SEOUL, April 6 (Korea Bizwire) – Transactions of used cars in South Korea hit a record high in February, government data showed Wednesday, amid a protracted economic slump.
A total of 283,875 second-hand cars were registered in February, marking the largest number in any past February results, according to the data compiled by the Ministry of Land, Infrastructure and Transport.
For the first two months of the year, total registrations of used cars reached 572,599, up from 542,225 units tallied over the same period last year.
The number of used car registrations has been on a steady rise for years, rising to 3.67 million in 2015 from 3.47 million in 2014, 3.38 million in 2013 and 3.28 million in 2012.
Experts said the increase is partly attributable to the economic downturn which leads people to seek less expensive alternatives.
Meanwhile, sales of new cars jumped 7.2 percent on-year to 110,616 units in February on the back of the resumption of the government-led excise tax cut program.’