%, and the drop in average EV prices was not significantly different from July.
However, some electric commercial vehicles saw price increases, and some Tesla models also rose in price. Hyundai's ST1 rose 6.2% from the previous month, marking the largest increase among the EVs surveyed, while Kia's The New BongoIII Truck EV Cargo rose 5.5%. Hyundai's Porter2 Electric rose 0.9%, Tesla's Model 3 Highland rose 2.6%, and Tesla's Model 3 rose 2.0%.
Jo Eun-hyung, an analyst on the PM team at KG Mobility Platform, said that despite the overall decline in average prices, near-new models with strong customer demand, such as Seltos, Sorento, and Santa Fe, either rose or held steady. He also said the market is gradually entering a stabilization phase. However, he forecast that adjustments to earlier model year vehicles and large midsize sedans will continue due to factors such as inventory supply, and that price differentiation by model and model year will likely persist for the time being.
Source: TECHWORLD · Kim Seung-gi
Original: https://www.epnc.co.kr/news/articleView.html?idxno=406795
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Source: TECHWORLD
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