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Used car prices up in South Korea as new car supplies run short Updated: 2022-05-24 08:05:55 KST

In the market for a used car?
Well, good luck finding one.
Because used cars are becoming more expensive by the minute these days.
This 2020 Hyundai Avante that ran more than 10-thousand kilometers. recently sold for 19-million-800-thousand Korean Won or roughly 15,6-hundred US dollars.
This price is only about 9-hundred-60 dollars less than what a brand new Avante would cost.
And now, some new car models are so hard to get. that older, used versions of the same cars are selling for higher than their original sticker price.

" People would have to wait for at least six months or even up to two years for their new cars. So those that don't want to wait are just buying used cars that are pricier than the new ones because they can get them more quickly."

The automotive industry worldwide has been grappling with chip shortages since the pandemic started two years ago.
With that, experts say, supply shortages, mainly semiconductors and microchips, have slowed the production for new cars.
And that has made more people to look for used cars driving up prices.

"If you order now, you have to wait a year so people just choose to keep driving their cars. This leads to a falling supply in the used car market with fewer people selling their cars."

Watchers say, unless chip supplies increase and new car production picks up. expensive used cars are here to stay for a while.
Lee Ji-yoon, Arirang News.
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