Hyundai Motor Group's "certified used car" business is expected to be delayed to the second half of the year. Hyundai Motor and Kia seem to have taken a breather for a while in the used car market due to unfavorable semiconductor supply and demand such as high-interest rates and the economic recession.
According to the industry on the 9th, Hyundai Motor Group's certified used car sales, which were scheduled to start in the new year, have been postponed to the second half of the year.
Hyundai Motor and Kia were planning to start selling used cars in earnest from May this year in accordance with the recommendation of the Ministry of SMEs and Startups last year. It was able to go through trial sales from the new year to April, but it is expected to be delayed more than expected as it focuses on reorganization.
Hyundai Motor's decision seems to have been attributed to various factors, including the economic recession caused by high-interest rates and a drop in used car prices.
Interest rates on used cars, which soared recently as interest rates rose, also rose noticeably.
According to the Credit Finance Association, the installment rate, which stood at 2.9% per year in January last year, has now risen to the 10% range. Currently, the average loan rate for used cars (on a 36-month installment basis) is about 18%. Some companies have reached the legal maximum interest rate of 19.9%.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
