2nd-Hand SUV Sales Boom as Summer Approaches

      May 23, 2014 08:31

      With the summer camping season approaching, SUVs are getting hugely popular in the used car market.

      According to Korea's biggest second-hand car dealer SK Encar, the prices of second-hand SUVs have risen by W200,000-W300,000 compared to last month. The 2012 Hyundai Santa Fe DM Diesel 2.0 2WD Premium is going for W27.5 million and the 2011 Kia Mohave 4WD KV300 for W33.2 million (UWS$1=W1,025).

      SUVs are the most popular segment in the used-car market this year. Among midsize sedans, the Hyundai NF Sonata is seeing more demand than newer versions of the series like the YF and LF Sonata.

      The price of the YF Sonata has come down by W2.5 million to W14.5 million from last month, but the NF still sells for the same price at below W10 million. Although production stopped, the NF continues to appeal with its competitive price.

      Old models of the Hyundai Genesis got slightly cheaper as a new model hit the market in November. The 2011 Genesis BH330 now costs around W28 million, as against over W30 million at the end of last year.

      The Hyundai Grandeur HG is the best-selling model at SK Encar so far this year, mainly because there are no rivals among large sedans. Among foreign cars, the BMW 5 series topped the list. And as an increasing number of young people look for second-hand imports, sales of small models priced at between W20 million and W30 million are on the rise, the firm said.

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