Used-Car Market Sees It Too... K Car Says Kia Prices Stayed Strong in September
TECHWORLD ·
✦ AI Summary
According to K Car's analysis, in the used-car market in September, the average price of domestic cars fell 0.5% from the previous month, while the average price of imported cars fell 0.9%.
Kia was the only domestic automaker to post an average increase, up 0.1%, with gains seen in All New K3, The New K5 3rd Generation, The New Carnival 4th Generation, and The New Seltos.
The average price of domestic diesel cars fell 0.8%, while EVs and BYD showed diverging price trends by brand.
K Car announced on the 2nd the results of its analysis of average September prices for major models in South Korea's used-car market. The analysis showed that in the used-car market in September, average prices for domestic cars fell 0.5% from the previous month, while average prices for imported cars also fell 0.9% from the previous month.
Even amid this overall downturn, price gains for popular Kia models stood out. Kia was the only domestic automaker to post a month-on-month average increase, up 0.1%. Kia also showed gains across a range of vehicle types, including compact and midsize sedans, SUV, hybrids and EVs.
By model, 'All New K3' rose 4.6% from the previous month, and 'The New K5 3rd Generation' rose 4.5%. 'The New Carnival 4th Generation' and 'The New Seltos' each also rose 1.1% from the previous month.
Hybrids also showed strength. 'K5 3rd Generation Hybrid' rose 2.6%, while 'The New K5 3rd Generation Hybrid' and 'K8 Hybrid' each rose 1.8%.
K Car said some hybrid models saw price increases based on demand that prioritizes fuel efficiency and practicality. K Car analyzed that demand for fuel efficiency and practicality supported prices for popular hybrid models.
As a result, the price of 'The All New Sportage Hybrid' rose 0.9% from the previous month, and the price of 'Sorento 4th Generation Hybrid' rose 0.4%.
By contrast, the average price of domestic diesel cars fell 0.8% from the previous month. K Car analyzed that demand for diesel cars weakened as rising fuel costs amid recent high oil prices increased the burden of fuel expenses, and as consumers who take the environment into account expanded their preference for eco-friendly vehicles such as hybrids.
K Car also said that for some aging models, continued export slowdowns due to the war strengthened the downward trend in prices for some older diesel models. By model, the price of 'The New Mohave' fell 6.6%, the price of 'The New i40' fell 6.2%, and the price of 'QM6' fell 5.3%. The price of 'Santa Fe TM' fell 2.9%, and the price of 'The New Carnival' fell 2.6%.
In the EV market, prices did not move in the same direction across the board, with different trends by automaker. The average price of Kia EVs rose 0.3% from the previous month, while prices of Tesla EVs and Hyundai EVs were flat.
In the used-car market in September, overall price changes were limited, but trends diverged by brand and model. At Kia, EV4 rose 2.9%, EV5 rose 2.6%, EV9 rose 1.9%, and EV3 rose 1.7%. By contrast, in BYD, Atto 3 fell 3.8% and Dolphin fell 2.2%, leaving BYD's overall brand value down 1.3%.
Jo Eun-hyung, an analyst on the PM team at KG Mobility Platform, said the used-car market in September generally showed price stability. He also said Kia posted a solid performance centered on popular models and hybrids. He added that even within the same model, price trends differ by powertrain and generation, so buyers need to compare the prices and running costs of candidate models to match their budget and driving conditions.
Source: TECHWORLD · Lee Gwang-jae
Original: https://www.epnc.co.kr/news/articleView.html?idxno=407718
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Source: TECHWORLD
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