One out of every 2.5 people in Korea now own a car

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One out of every 2.5 people in Korea now own a car

Published: 17 Jan. 2016, 19:55

The total number of registered cars in Korea will hit 21 million soon. The Ministry of Land, Infrastructure and Transport said Sunday a total of 20,989,885 cars were registered as of last year, a 4.3 percent rise from a year ago. Statistically, one out of every 2.46 people has a car.

The increase was the highest in 12 years, mainly due to a temporary cut in the individual consumption tax and increasing popularity of imported cars. The ministry said the number of cars manufactured by local automakers increased by 7.3 percent from a year ago while the number of imported cars was up by 29.2 percent, or by 65,000 units, year-on-year.