Concerns over electric vehicle (EV) safety have led to a significant drop in used EV prices. (Image courtesy of Yonhap)
SEOUL, Sept. 5 (Korea Bizwire) – In the wake of a recent fire in an apartment building’s underground parking lot in Incheon, concerns over electric vehicle (EV) safety have led to a significant drop in used EV prices, particularly for imported models.
According to data released on September 3 by Chutcha, a popular used car platform in South Korea, prices for nearly all electric vehicle models have decreased.
The analysis focused on 10 EV models (six domestic and four imported) with high trading volumes in August, limited to vehicles less than six years old and with mileage under 100,000 kilometers.
The Mercedes-Benz EQE 350+, a model at the center of recent safety debates, has seen its used market value plummet by 44% compared to its new car price. Current prices for 2023 models range from 57.9 million to 68 million won, a stark contrast to the original price of 103.8 million won.
Other imported models have not fared much better. The 2021 Mercedes-Benz EQA 250 experienced a 2.7% drop in price compared to the previous month and an overall 31% decrease from its new car price.
Tesla’s Model 3, one of the most popular used EVs in the market, saw its 2021 Long Range version decrease by 6% compared to the previous month, selling for 40% less than its new car price.
The trend is not limited to imported vehicles. While the Kia Soul EV saw a 4.3% increase compared to the previous month, its price remains 63% lower than when new.
In contrast to the declining EV market, hybrid vehicles are showing resilience, with some models even increasing in value. The Kia Sorento 4th Generation HEV 1.6 2WD Signature and Hyundai’s The New Grandeur IG Hybrid saw price increases of 5.6% and 2.6% respectively.
Imported hybrid models like the 2021 BMW 5 Series 7th Generation 530e M Sport and the 2019 Lexus ES 7th Generation 300h Luxury Plus have also maintained an upward trend, with increases of 4.4% and 1.9%, respectively.
A representative from Chutcha commented, “While most used EV prices have fallen in September, demand is expected to remain weak for the foreseeable future.”
Kevin Lee (kevinlee@koreabizwire.com)
