South Korea Used Cars Market Size and Share Outlook - Forecast Trends and Growth Analysis Report (2026-2035)

Key Trends and Recent Developments

South Korea Used Cars Industry Segmentation

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If you choose to purchase the full report at a later stage, the amount already paid will be adjusted, and you will only need to pay the remaining balance.

South Korea Used Cars Market Share

By Vehicle Type, SUVs Account for the Dominant Share of the Market

SUVs are currently dominating the South Korea used cars market scenario. With a shift in lifestyle needs, families and young professionals are increasingly looking for pre-owned SUVs that offer comfort, safety, and fuel efficiency. Hyundai’s Tucson and Kia Sportage have grown widely popular, with new platforms providing AI-generated performance reviews. The growing popularity of SUVs indicates a shift in consumer tastes, implying opportunities for diversification within the vehicle type sector. In 2023, SUV sales in South Korea reached 900,000 units, surpassing sedan sales by over 30%.

Sedans are observing accelerated growth, stimulated by price-conscious buyers and first-time car owners. Their affordability and fuel economy make them popular in smaller cities. Brands like Samsung SM5 and Hyundai Avante are among the top-traded models. Innovative cashback guarantees and digital auction models have revitalized sedan sales, especially in Tier-2 markets where car ownership is becoming aspirational.

By Fuel Type, Petrol Vehicles Occupy a Substantial Share of the Marlet

Petrol vehicles continue to dominate the South Korea used cars market revenue share due to lower upfront costs and wider availability. Used petrol vehicles like the Kia Morning and Hyundai Sonata primarily contribute to the segment’s growth. These are especially favoured for shorter commutes. Platforms often highlight fuel performance metrics and offer real-time resale value estimates, helping buyers make informed decisions.

Electric vehicles are growing at a fast pace, boosting the overall used cars demand in South Korea. The increasing number of charging stations and government-mandated EV quotas for fleet operators are indirectly fuelling the growth of used EV sales. Between January and September 2024, approximately 25,000 used EVs were sold, marking a 47% increase compared to the previous year. Notably, Hyundai's Ioniq 5 emerged as the top-selling used EV, with sales doubling to 3,300 units, while Kia's EV6 also saw a two-fold increase in sales, ranking third in the market. Platforms now display battery-life reports and include charging station locators to attract buyers. The declining battery prices contribute to this trend, making electric vehicles a more appealing alternative for consumers.

By Vendor Type, Organised Vendors Clock in the Maximum Share of the Market

Due to digital integration, certified programs, and AI-backed evaluation models, organized vendors continue to dominate the used cars market in South Korea. Firms like Car Vision operate through online and offline channels seamlessly, offering door-to-door test drives, real-time financing offers, and zero-contact car delivery. Prominent dealers like K Car and Encar, as well as online platforms like Autobell, are expanding their market share, owing to consumer demand for transparency and dependable services, thereby augmenting the demand.

Unorganized vendors are increasingly adapting to the shifting trends in the South Korea used cars market by offering ultra-localized services and informal subscription models in smaller towns. Vendors are also collaborating with fintech startups to provide microloan-based car purchases. They are also leveraging social media groups for direct sales, bypassing platform fees.

By Sales Channel, Offline Sales Register the Biggest Share of the Market Value

Offline sales continue to boost the overall South Korea used cars market development. While digital platforms are growing, consumers continue to prefer to physically inspect a car, negotiate directly, and receive face-to-face consultations. Major players have reimagined physical showrooms with digital kiosks, virtual vehicle tours, and AI-guided pricing screens, making the offline experience more futuristic and less daunting.

Platforms like Aj Sell Car offer 360-degree car views, real-time chatbots, and financing calculators, fuelling the growth of the online sales segment. Moreover, online platforms provide simplicity, improved reach, and transparency. This is demonstrated by the launch of platforms such as Autobell by Hyundai Glovis. The convenience of browsing, comparing prices, and completing transactions online, appeals to younger generations and tech-savvy shoppers.

Competitive Landscape

Other key players in the market are Corea-Auto, Encar, Han Sung Motor, Hyundai Glovis, KB Cha Cha Cha, and PicknBuy24, among others.

Key Highlights of the South Korea Used Cars Market Report:

• Reliable evaluation of historical vehicle resale trends and projected pricing dynamics through 2035.
• Emergence of AI-integrated vehicle grading platforms like K Car and Hey Dealer boosting transparency and resale velocity in the C2B and B2B channels.
• Competitive benchmarking across independent dealerships, OEM-backed resale channels (Hyundai Promise, Kia Approved), and cross-border re-export platforms.
• Regional mapping of volume spikes in metropolitan clusters such as Busan and Daejeon
• Disruption analysis focused on the influx of off-lease fleets and ex-rental cars post-pandemic, reshaping inventory cycles and pricing floors.

Why Rely on Expert Market Research?

• Backed by automotive industry analysts, transport policy analysts, and digital platform consultants familiar with Korea’s resale and fleet ecosystem.
• Field-tested data collection from OEMs, auctions, inspection services, and fintech lenders ensuring real-time visibility on inventory flow and vehicle turnover.
• Custom-built analytical models including average days-on-lot metrics, depreciation index tracking, and mobility-as-a-service (MaaS) resale forecasts.
• Specialised in delivering high-stakes insights to procurement heads, remarketing teams, and private equity investors exploring scalable used car ventures in Asia.
• Trusted by auto financiers, auctioneers, and global OEMs navigating South Korea’s evolving consumer mobility patterns and vehicle ownership cycles.

Call to Action

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