EVs on path to overcome chasm in Korea

The increasing demand for used electric vehicles in Korea suggests the market is broadening beyond initial early adopters. From January to September, used all-electric cars sold 19 percent faster than internal combustion engine vehicles on K Car, a major used car sales platform. This growing popularity also saw used EVs account for approximately 32 percent more of K Car's total sales compared to the same period last year, indicating wider consumer interest.

This strengthening demand for secondhand EVs could help mitigate a historical barrier to widespread adoption: concerns over resale values. When consumers perceive that EVs maintain their value better, they may become less hesitant about the financial risk of purchasing a new electric vehicle. This dynamic could create a reinforcing cycle, where confidence in the used market encourages further growth in new EV sales, as an industry official noted.

The momentum is also evident in the new vehicle market, with sales in the first nine months of 2026 already exceeding the total for the previous year. This rapid growth is partly attributed to the expanded presence of competitively priced models from Tesla and China's BYD. However, the transition remains incomplete, as charging inconvenience, vehicle prices, battery performance, and ongoing resale value concerns continue to weigh on some potential buyers.