Prices of used cars significantly lower
It is estimated that prices of used cars have significantly declined, as much as 2 million won per vehicle. Auto experts indicate that the main reason is due to soaring oil prices.
According to the Busan Vehicle Association, one of the big sedans, a 2003 Hyundai Equus VS 4.5, sells for 35,400,000 won, about 2 million won lower than before. A mid-sized 2004 Hyundai EF Sonata 2.0 at present sells at 10,700,000 won, down about 200,000 won. A Daewoo Leganza is now selling 2~ 300,000 won lower.
This phenomenon is also applicable to most compact vehicles, selling 2~300,000 won lower. A 2004 Hyundai Click 1.3 sells for 5 million won and a Daewoo Lacetti 1.5EX sells at 7,400,000 won now.
Another reason is because supply is greater than demand. Many car owners are trying to sell on the used car market prior to having to change their car's registration for the year. Also, many auto manufacturers are using aggressive marketing strategies with discount prices. A source from the association says, “It is the best time to purchase a used car by the end of 2005.”
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 / 입력시간: 2005. 12.27. 08:29
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