Consumers are increasingly turning to electric vehicles in the used car market as well. Attention is now on whether brisker trading in used EVs will ease concerns about resale value losses and help revive demand for new models.
EVs Gain Ground in the Used Car Market
Used battery electric vehicles took only 81% as long to sell as used internal combustion engine cars in the January-September period this year, according to K Car on the 24th. That means EVs sold about 19% faster than combustion models. The share of EVs in K Car's total used car sales also expanded 32% from the same period a year earlier.
High fuel costs and growing interest in eco-friendly vehicles are seen as the drivers behind the rising demand. "We believe this reflects a growing preference for electric vehicles amid the burden of fuel costs, along with increasing interest in eco-friendly vehicles," a K Car official said.
A similar trend has emerged in peer-to-peer transactions. Listings for electric vehicles on Danggeun Used Cars rose 79% in the January-September period from a year earlier, while posts marking completed transactions increased 54%. Consumers buying and selling used EVs are becoming more active.
Platforms are also expanding related features. Danggeun Used Cars has introduced a filter that lets buyers search listings by conditions related to FSD capability, and it allows sellers to enter battery condition directly in their posts. "As user interest in and transactions of electric vehicles continue to grow, we are offering a range of features to make searching for listings and completing deals easier," a Danggeun official said.
Will Firmer Used Prices Also Support New Car Demand?
The growth of the used EV market matters because it can ease residual value concerns that have deterred new car purchases. If prices do not fall sharply when an EV is resold, the initial financial burden on buyers can also be reduced.
"If used car prices do not drop sharply, consumers come to think that even if they buy an electric vehicle now, they can resell it later at a certain price," said Lee Sang-soo, a senior researcher at iM Securities. "Consumers considering an EV purchase already have a certain level of trust in electric vehicles," the senior researcher said, adding that "concerns about battery life can also be eased through warranty programs."
EV growth is also pronounced in the new car market. New vehicle registrations in Korea totaled 1,234,775 units in the January-September period, according to the Korea Automobile & Mobility Association (KAMA). Of that, electric vehicles accounted for 296,801 units, or 24.0% of the total. That amounts to one in every four new cars, with registrations surging 74.8% from the same period last year.
By contrast, new registrations of hybrid vehicles, including mild hybrids, fell 3.9% from a year earlier to 421,199 units. Imported models led the expansion of the EV market. Registrations of imported electric vehicles reached 132,848 units, or 44.8% of all EVs.
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