Tesla Model Y is leading South Korea’s used EV boom

EVwire brief: The Tesla Model Y is making an impact in South Korea's used electric vehicle market.

Used EV transactions on Daangn Junggo Car jumped 120.4% year-over-year between March and April, more than double the 55.8% growth rate recorded across the broader used car market. The Model Y ranked first in transaction volume during the period. 

The Model Y also commanded the strongest resale price of any EV on the platform, averaging 42.16 million won ($28,100), compared with 27.77 million won ($18,500) for the Hyundai Ioniq 5, and 30.56 million won ($20,400) for the Kia EV6, despite all three being in similar price brackets brand new.

Hat tip to Tesla watcher Ming for sharing this story on X:

Context:

Used EV models sold in an average of just 16.7 days, down sharply from 24.8 days during the same period last year. That’s a reduction of 8.1 days. 

In comparison, internal combustion vehicles on the same platform saw transaction times edge down just 0.3 days over the same period, from 14.9 to 14.6 days. 

Behind the Model Y, the most actively traded used EVs included the Ioniq 5, Tesla Model 3, and Kia EV6. 

Commercial and compact models also featured strongly in Daangn Junggo Car’s list, with the Hyundai Porter II Electric, Kia Ray EV, Kia Bongo III EV, and Renault Twizy all ranking in the top eight.

Here’s Daangn Junggo Car’s top ten:

As per industry reports, surging oil prices following the outbreak of the Iran conflict drove a shift in the country's secondhand car market.

Since electric vehicles are not as affected by volatile gas prices, they have become even more ideal options for practical consumers. 

For South Korean buyers navigating elevated fuel costs, the Model Y's combination of lower running costs, faster resale, and stronger value retention appears to be pulling ahead of the competition in a meaningful way.

Source: The Chosun Daily

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