Bought an 'electric vehicle' while shopping for a used car… The market has changed recently, they say

As assessments suggest that the EV "chasm" (temporary demand slowdown) is coming to an end, EV transactions are also increasing in the used car market. Analysts note that as EV demand grows and prices stabilize, concerns about a significant price drop when reselling later may decrease, which could also help boost new EV purchases.

According to K Car, Korea's largest direct-operated used car platform, the average number of days it took to sell a used pure electric vehicle from January to September this year was calculated to be at 81% of that for used internal combustion institutional investor vehicles. This means the average sales period for EVs is 19% shorter than for internal combustion institutional investor vehicles. During the same period, the share of EVs in K Car's total used car sales also increased by 32% compared to the same period last year.

K Car cited fuel cost burdens as a background factor. A K Car official said, "We believe this reflects an increase in preference for EVs due to fuel cost burdens and growing interest in eco-friendly vehicles."

EV listings and transactions have also increased in peer-to-peer used car trading. From January to September this year, the number of EV listings among peer-to-peer transactions on Carrot Used Cars rose by 79% compared to the same period last year, and the number of completed EV transaction posts increased by 54%. This is a sign that peer-to-peer used EV transactions are growing.

Carrot Used Cars is also strengthening trading convenience features for EV users. It provides filters that allow searching for listings based on FSD feature-related conditions, as well as a function allowing sellers to directly input battery status information in their posts. A Carrot official said, "As user interest and transactions regarding EVs continue to increase, we are providing various features to facilitate listing exploration and transactions."

The activation of the used EV market is drawing attention because increased demand for used EVs could have a positive impact on the new EV market as well. Lee Sang-soo, Senior Researcher at iM Securities, said, "If used car prices do not drop significantly, consumers will think that even if they buy an EV now, they can resell it later at a certain level of price." He explained that if the expansion of used EV demand leads to stable residual value, it could become a factor supporting new car purchases.

Analysis suggests that basic trust in battery performance and safety among buyers is also contributing to the expansion of used EV transactions. The senior researcher said, "Consumers considering purchasing an EV already have a certain level of trust in EVs," adding, "Concerns about battery lifespan can also be alleviated through warranty systems."