Used Cars OutSold New Cars Last Year
Last year marked the first time that used-car sales outnumbered those for new cars.Last year, sales of new cars in the domestic market plunged to half the level of 1997 (778,000 units) due to the severe recession after the IMF bailout.
Whereas, trade in used cars reached 1.18 million units. The ratio, volume-wise, of used cars to new models recorded roughly 60 percent.
The ratio was no more than 30 percent in the early 90s and only rose to 45 percent in 1997.
An affiliate in car industry said, 'Korea is coming face to face, for the first time, the era of used cars.'
with the Korea JoongAng Daily
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