“This car is unaffected by falling market prices” What are the major used car prices in November?
Encar.com has released used car prices for November 2023. The used car market price released this time is the result of analyzing the used car market price of popular 2020 model models of domestic finished car brands and major imported car brands based on Encar.com big data. The mileage standard is 60,000 km, and the analysis was conducted on accident-free vehicles.
Starting in November, the used car market enters the off-season due to year-end new car promotions and model releases of new models. The average price of all domestic and imported cars this month fell 1.07% compared to the previous month.
The average price of all domestic cars fell 1.26% compared to the previous month. While prices are generally falling, the prices of compact cars that can be purchased for less than 10 million won and compact and mid-size sedans with good cost-effectiveness have risen slightly. This month, the Kia Morning Urban Prestige rose slightly by 0.16% and the Chevrolet The New Spark Premier rose slightly by 0.15%, showing price protection without significant price changes.
It is analyzed that this is due to the recent increase in the price of compact cars, maintaining steady demand, such as selecting used compact cars in a reasonable price range, with low maintenance costs as ‘cost-effective cars’ and ‘first cars in life’, which has also influenced the market price. In addition, Hyundai The New Avante AD 1.6 Smart and K5 3rd Generation 2.0 Noblesse also rose 0.75% and 0.82%, respectively, showing an upward trend since last month.
In the case of large SUVs, the decline was relatively greater than that of large or semi-large sedans. The price of the Hyundai Palisade 2.2 2WD Prestige fell by 2.33%, and the price of the Chevrolet Traverse 3.6 AWD Redline fell by 2.26% compared to the previous month. In addition, the price of Hyundai The New Grandeur IG 2.5 Exclusive fell by 1.94%, G80 (RG3) Gasoline 2.5 Turbo AWD fell by 1.36%, and Kia K7 Premier 2.5 GDI Noblesse fell by 1.99%.
Imported cars fell 0.84%, similar to last month, and the decline was smaller than the average for domestic cars. Among these, the price increase of some models is noticeable.
The price of the Volkswagen Tiguan 2nd generation 2.0 TDI Prestige rebounded by 1.77%, the Volvo In particular, the price of the Toyota Camry (XV70) 2.5
On the other hand, the price of Tesla Model 3, which has been falling every day, fell 3.15% this month, showing a larger decline than the internal combustion engine model. In addition, the price of Ford Explorer 6th generation 2.3 Limited 4WD fell by 2.47%, Mini Cooper basic model 3rd generation fell by 2.32%, and Porsche Cayenne (PO536) 3.0 Coupe fell by 2.04%. Mercedes C-Class W205 C200 Avantgarde and BMW 3 Series (G20) 320i M Sports also fell in the 2% range.
An Encar.com official said, “This year’s off-season season has a slightly larger market price drop than previous years, but due to the rise in new car prices, price defense is being implemented centering on compact cars and mid-sized cars.” He added, “In the case of domestic cars, the market price drop tends to be relatively large compared to imported cars. “We recommend that customers who are considering purchasing a domestic car make good use of the year-end period,” he said.