Old cars that were discontinued decades ago are steadily gaining popularity in the secondhand market. In South Korea, there is significant demand for iconic domestic models such as the Pony, Galloper, first-generation Grandeur, and Korando, with some of these vehicles trading at higher prices than new cars depending on their condition.
On the 9th, the oldest domestic car listed on Korea's largest used car trading platform, Encar.com, is a 1984 Pony II pickup. Its mileage is 162,085 km, and the selling price is 9.99 million won. It has been restored, or as it's called, 'restore,' and has been confirmed to be drivable on the road.
The Pony II, the first passenger car model introduced by Hyundai Motor Company in 1975, was released as a facelifted model in 1982. It was produced until 1990 and discontinued, but it has been receiving renewed attention as an old car in recent years. Hyundai continues to emphasize the heritage of the Pony in its marketing efforts.
In addition to the Pony II, models from the 1980s to 1990s, including the so-called 'each Grandeur' first-generation Grandeur, Excel, Stella, and Kia Pride, are also registered as used cars. The 1990 Grandeur 2.0 has a mileage of 159,651 km, and the selling price is 25 million won. The Excel is the first model produced by Hyundai targeting overseas markets. The Stella is the predecessor of the Sonata, while the Pride has been referred to as the nation's compact car.
Among the models from 1990 to 2000, a 1994 Galloper, Hyundai's first sport utility vehicle (SUV), is listed at 25 million won. Released in 1991 and discontinued in 2003, the Galloper is a representative model that sparked the old car restore craze in South Korea. It is known to be suitable for recreational activities such as camping, and parts procurement is relatively smooth.
Looking only at the asking prices for the each Grandeur and Galloper, these models, 20 to 30 years old, are more expensive than recently released new cars. The price for the new Hyundai Casper ranges from 14.5 million to 20.7 million won, while the price for the Avante ranges from 19.64 million to 27.83 million won. Some electric vehicles are experiencing a price drop to the 20 million won range due to a low-cost offensive from Chinese brands and a chasm in temporary demand.
Imported cars can exceed 200 million won. The most expensive model is a 1980 Rolls-Royce Phantom, which is listed for 275 million won. There are also listings for a 1997 Porsche 911 Carrera and a 1995 Porsche 911 Carrera at 145 million won and 125 million won, respectively, and a 1997 Toyota Supra listed for 119 million won. The Supra is a representative model that became popular as a sports car symbolizing Toyota.
Models classified as rare old cars overseas are also noticeable. A 1983 Cadillac Fleetwood produced between 1987 and 1992 has a selling price of 65 million won. Other models include a 1991 Mitsuoka La-sed at 59 million won, a 1991 Mini Rover at 55 million won, and a 1991 Nissan Figaro convertible at 20.5 million won. The Figaro was produced in only 8,000 units when launched in 1991, but due to its growing popularity overseas, a total of 20,000 units were produced.
According to Encar.com, a total of 1,547 vehicles from the 1980 to 2000 model years were transacted last year. In terms of individual models, domestic cars that sold the most were the Hyundai Galloper (159 units) and Galloper II (152 units). The Ssangyong Motor Company (now KG Mobility) New Korando (70 units) and GM Daewoo (now Chevrolet) Tico (51 units) followed. Among imported cars, the 1975 to 2006 BMW 3 Series (159 units), 1993 to 2006 Mercedes-Benz S-Class (151 units), and 1998 to 2012 Volkswagen New Beetle (149 units) were primarily traded.
As old cars have been around for a long time, careful inspection of body corrosion, engine, and transmission condition is essential. Experts advise that even if the mileage is short for the age, the vehicle's condition should be the primary focus of inspection. Additionally, it is crucial to check whether parts for the model are still being produced or if alternative parts can be purchased, as parts procurement can often be challenging. It is also necessary to confirm insurance subscription conditions, safety, and legal standards related to restoration in advance.