Used-car prices fall 1.1% in July; domestic SUVs, RVs hold steady

The decline in used-car prices for domestic SUVs and recreational vehicles narrowed in July, as demand from families planning long-distance summer trips supported prices for larger, more practical models.

Encar, an online vehicle trading platform, said Monday that the average market price of major domestic and imported used-car models fell 1.09% in July from the previous month, based on its analysis of July 2026 used-car prices.

The survey covered popular 2023-model-year vehicles from domestic brands — Hyundai Motor, Kia, Renault Korea and KG Mobility — as well as imported brands including Mercedes-Benz, BMW and Audi, using Encar's big data. Prices were based on vehicles with 60,000 kilometers on the odometer and no accident history.

The overall average decline for July came to 1.09%. Domestic models fell an average of 1.05% from June, while imported models dropped 1.14%. After relatively steep price corrections in June due to the off-season, the pace of decline eased in July, pointing to a stabilizing market.

In the domestic market, SUVs and RVs showed notable price resilience. The Hyundai Motor The New Palisade 2.2 2WD Calligraphy slipped just 0.76% from the previous month, while the Hyundai Motor Santa Fe MX5 Hybrid 1.6 2WD Calligraphy fell 0.65%.

The Kia The New Sorento 4th Generation Hybrid 1.6 2WD Gravity also posted a modest decline of 0.88%. The Kia Carnival 4th Generation 9-seat Prestige fell 1.60%. The limited drops reflected sustained demand for models well-suited to family outings, camping and long-distance travel.

Some models actually rose in price. The Chevrolet Trax Crossover 1.2 LT Plus gained 1.95% from the previous month, the largest increase among all models analyzed. The Kia EV6 Long Range Earth also edged up 0.43%.

Among imported models, results varied. The BMW 5 Series G30 520i M Sport fell 1.46% from June, and the Mercedes-Benz E-Class W213 E350 4MATIC Exclusive dropped 2.54%. The Volvo XC60 2nd Generation B5 Ultimate Bright posted the steepest decline of any model analyzed, falling 4.15%.

By contrast, the Audi Q5 45 TFSI Quattro Premium — which had fallen sharply last month — declined just 0.43% this month, returning to a stable trend. Reflecting continued preference for eco-friendly vehicles, the Tesla Model 3 Long Range AWD rose 1.84% and the Lexus ES300h 7th Generation Executive gained 0.66%.

As more consumers weigh both the cost of new vehicles and ongoing maintenance expenses, preferences in the used-car market are becoming more pronounced by vehicle segment and fuel type. During the vacation season, used SUVs and RVs that offer immediate availability and spacious interiors are drawing relatively more attention, while mid-size sedans and some premium imported models are undergoing price adjustments.

"Heading into the summer vacation season, demand concentrated on domestic large SUVs and RVs for practical use is keeping prices fairly well supported," an Encar official said. "Meanwhile, mid-size sedans and premium imported lineups are seeing relative price corrections as the off-season sets in, so consumers who had been planning a vehicle purchase in the second half of the year may want to take note of this month, when price competitiveness has improved."