Used Cars Increasingly Popular

    March 12, 2009 10:39

    According to the Ministry of Land, Transport and Maritime Affairs on Wednesday, sales of second-hand cars rose to 182,680 units in February, up as much as 27.7 percent from a year earlier (143,068), whereas January saw a year-on-year drop of 18.5 percent to 132,450 units. Meanwhile, February sales of brand-new cars fell 4.7 percent to 87,818 units, significantly less than the staggering 24.1 percent drop to 73,874 units in January.

    Choi Hyun-seok, director of SK Encar, a used car dealer, said, "Amid the global recession, consumers postponed buying a new car until the beginning of the year, and now those consumers are buying used cars instead." Park Sung-jin at CazCaz, a used car website, remarked, "In the face of the economic downturn, small or medium-sized second-hand vehicles selling for less than W10 million are gaining popularity (US$1=W1,474)."

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