Enhanced Export Prices
The average export price of Korean-made cars is on a consistent rise along with the brand value of Korean automakers.
According to the Korea Automobile Manufacturers Association, the average export price added up to US$14,543 as of the end of 2013. The amount is 51.3% higher than that of 2003 at US$9,609.
The price had stood at US$7,386 back in 2000 and broke the US$10,000 mark in 2004, getting to US$10,411. It has shown consistent growth ever since. This can be attributed to Korean automakers’ efforts for quality enhancement, brand value improvement, and the increase in the export of expensive models like large sedans and SUVs.
It is expected that the average price will surpass US$15,000 this year for the first time in the history of the industry, as local carmakers are trying to raise the price by means of their lucrative products.