Mercedes-Benz E-Class Is Cheaper Than the G80... Imported Used-Car Depreciation Rate Hits -71% in October
TECHWORLD ·
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Firstcar released its October used-car price outlook based on the top 10 best-selling domestic and imported models from the 2016-2021 model years (5-10 years old) traded in September.
The average depreciation rate for the top 10 imported cars was -71% versus new car prices, steeper than the -59% for the top 10 domestic cars, and the fifth-generation Mercedes-Benz E-Class (E250 Avantgarde) at KRW 27.7 million was projected to be lower than the Genesis All New G80 (2.5 GDI AWD) at KRW 30.55 million.
The fifth-generation Ford Explorer (2.3 Limited AWD) was put at KRW 13.54 million on average and KRW 10.34 million at the floor price, while Tesla Model 3 (Long Range) at KRW 29.82 million and -60% was forecast to have the smallest depreciation among the imported top 10.
Firstcar released its "October used-car price outlook" based on actual transaction data. The analysis covered used cars from the 2016-2021 model years (5-10 years old) traded in September, and the scope included the top 10 best-selling domestic and imported models.
In this comparison, the average depreciation rate of the top 10 imported cars was -71% versus new car prices, steeper than the -59% average depreciation rate for the top 10 domestic cars. As a result, imported used cars are expected to stand out on price in October, and Firstcar projected that the market prices of some popular imported models will be lower than those of popular domestic models.
As a representative example, the October average price outlook for the fifth-generation Mercedes-Benz E-Class (E250 Avantgarde) was put at KRW 27.7 million. The October average price outlook for the Genesis All New G80 (2.5 GDI AWD) was KRW 30.55 million, meaning the fifth-generation Mercedes-Benz E-Class (E250 Avantgarde) was projected to be cheaper than the Genesis All New G80 (2.5 GDI AWD).
The fifth-generation Ford Explorer (2.3 Limited AWD) ranked second among imported sales, while the Hyundai All New Avante CN7 (1.6 GDi Modern) ranked second among domestic sales. The fifth-generation Ford Explorer (2.3 Limited AWD) had an October average price outlook of KRW 13.54 million and a projected floor price of KRW 10.34 million, while the Hyundai All New Avante CN7 (1.6 GDi Modern) had an October average price outlook of KRW 14.81 million. Accordingly, the fifth-generation Ford Explorer (2.3 Limited AWD) was forecast to be cheaper than the Hyundai All New Avante CN7 (1.6 GDi Modern). The fifth-generation Ford Explorer (2.3 Limited AWD) was also projected to have a depreciation rate of -82% versus new car prices, the largest drop among the top 10, while the sixth-generation BMW 3 Series (320d) was given an October average price outlook of KRW 13.09 million and a projected depreciation rate of -81% versus new car prices.
Among the top 10 imported used cars, Tesla Model 3 (Long Range), the best-selling imported used car in September, drew attention. Tesla Model 3 (Long Range) has an October average price of KRW 29.82 million, and its depreciation rate versus new car prices is -60%. Among the imported top 10, Tesla Model 3 (Long Range) was expected to have the smallest depreciation.
In the same imported top 10, only one model was an electric vehicle, and that EV was the Tesla Model 3 (Long Range). Mercedes-Benz placed 5 models in the top 10. One example among the included models is the third-generation CLS-Class (CLS450 4MATIC AMG Line), which ranks third.
Domestic used cars were expected to show a wide spread in price distribution. The depreciation rate of the Avante CN7 versus new car prices was -41%, the lowest among the domestic top 10. For the lowest-priced compact cars, the third-generation Kia All New Morning (Luxury) was listed at KRW 5.75 million in third place, the Chevrolet The Next Spark (LTZ) at KRW 3.83 million in sixth place, and the Kia The New Ray (Prestige) starting from KRW 824 in ninth place.
The condition for eco-friendly cars from the 2019-2026 model years was mileage under 100,000 km. Tesla Model 3 (Long Range) ranked first in popularity among eco-friendly cars, followed by Model Y (RWD) in second place and the Hyundai The All New Grandeur Hybrid (1.6 Calligraphy) in third.
Among the top 10 used cars, all 3 electric vehicle models were Teslas, and all 6 hybrid models were from domestic brands. Accordingly, the market structure was characterized by imports in electric vehicles and domestic brands in hybrids.
A Firstcar Data Center official said trading prices for imported used cars aged 5-10 years are, on average, 71% lower than new car prices. He said this means some imported used-car models aged 5-10 years could be priced below popular domestic models, and that the range of vehicle segments and brands available within the same budget would also expand. He added that buyers should compare prices by model year and trim.
Source: TECHWORLD · Lee Gwang-jae
Original: https://www.epnc.co.kr/news/articleView.html?idxno=407598
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Source: TECHWORLD
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