European Cars Get Cheaper Under FTA

      July 02, 2014 10:03

      European cars will be getting cheaper in Korea as tariffs on European automobiles fell under the free trade agreement between Korea and the EU, which went into effect in July 2011.

      The 1.6-percent tariff on imported European automobiles with engine displacements above 1,500 cc has been scrapped, while tariffs on compact cars with less than 1,500-cc engines have dropped from 4 percent to 2.6 percent, which equals a discount of W200,000 to W2.5 million (US$1=W1,012) depending on models.

      Mercedes-Benz on Tuesday immediately cut W2.3 million from the prices of some luxury sedans that cost more than W200 million.

      Volkswagen's compact SUV, Tiguan, which is the best-selling model here among imported SUVs, is W300,000 cheaper, while the automaker's other popular hatchback, the Golf, costs between W200,000 and W300,000 less.

      French automaker Citroën already slashed the price of its DS3 hatchback by W1 million last month. The Audi R8 sports car now costs W2.5 million less.

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