While the overall used car market experiences a general decline in prices, high-demand, near-new models like the Kia Seltos and Sorento are surprisingly defying the trend with price increases. Conversely, older generation large sedans such as the Grandeur and K7 are seeing sharper price drops due to an influx of used inventory, resulting in a pronounced market polarization based on vehicle type and model year.

According to K Car, a direct-managed used car platform operated by KG Mobilians, the average August market prices for domestic and imported used cars dropped by 1.6% and 1.7%, respectively, compared to the previous month.

The upward price movement or stability is primarily concentrated among popular near-new SUV and RV models. Analysts suggest that previous market corrections have brought these vehicles down to price points that appeal strongly to budget-conscious consumers, thereby sustaining robust demand.

Specifically, the average market price of the Kia The All-New Seltos rose by 2.9% from the previous month, while the The New Sorento 4th Generation Hybrid increased by 1.3%. The The New Kia Ray EV also ticked up by 0.2%.

Meanwhile, models like the The New Grandeur (GN7), The New Avante (CN7), and The All-New Santa Fe Hybrid maintained levels similar to the previous month. The All-New Palisade Hybrid and Sonata The Edge Hybrid experienced only minor drops of 0.1% and 0.4%, respectively.

On the other hand, the downward trend for previous-generation large sedans was distinct. The Grandeur IG fell 4.1% month-over-month, and the The New Grandeur dropped 3.9%. The All-New K7 and K7 Premier also declined by 3.7% and 3.3%, respectively.

This drop is attributed to an increase in supply, as consumers trading up for newer Grandeur models flood the market with their older Grandeur and K7 vehicles. While prices for popular, near-new models hold firm, older model years continue to face downward price adjustments driven by surging supply.

Electric vehicles (EVs), meanwhile, demonstrated a relatively stable trajectory. The average August price for EVs fell by 0.4%, closely mirroring the 0.3% decline seen in July. Commercial electric vehicles saw gains, with KG Mobility's ST1 surging 6.2%, the The New Bongo III Truck EV Cargo rising 5.5%, and the Porter II Electric increasing by 0.9%. Tesla’s Model 3 Highland and standard Model 3 also rose by 2.6% and 2.0%, respectively.

To supplement this domestic trend with broader context, the global pre-owned automotive sector has similarly experienced fluctuating valuations. Supply chain normalizations, rising interest rates, and shifting consumer preferences toward fuel-efficient hybrids over pure internal combustion engines or expensive new EVs have fundamentally reshaped buyer behavior worldwide. In many major markets, consumers are increasingly prioritizing immediate vehicle availability and lower total cost of ownership, mirroring the preference for practical near-new SUVs and hybrids seen in South Korea.

Cho Eun-hyung, an analyst on the PM team at the KG Mobility platform, noted that while the overall average market price has decreased, high-demand near-new models such as the Seltos, Sorento, and Santa Fe are showing upward or stable trends as the market gradually enters a stabilization phase. However, she forecasted that price differentiation across vehicle types and model years will likely persist for the time being, driven by inventory supply pressures affecting older vehicles and large sedans.

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