Encar: "Used-Car Price Declines Slow Ahead of Chuseok"... Tesla Prices Rise for a Second Straight Month

[Financial News] As the autumn peak season approaches, the decline in used-car prices appears to be slowing.
Encar announced on Sept. 21 that it had confirmed this trend after releasing its used-car price data for September 2026. The analysis was based on Encar's big data and covered popular 2023 model-year vehicles from domestic brands such as Hyundai Motor, Kia, Renault Korea, and KG Mobility, as well as imported brands including Mercedes-Benz, BMW, and Audi. The analysis focused on accident-free vehicles with mileage of 60,000 kilometers.
September is when buying demand recovers after the summer vacation off-season, ahead of the Chuseok holiday and fall outings. The overall average price of the models surveyed fell just 0.82% from the previous month, showing a slight downward trend of less than 1%. Domestic models declined by an average of 0.95%, while imported models fell 0.65%. Compared with the 1.43% decline in the overall average in August—1.77% for domestic models and 0.99% for imported models—the drop narrowed noticeably.
Some popular models actually saw their prices rise. The Tesla Model Y Long Range AWD climbed 4.31% from the previous month, recording the largest increase among the models surveyed. After rising 3.05% last month, it has gained for two consecutive months. The Tesla Model 3 Long Range AWD also rose 2.24% this month, extending its gains for a second straight month. The Model Y ranked first in domestic sales among all domestic and imported vehicles in South Korea last August, and its popularity in the new-car market is believed to have influenced demand for used cars as well.
Hybrid models also remained strong. The Kia Sorento 4th-generation HEV 1.6 2WD Gravity rose 0.30%, marking its second consecutive monthly gain. The Hyundai Santa Fe HEV 1.6 2WD Calligraphy climbed 1.50%, turning upward after declining last month. The imported hybrid Lexus ES300h 7th-generation Executive also edged up 0.25%, extending its gains for a second consecutive month.
Domestic SUV and RV models were generally weak. The Chevrolet Trax crossover 1.2 LT Plus fell 3.44%, the largest decline among domestic models. The Kia Carnival 4th-generation nine-seater Prestige dropped 1.78%, while the KG Mobility Torres 1.5 2WD T7 declined 1.38%. Sedans saw relatively smaller fluctuations: the Genesis G80 2.5 Turbo AWD rose 0.11%, while the Kia K5 3rd-generation 2.0 Noblesse fell just 0.03%.
Imported vehicles posted mixed gains and losses, particularly among SUVs. The Audi Q5 45 TFSI quattro Premium rose 3.85%, while the Mercedes-Benz GLE450 4MATIC fell 3.53%, the BMW X5 xDrive 30d xLine declined 2.98%, and the Volvo XC60 B5 Ultimate Bright dropped 2.93%. Among imported sedans, the BMW 520i M Sport edged up 0.29%, whereas the Mercedes-Benz E 350 4MATIC Exclusive fell 3.33%.
An Encar official said, "September is when demand for used cars picks up again after the summer off-season. As a result, the decline in prices narrowed from the previous month, and some popular models posted gains. With demand expected to continue during the fall peak season, prices may rise in the future. If you are planning to buy a vehicle, it may be a good idea to compare listings, focusing on models whose prices are currently falling or remaining flat."

[email protected] Kim Dong-chan Reporter