More than 3.7 million used cars were traded in South Korea last year, hitting a record high, data showed Sunday.
The number of used cars newly registered with the authorities during the year totaled 3.78 million, according to the Ministry of Land, Infrastructure and Transport. It marks an increase from 3.66 million in 2015, 3.46 million in 2014, 3.37 million in 2013 and 3.28 million in 2012.
Used cars are for sale in this file photo. (Yonhap)
The continued expansion of the second-hand car market is largely attributable to the improvement in the quality and durability of automobiles and a change in consumers' perception.
Also noteworthy is the growing share of foreign cars in the market. Data from the nation's leading used car dealer SK Encar showed that 19.1 percent of cars up for sale on its website last year were foreign brands.
Among best-selling foreign cars were the BMW 520d and Mercedes-Benz E-class sedans.
"Trade of used cars set a record last year, with the market size growing every year," an industry official said. "The market is booming as consumers' confidence in used cars is rising and various types of convenient trade services are available." (Yonhap)