Clearance sales ahead of the release of new cars offer motorists the chance to make substantial savings this time of year.
Hyundai for one is offering a W2 million (US$1=W1,099) discount on the Genesis, which has already been discounted by W1 million since last month, the carmaker said on Tuesday. The company added that it wants to get rid of inventory before launching the new Genesis late this year.
With the launch of the face-lifted 2014 Sonata and Avante, the 2013 models now sell at a discount of W1.3 million for the Sonata gasoline model and W500,000 on the 2013 Avante.
There are special Chuseok discounts. Hyundai is offering a W500,000 discount on the Sonata Hybrid this month, while Kia is giving customers who buy the Morning, Ray, K3, K5 Hybrid, K7 and Carens a W100,000 gift voucher that can be used at markets, while customers who buy the new Carens get W300,000 cash back.
GM Korea is giving customers up to W1.5 million off major models such as the Chevrolet Spark and Cruz, while a 20 percent discount on the Corvette sports car continues.
Foreign cars can also be had cheaper. Cadillac exempts customers who buy the ATS Luxury from the vehicle registration fee of around W3 million, and offers a 60 month interest-free installment plan for the CTS Performance. Chrysler says it will reduce the prices of its flagship 300C premieum sedan and some versions of the Grand Cherokee jeep by W8 million, and offer up to W7 million off the 300C standard model when paying cash.