Even in the new year, it is expected that used car prices will continue to fall due to the effects of installment interest rates which have easily exceeded 10% and the economic recession.
The mobile used car platform ‘First Car’ published on the 4th the forecast of used car prices for January this year. The used car market price was calculated by analyzing the used car data generated from the ‘First Car’ application (app) last month (December 2022) for vehicles with mileage of less than 100,000 km in a model year in 2018.
In this survey, the Grandeur IG, one of the most popular used car models, is expected to be traded at 17 to 27.1 million won, down 3.2% from the previous month. The price is up to 51% cheaper than the new Grandeur IG car of the same trim, and is more than 2 million won less than two months ago (November last year).
The All New Carnival was expected to have earned between 18.2 million and 27.9 million, down 5.6% from last month. Avante AD (-4.3%), Genesis G80 (-3.3%), and All New K7 (-3.9%) are also expected to lower used car prices.
Imported used cars are also expected to be difficult to avoid a price drop.
The price of the 6th generation BMW 3 Series was expected to fall the most (-7.6%), the 4th generation Mercedes C-Class (-6.1%), the 2nd generation BMW 1 Series (-4.4%) ), and the 5th generation of the Mercedes E-Class (- 4.0%), followed by the 7th generation BMW 5 Series (-3.6%).
An official from the first car said, “Due to the strong increase in the interest rate, loans to buy used cars are not expected to be easy to get out of the rush period.”
Reporter Noh Jeong-dong, Hankyung.com dong2@hankyung.com
