*This content was translated by AI.
K Car (K Car) announced on the 21st that analysis of its app and website vehicle search data for June and July showed increased consumer interest in 'low-year, low-mileage' used cars. Based on K Car's own data, the results revealed that the burden of new car purchase costs has grown following the end of a temporary reduction in the individual consumption tax on automobiles in July. In particular, K Car noted that it can track changes in consumer interest toward used cars that offer similar product features to new cars while reducing price burdens.
While overall vehicle search volume increased by 6% from June to July, searches for vehicles with '40,000 km or less' mileage rose by 24.2% compared to the previous month, recording the largest increase. Searches for '30,000 km or less' and '20,000 km or less' also increased by 16.3% and 14.9%, respectively, surpassing the overall search growth rate. In contrast, searches for '10,000 km or less' rose by only 5.6%, slightly below the overall search increase rate.
A similar trend appeared in year-of-manufacture searches. Searches for '2023 model and newer' increased by 13.8% compared to the previous month, '2024 model and newer' by 12.7%, and '2022 model and newer' by 12.0%. However, searches for '2025 model and newer' and '2026 model' decreased by 8.5% and 0.2%, respectively. This is interpreted as consumer interest shifting toward low-year used cars aged 2–4 years that offer better price competitiveness than new cars while maintaining good vehicle condition, rather than focusing on the latest model years.
With the end of the individual consumption tax reduction leading to increased new car purchase costs, consumers have shown a tendency to consider both year-of-manufacture and mileage to reduce actual purchase burdens. In fact, recently, prices for vehicles that consumers have regarded as cost-effective options, centered around Hyundai's Avante, have risen significantly. Consequently, it is also analyzed that among younger generations, purchasing power for cars has declined, diverse alternative models have emerged, and new car purchases have dropped substantially.
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*This content was translated by AI.
