[Consumerwide_ Yohan, Bok Reporter] In February, there was a heavy air of consumption values in the domestic used car market.
The volume of eco-friendly used cars, including the electric car and the hybrid car, has increased the most compared to February 2022.
The volume of used cars in each fuel category is increasing as well. For the reason that value-based consumers are growing in numbers, consumers choose second-hand cars instead of new ones with rational thoughts in mind.
On the 10th, the ministry of land, infrastructure and transport of Korea, and Carisyou data research have announced that the volume of used cars(both passenger & commercial vehicles) has recorded 205314 during February, which number has increased 9% (188403) from Jan.
Among them, the eco-friendly used cars(passenger vehicles) were 169772, which is a 6.7%(159069) increase compared to Jan, and a 13.1%(150168) increase from '22 Feb.
Considering the records of the new car registration numbers having decreased by 4.2% from Jan, this disproves that value-based consumers, which have a tendency for rational consumption, are choosing more second-hand cars.
Remarkably, the trade in the eco-friendly car has increased in a big step during Feb in the used car market. The eco-friendly car includes an electric car, a hybrid car, and a hydrogen car. Extending the concept, a LPG car is included as well.
When we checked the record of used cars traded in fuel type, the sales record of the gasoline car increased 112.1%(97399) compared to '22 Feb, while the electric car, which is the representative eco-friendly car, increased 90.2%(1664). Meanwhile, the hybrid car has increased at 32.6%(5345), the hydrogen car 174.5%(129), and the LPG car 11.8%(16836).
If that was the case, what was the choice of the value-based consumers among eco-friendly used cars during Feb? Firstly, the Tesla Model3 has traded the most by 258 in the electric type. The record continues with Chevrolet Bolt EV(142), Hyundai Kona electric(138), Hyundai Ioniq5(132), Kia EV6(99).
In the hybrid type, Hyundai grandeur hybrid(IG) has traded the most at 591. Records continue with Hyundai new grandeur hybrid(IG) at 489, Kia sorento hybrid (MQ4) at 376, Kia niro at 298, and Hyundai sonata hybrid(YF) at 269.
In particular, I predict that the trade of used electric cars may increase, reflecting the fact that used electric car prices are consistently decreasing.
Based on the Kcar report, which analyses the average price in March targeting the second-hand cars distributed in the domestic market, it seems to be that the price of the electric car model may fall 67% during this month.
The average price of the Korean electric car may fall 15.2% compared with the same quarter in 2022, and a 2.7% fall from last month. The average price of imported electric cars may fall 17.2% compared with '22, and 3.2% from last month.
The sales record of Tesla model3, which recorded the most during Feb, may fall 10.4% from last month. Tesla model Y, one of the popular models of Tesla, may decrease 5.1%. Compared with the same month in '22, the record has decreased by 20.1% and 13.6%. Hyundai Kona electric, whose model took 3rd place in the electric car trade last month, is also seeming to fall 6.2% compared with last month, and 17.1% fall from '22.
The search rate for an electric car is increasing as the average market price for a used electric car constantly decreases. Based on Kcar, the searches for used electric cars have increased 5.9%(8046) in Feb compared with last month, and 244.1% from the same month in 2022.