Pump prices spark small-car interest

Rising international oil prices and uncertain economic conditions have put domestic consumers into smaller cars. Sales of medium-sized engine sedans dropped by 8 percent last month and sports utility vehicle sales were down 6.6 percent. The five local automakers said that domestic sales have declined since January. They sold about 93,000 vehicles last month, down 7.9 percent from January. By contrast, sales of cars with engine displacements of 1,000 to 2,000 cubic centimeters reached nearly 5,900 in February, up 22 percent from January. Sales of cars with engines of 800 to 1,000 cubic centimeters rose in February, the first monthly rise since 1999, by 3.4 percent. Automobiles with engines in the 1,000 to 1,500 cubic-centimeter range had a 6.3 percent market share in February, up from 4.8 percent in January. Subcompact sedans took 4 percent of the market, up nearly half a percentage point from January. The midsize car niche ― 1,500-2,000 cc ― had been the most popular in the market, but as gas price concerns and the bad economy began to bite, buyers began turning to more fuel-efficient vehicles, according to a Korea Automobile Manufacturers Association official. “But luxury sedans of 3,000 to 3,500 cubic-centimeter engines decreased by only 2.3 percent from January to February,” the official noted. “That shows that consumer sentiment is at the two extremes.” by Kim Hae-noon