New vehicle registrations declined slightly in 2016

The number of cars newly registered in Korea edged down in 2016 from a year earlier, data showed Sunday, as the economic slump weighed down consumers’ sentiment.

According to the data compiled by the Korea Automobile Manufacturers Association, new vehicle registrations came to 1.82 million units last year, down 0.6 percent from 2015.

Industry watchers said the decline came as Koreans in their 30s and 40s were less inclined to buy new cars amid the gloomy economic outlook coupled with the rising household debts.

The number of cars newly purchased by those in their 30s and 40s dropped 3.2 percent and 2.4 percent on-year, respectively. The figures only increased for the age groups in their 20s and 50s.

The sales of environmentally friendly models and gasoline vehicles increased over the cited period, the data also showed. The number of newly registered electric vehicles shot up 75.8 percent on-year, hovering above 5,000 units for the first time.

Sales of diesel and liquefied petroleum gas (LPG) powered vehicles declined. Yonhap