Used Foreign Cars Lose Half Their Value in One Year

Korea's used car market is unkind to foreign cars, with the resale price less than half the original price for some foreign models more than a year old.

According to the Seoul Auto Gallery Dealers Association, the average resale price dropped the greatest amount for the Cadillac DTS. The average price of a Cadillac DTS more than one year old is W44 million (US$1=W928) or 44.1 percent of the original price.

The average resale price of a 2006 Saab 9-5 Aero is W38 million, or 50.9 percent of the original price. Several year-old cars can be had for less than 60 percent of their original sticker price, including the Lincoln Towncar LWB (53.9 percent), Jaguar XJ 42 (56.8 percent), Infiniti Q45 (57.8 percent), Lexus LS 430 (58.4 percent), BMW 760i (58.9 percent), Audi A8 6.0L (59.2 percent) and Volkswagen Phaeton (59.8 percent).

The Honda Legend depreciated the least, with a year-old model selling for 78.2 percent of the original price.

englishnews@chosun.com / May 28, 2007 10:34 KST