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Korean Job Discussion Forums
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exit86
Joined: 17 May 2006
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 Posted: Sun Jan 24, 2010 4:17 am Post subject: |
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Has anyone had any experience with the Janghanpyeong car auction market? It seems that a lot of used car dealers get the cars here really cheap, fix them up so they will stay together for sale, and turn a good profit--even if selling only for a few thousand.
I figure if I'm gonna buy a used car that'll need work, I might as well cut out the middle-man and save some cash by overseeing the repairs/replacements myself.
Any info at all about personal experiences with such auctions would really help.
Thanks! |
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bassexpander
Joined: 13 Sep 2007
Location: Someplace you'd rather be.
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| Posted: Sun Jan 24, 2010 6:05 am Post subject: |
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I've been there, and honestly, I felt the lot was a load of trash. I wouldn't buy a car from there. Seriously. Nearly every car there had some serious issue why I wouldn't consider it, and most looked like they'd been in accidents and repaired cheaply.
I have found my cars outside of Seoul in Incheon and Suwon. I used encar.co.kr and http://www.manycar.com to find dealers (their cars on the net are often fakes) and then went there and looked at their inventory.
As a rule of thumb, a dealer told me they try to make a minimum of between 400 to 600 thousand won per car. |
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exit86
Joined: 17 May 2006
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| Posted: Sun Jan 24, 2010 3:53 pm Post subject: |
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Thanks again for the info bass!
Good to know, esp. the dealer profit estimate. |
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air76
Joined: 13 Nov 2007
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| Posted: Sun Jan 24, 2010 7:17 pm Post subject: |
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| Troglodyte wrote: |
| air76 wrote: |
...a perfectly functioning one runs 500,000. We have lived in Korea twice and bought cars both times...the first one was 350,000 and then the car we have now was 700,000. We have had this car for nearly two years and have put maybe 400,000 into it in maintenance. |
That's not bad. So, for 350,000 and the 400,000 maintenance, can you get a car that would last about 1 year? If they are that cheap, I'll get one.
Where did you find yours for sale?
On a similar topic, what do you do with a used car when you leave Korea (permanently)? Can you take a used car to the scrap yard? How much would a scrap yard or iron monger give you for a car? What if you have outstanding parking tickets? Can you still sell it? If you have to pay the tickets and they are more than you could get for the car at a scrap yard, is it an option to just abandon the car somewhere? Or will that come back to haunt you later? |
You probably won't get one for 350,000, that was in 2004 and we bought it from a friend. Although I would imagine that the market rate for that car would have been maybe 500,000.
We bought our last car off another teacher...which is what you do with your old car when you leave as well. There is really little reason to scrap a car in Korea just for being old when they are so cheap to get work done on. Please don't abandon your car in the woods...first off, Korea is much too small of a country to find a place to really do something like that, plus it's bad for the environment, and it makes foreigners look like jackasses. I am not berating you as you haven't done it yet, but doing stuff like that is what makes it hard for foreigners to get cell phone contracts, credit cards, and so on, in Korea. Also, you'll easily be able to sell it on to another teacher for either what you paid for it or a $100-200 loss.
You will see cars on here for sale nearly every week or two, generally for under 1,000,000...plus, remember that those people are leaving so you have leverage to get a lower price if you are willing to rock up with cash and take it.
Don't get me wrong...you won't be getting a sweet ride for 500 bones, but you can get a car that works just fine and gets you around. A couple of our friends bought cars directly from used car lots and they each paid 1,000,000 won. I would say that their cars were nicer than ours, so buying a 1,000,000 won car from a dealer probably only hits you a couple hundred thousand more than waiting to get one from a teacher. Another friend of ours back in 2004 bought a car from a dealer for 700,000 and he's still driving it today, no more than a couple hundred thousand a year in maintenance. He is, however, looking to trade it in on a decent used car soon though, as it is approaching it's end and he has finally reconciled to the fact that he is a Korea lifer. |
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