"Dad, I'll Choose This for My First Car" Used Small SUVs Gain Popularity at a Reasonable Price of 15 Million Won

Compact SUVs Priced Between 15 and 20 Million Won See Price Increases
Imported Cars and Electric Vehicles Decline as New Car Prices Drop

Consumers considering purchasing their first car as a used vehicle are increasingly turning to compact SUVs instead of compact cars. As practical, value-driven purchases that emphasize both usability and price competitiveness are on the rise, compact SUVs are becoming the 'new normal' in the market.

The New Kona

According to an analysis by the directly managed used car platform K Car, which looked at prices for more than 740 models released in Korea within the past 10 years, the overall prices for domestic cars and imported cars fell by 0.3% and 0.9%, respectively. In contrast, compact SUVs priced between 15 million and 20 million won showed an upward trend, representing a clear contrast.

By vehicle type, Chevrolet The New Trailblazer recorded the highest price increase at 3.6%, followed by the Trailblazer at 2.5% and Renault Korea XM3 at 1.3%. Kia Niro (0.4%), The New Seltos (0.2%), and Hyundai Kona (0.3%) are also expected to see slight increases. The reason for this is analyzed as the wider field of vision and more efficient use of space compared to sedans, which has attracted demand from those who would otherwise be waiting for compact cars.

On the other hand, imported cars and electric vehicles are showing weakness. Due to new car promotions continuing into the beginning of the year, major popular models such as the Mercedes-Benz E-Class W213 (-2.1%) and BMW 5 Series G30 (-1.8%) have seen price declines. Electric vehicles are also undergoing price adjustments, with the Tesla Model Y Juniper (-3.2%) and Kia The New EV6 (-4.6%) experiencing reductions as a result of the price-cutting competition led by Tesla.

Certain models have seen significant drops due to changes in the maintenance environment. Chevrolet The New Traverse fell by 7.7%, Traverse by 5.5%, and The New Malibu also saw its price fall by 4.2%.

Eunhyeong Cho, Analyst on the PM Team at K Car, stated, "There is increasing demand for compact SUVs over compact cars, leading to brisk transactions during the peak season," adding, "For electric vehicles, volatility is expected to continue for the time being depending on the manufacturers' pricing policies."

This content was produced with the assistance of AI translation services.