New and used car market in South Korea
The number of new car sales transactions as well as the cost and additional information related to used car sales is compiled into this spreadsheet.
To provide the new car market size in South Korea I combined the total number of domestic car sales with the total number of new foreign car registrations.
1,550,080 (New Domestic Cars) + 233,080 (New Foreign Cars) = 1,783,160 New Car Units
In an analysis of the differences between United States and South Korean economies, the average new vehicle price in South Korea is $25,527.52.
I determined the total number of used car transactions in South Korea is around 3,700,000 as of 2016.
The average used car transaction amount was calculated by triangulating the most popular used car model (Hyundai Grandeur HG Sedan) prices listed by the number one used car dealership in South Korea (SK Encar.)
To determine the average price of the Hyndai Grandeur on SK Encar I searched their inventory for this specific model. I then used the top 20 results to determine an average price of $19,525.
To determine USD amounts for South Korean Won totals I utilized the Google Currency Translator Tool which indicates that One USD is equal to 1063.83 South Korean Won.
The combined new and used vehicle market size is recorded in the spreadsheet.