Domestic, imported car prices fall 1.6%, 1.7%

Popular SUVs, near-new models hold steady

Seltos up 2.9%, Sorento HEV up 1.3%

Midsize sedans weaken as listings grow

Grandeur IG down 4.1%, K7 down over 3%

EV prices dip 0.4%, remain stable

Average August prices for representative domestic and imported car models by segment, analyzed by KG Mobility Platform. (KG Mobility Platform)
Average August prices for representative domestic and imported car models by segment, analyzed by KG Mobility Platform. (KG Mobility Platform)

In August's used car market, average prices for both domestic and imported vehicles fell, while popular sports utility vehicles and near-new models held relatively steady. Previous-generation midsize sedans such as the Grandeur and K7, by contrast, dropped 3 to 4 percent over the same one-month period, highlighting a sharp divide between vehicle types.

KG Mobility Platform analyzed August average prices on used car platform K Car. It found that domestic car prices fell 1.6 percent and imported car prices fell 1.7 percent from the previous month, the company said Thursday.

While the overall market weakened, some SUVs favored by consumers moved in the opposite direction. Kia's compact SUV "The All New Seltos" rose 2.9 percent over the month. The fourth-generation "The New Sorento Hybrid," a midsize model, gained 1.3 percent, and the compact EV "The New Kia Ray EV" rose 0.2 percent.

Hyundai Motor's "The New Grandeur (GN7)," "The New Avante (CN7)" and "The All New Santa Fe Hybrid" held steady from the previous month. "The All New Palisade Hybrid" and "Sonata the Edge Hybrid" saw only marginal declines of 0.1 percent and 0.4 percent, respectively.

Previous-generation midsize sedans, however, saw steeper drops. The "Grandeur IG" fell 4.1 percent from the previous month, and "The New Grandeur" dropped 3.9 percent. Kia's "All New K7" and "K7 Premier" fell 3.7 percent and 3.3 percent, respectively.

K Car attributed the decline to a growing number of consumers trading in their existing Grandeur or K7 for the new Grandeur. This increased the supply of used listings and put additional downward pressure on prices.

Actual average prices for representative models also diverged. As of August, The All New Seltos was priced at 28.26 million won ($21,100), up from 27.46 million won in July. Kia's "The New K8," meanwhile, fell 1.6 percent, from 33.12 million won to 32.58 million won. The facelifted Genesis G80 dropped 2.4 percent, from 53.54 million won to 52.25 million won.

Imported cars showed wide variation by model as well. The Mercedes-Benz C-Class W206 fell 6.3 percent from the previous month to average 38.41 million won, while the BMW X3 (G01) dropped 4.0 percent to 34.84 million won. In contrast, the Mercedes-Benz E-Class W214 rose 0.3 percent to 70.57 million won, and the GLE-Class W167 held steady at 78.61 million won.

The average price of electric vehicles fell 0.4 percent from the previous month, a trend similar to July's 0.3 percent decline. Commercial EVs, however, stayed strong. Hyundai Motor's ST1 rose 6.2 percent and Kia's "The New Bongo III Truck EV Cargo" rose 5.5 percent. Tesla's Model 3 Highland and Model 3 climbed 2.6 percent and 2.0 percent, respectively.

"Although overall average prices fell, near-new models with high customer demand — such as the Seltos, Sorento and Santa Fe — showed price increases or held steady, suggesting the market is gradually entering a stabilization phase," said Cho Eun-hyung, an analyst on KG Mobility Platform's PM team. "However, older-year vehicles and midsize sedans continue to see price adjustments due to factors such as increased supply, and we expect this differentiation in prices by model and year to continue for now."

Meanwhile, K Car recently joined KG Group and changed its corporate name to KG Mobility Platform. Kwak Jae-sun, chairman of KG Group, took office as chairman of KG Mobility Platform earlier this month. The group is pursuing an integrated mobility business linking vehicle manufacturing with finance, car rental and used car operations.


kwater@heraldcorp.com