These websites and platforms will be discussed later in this post. There are tons of websites and platforms that strictly sell used cars. Research: As a foreigner who might not have an understanding of the Korean language, it is paramount to conduct a detailed Google search to find English-speaking used car dealers for sale. Negotiations and documentation are necessary processes if you aim at purchasing a problem free vehicle. A registration tax of 7% of the paid price of the car ought to be cleared within 15 days of the car's purchase a purchase tax of 2% of the car price and government imposed bond costs, which usually vary depending on the brand, model and size of the vehicle. Taxes must be paid when you wish to buy a used car. With regards to the flourishing automobile industry, it is good to know that selling or buying foreign or imported brands of used cars is more expensive compared to when you are dealing with locally made cars. Things To Have In Mind Before Or While Buying Or Selling Used Cars In South Korea For Buyers What Do I Need to Start Driving in Korea? People who are relocating or traveling and do not want to keep their cars will always sell them off, thereby making the industry a very viable and budding source of revenue and profitable to the nation’s economy. Locals or foreigners who do not have enough money for a brand new car always fall back to the option of buying used cars. Foreigners who come into the country and wish to stay either for a short or long period of time need something to move around with, of which renting a car from a car rental company (which costs about 55,000 won for a day excluding other charges like cancellation fees, penalty fees, 30-40% upfront fee, insurance fee, damage fee, etc) might be very expensive when considering and comparing the cost with buying a used one. With the advent of the Covid 19 pandemic, it became paramount that direct contact with people be limited, thereby causing a tremendous spike in the demand for used cars since this group of people could not comfortably afford brand new cars. Generally, the demand for cars, whether new or old, is very high as they not only serve as a means of transportation but also as a tool to express and reflect their status, personality, and social class. The business of buying and selling used cars is one that has benefited a lot of people in South Korea, especially foreigners.
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