The satisfaction level of used car buyers was higher than that of new cars, and among them, the satisfaction level of imported used cars was superior to that of domestic products. The high satisfaction level of used car buyers is attributed to the cost-effectiveness above all, and the reason why imported used cars are more advanced is due to the desire for luxury cars and trust in the quality.
Consumer Insight, a research institute specializing in automobiles, summarized the results of the past three years by asking buyers of new cars and used cars within the past year. Because it was able to evaluate how satisfied it is with its purchase of vehicles with a perfect score of 10, it chose 'vehicle satisfaction' as its satisfaction level'.
■ Reason for purchasing used cars "Because the price of the car is low" 22%
Vehicle satisfaction was higher for used car buyers than for new cars. Used car satisfaction has risen to 7.53 → 7.68 → 7.76 points over the three years since 2018, widening the gap with new cars year-on-year (0.19 → 0.26 → 0.35) to 7.35 → 7.42 → 7.42 [Figure 1].
It is also noticeable that the satisfaction level of imported cars is higher than that of domestic cars. Domestic used cars have been in the middle of the seven-point range with 7.48→7.61→7.69 points in the last three years, while imported cars have surpassed the eight-point barrier with 7.90→8.14→8.14, which is 0.4 to 0.5 points higher than this.
Cost-effectiveness has had an absolute impact on the satisfaction level of used car buyers. As a reason for purchasing this car, △'s price was 22.0% (Korean 22.9%, imports 16.8%), and △'s price was 21.2% (Korean 21.7, imports 18.9%), and 'good quality compared to prices' accounted for 16.4% (Korean 15.9%, imports 18.6%).
■ "I want to ride a better next-class" income is three times higher than that of the country
However, subtle differences are found in the reasons for purchasing imported cars from Korea. While only 3.4 percent of respondents said they wanted to drive better next-class cars, 11.6 percent said they earned more than three times. While 4.7 percent of South Korean respondents said that 'Because there is a small difference in performance quality from new cars' was made in South Korea, imports doubled to 9.1 percent. Although both South Korean and imported buyers value price and practicality, it can be seen that imported buyers have strong trust in quality in addition to their desire to ride 'luxury next-level'.
'Brand-certified used cars' were 8.11 points in satisfaction with each method of purchasing used cars, the highest among all types of transactions, including professional dealers (7.65 points) and individual transactions (7.66 points). Brand-certified used cars are recruited by car brands themselves and commercialized through quality tests. Currently, they are limited to some imported car brands such as Mercedes-Benz and domestic car makers such as Hyundai Motor are also seeking to enter the market.
■ Customers who value cost-effectiveness-quality reliability need to meet the level of expectations
The satisfaction level of used car buyers has continued to rise over the past three years, widening the gap with new cars. Used cars have a high cost-effectiveness as they have a large depreciation rate, and their quality reliability has increased as they have been traded mainly for 'comparative new cars' with 3 to 5 years of age. On top of that, the fact that Corona 19 and the worsening economy have reduced the capacity to buy new cars is also a positive factor in growing the pie in the market.
Hyundai Motor's entry into the used car market, the representative brand of automobiles in South Korea, is a variable. The 88카 entry of large companies may lead to improved confidence in domestic used cars, but it cannot be an absolute criterion for consumer choice. Used car customers who value cost-effectiveness, especially domestic customers, should follow reasonable prices and thorough sales-post-management services.
Consumer Insight provides professional and scientific research services needed in various industries such as automobiles, mobile communications, shopping/distribution, tourism/travel, and finance through a large online panel that is efficient for non-face-to-face investigations. In particular, we are focusing on converging various big data with panel research data to increase data value and apply it to various industries. The findings come from the 20th survey (performed in July 2020) of the super-large annual automobile planning survey of 100,000 samples launched by Consumer Insight in 2001.