Although the number of Koreans in their twenties purchasing imported cars is only one fifth of the number of Koreans in their thirties, younger drivers were more likely to repair their own cars, as parts sales increased 150 percent for twenty-somethings. (image: Kobiz Media / Korea Bizwire)
SEOUL, March 24 (Korea Bizwire) — Imported car owners in their twenties are increasingly fixing their own cars amidst a growing controversy over car importers overpricing imported car parts and repair costs.
According to the online retailer Auction, the sales of imported car parts through the website from February 19 to March 18 increased 32 percent from the entire month of April last year. Auction has devoted a section of its site to imported car parts, separating them from domestically made car parts, since April 2014.
Although the number of Koreans in their twenties purchasing imported cars is only one fifth of the number of Koreans in their thirties, younger drivers were more likely to repair their own cars, as parts sales increased 150 percent for twenty-somethings. Air conditioning filers and oil filters were the most sold items. Engine parts, cleaning products and electronic devices were also popular.
The Korea Insurance Development Institute (KIDI) said that due to pricy repair costs for cars such as Mercedes-Benz, BMW and Audi, total insurance payouts for imported car repairs reached 967.3 billion won (US$ 873.2 million) in 2014. The KIDI and Korean insurance companies have been asking importers to be more transparent with regards to billing practices for imported car parts and repairs.
By M. H. Lee (mhlee@koreabizwire.com)
