Six in 10 used cars sold below 20 million won as buyers shun new-car prices

Demand for used cars priced below 20 million won ($12,900) rose in the first half of this year, as rising new-car prices and economic uncertainty pushed consumers toward more affordable, value-focused options.

K Car, a direct-sales used-car platform, said Thursday that vehicles priced under 20 million won accounted for 64.4 percent of its retail sales in the first half of this year, up 4.3 percentage points from the same period last year.

Breaking down the figures by price range, vehicles priced below 10 million won made up 23.5 percent of sales, up 3.5 percentage points from 20.0 percent a year earlier. Those in the 10 million to 20 million won range accounted for 40.9 percent, a 0.8-percentage-point increase from 40.1 percent in the same period last year.

Buyers also showed a growing preference for higher-mileage vehicles over near-new used cars. The share of vehicles with fewer than 50,000 kilometers fell to 36.8 percent in the first half of this year, down 5.1 percentage points from 41.9 percent a year earlier.

Over the same period, vehicles with between 50,000 and 100,000 kilometers accounted for 47.7 percent of sales, up 2.5 percentage points, while those with between 100,000 and 150,000 kilometers rose 2.5 percentage points to 14.9 percent. Improvements in vehicle durability and build quality appear to have made well-maintained cars with around 100,000 kilometers a rational choice for more buyers.

K Car attributed the shift to high fuel prices, external economic uncertainty and weakening consumer sentiment. As new-car prices have climbed, the cost of near-new used cars has risen in tandem, steering demand toward more accessible price points.

Eco-friendly vehicles expanded their share. Electric vehicles accounted for 1.7 percent of sales, up 1.0 percentage point from 0.7 percent a year earlier, while hybrids rose 0.3 percentage points to 8.6 percent. Diesel vehicles fell 2.3 percentage points to 14.1 percent from 16.4 percent in the same period last year.

By vehicle type, SUVs maintained the largest share at 34.2 percent, up 0.3 percentage points from a year earlier. Minicars rose 1.2 percentage points to 15.4 percent, and compact cars climbed 0.8 percentage points to 13.3 percent.

Large cars and midsize cars accounted for 15.7 percent and 13.2 percent, respectively, down 1.1 and 0.9 percentage points from a year earlier. The figures suggest some demand has shifted toward minicars and compact cars, which carry lower purchase prices and running costs.

The best-selling model on K Car's platform in the first half of this year was Hyundai Motor's Casper, which climbed from 10th place in the same period last year to first. The New Grandeur and the Avante AD followed in second and third. Several minicars also ranked in the top 10, including the New Ray, the Next Spark and the New Kia Ray.

"The first half of this year clearly showed consumers trying to maximize satisfaction while keeping costs down," K Car President Jeong In-guk said. "We will continue to secure a stable supply of used cars across a wide range of prices and model years so buyers can make smart choices that fit their budgets and needs."

K Car is a direct-sales used-car platform that purchases and resells vehicles itself. As of July 2026, it operates 48 company-owned locations nationwide and offers services including an online car-buying service and a vehicle management service called MyCar.