It was found that sales of imported cars priced over 100 million won in the domestic market surpassed 70,000 units last year. Analysts said sales of high-priced imported cars increased as more consumers saw their purchasing power grow with rising asset prices and as the popularity of sport utility vehicles (SUVs), which are relatively more expensive than sedans, continued.
According to the Korea Automobile Importers & Distributors Association (KAIDA) on the 10th, sales of imported cars priced at 100 million won or more in Korea last year totaled 70,384 units. That was a 16.3% increase from 2024 (60,520 units).
By price band, sales of vehicles priced at 100 million won or more and less than 150 million won were 33,907 units. Sales of vehicles priced at 150 million won or more were found to be 36,477 units.
An official in the imported car industry said, "The decline in sales of high-priced imported cars in 2024 was largely due to weaker consumer sentiment caused by high interest rates," and added, "Since last year, interest rates have fallen and asset prices such as real estate and stocks have risen, which appears to have increased purchases of imported cars by high-income earners and wealthy individuals."
The official added, "Another reason sales of high-priced imported cars turned to an uptrend is that consumers have gradually started to adapt to the light green license plates for corporate vehicles introduced in 2024."
The continued popularity of SUVs is also cited as a factor behind the increase in sales of imported cars priced in the hundreds of millions of won. Sales last year of SUVs priced at 150 million won or more mostly rose from a year earlier. Sales of BMW's large SUV, the X7, increased from 4,332 units in 2024 to 4,593 last year; Mercedes-Benz's GLS rose from 1,225 to 1,893; and Porsche's Cayenne grew from 3,584 to 3,768.
By age group of buyers of these vehicles, people in their 30s and 40s outnumbered those in their 50s and 60s in all cases, it was found. On this, an imported car industry official interpreted that among younger consumers, demand by model for high-priced imported cars is shifting from sedans to SUVs.
In the imported car industry, companies such as BMW and Mercedes-Benz are expected to launch new cars priced at 100 million won or more this year as well, so the uptrend in sales of high-priced imported cars is seen continuing.
BMW plans to launch a facelifted model of its large sedan, the 7 Series, in Korea in the second half of the year. Last year, the 7 Series sold 5,834 units, up 17% from the previous year. BMW also plans to unveil the i7, the electrified model of the 7 Series.
Mercedes-Benz will also bring the new S-Class to Korea in the second half of the year. The new S-Class, unveiled in late last month in Stuttgart, Germany, has about 2,700 parts—roughly half of all components—newly developed or redesigned. Mercedes-Benz also launched in Korea last month the high-performance model Mercedes-AMG GLS 63 of its flagship SUV, the GLS.
Porsche will launch the Cayenne Electric, the electrified model of the Cayenne, in Korea in the second half of the year.
An official in the imported car industry said, "Although economic growth is not high, the purchasing power of buyers of high-priced imported cars is analyzed to have increased from last year due to a bull run in the stock market," and added, "There is a strong possibility that sales of imported cars priced at 100 million won or more will continue to rise this year."