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Used car prices up in South Korea as new car supplies run short 

Arirang News
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The car market has been turned upside down in South Korea.
With long waiting lists for brand new cars... more people in Korea are turning to used ones instead.
But THAT demand has driven prices of pre-owned vehicles to unusually high levels.
Lee Ji-yoon has more.
In the market for a used car?
Well, good luck finding one.
Because used cars are becoming more expensive by the minute these days.
This 2020 Hyundai Avante that ran more than 10-thousand kilometers.... recently sold for 19-million-800-thousand Korean Won... or roughly 15-thousand-6-hundred US dollars.
This price is only about 9-hundred-60 dollars less than what a brand new Avante would cost.
And now, some new cars models are so hard to get.... that older, used versions of the same cars are selling for higher than their original sticker price.
According to South Korean used-car marketplace EnCar... a 2021 Kia Sorento Hybrid with over 10-thousand kilometers on the clock is listed on the site for a higher price than new.
" People would have to wait for at least six months or even up to two years for their new cars. So those that don't want to wait are just buying used cars that are pricier than the new ones because they can get them more quickly."
The automotive industry worldwide has been grappling with chip shortages since the pandemic started two years ago.
With that, experts say, supply shortages, specifically semiconductors and microchips, have slowed the production for new cars.
And THAT has created more demand for used cars, and driven up prices.
"If you order now, you have to wait a year so people just choose to keep driving their cars. This leads to a falling supply in the used car market with fewer people selling their cars.
Watchers say, unless chip supplies increase and new car production picks up.... expensive used cars are here to stay for a while.
Lee Ji-yoon, Arirang News.
#Used_car #new_car #car_market #중고차 #신차
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2022-05-23, 12:00 (KST)

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15 сен 2024

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Комментарии : 3   
@abdulahadfiaz9108
@abdulahadfiaz9108 4 месяца назад
that same elantra would cost about 40k usd in bangladesh 😭
@pamengle9043
@pamengle9043 Год назад
World best country is korea
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