Foreign residents can buy a new or used car in South Korea without any special restrictions. For all buyers, regardless of their nationality, registration of the car must be completed within 15 days of purchase. The costs of registration vary depending on the model of car.
Foreign cars are very expensive to buy compared with domestic models. South Korea has a very strong car industry. It is the fifth largest producer and sixth largest exporter of cars in the world. Most of the cars manufactured in the country are sold overseas. The industry, which is growing and is very important to the country's economy, leads in technology, design and vehicle performance. The biggest South Korean vehicle manufacturer is the Hyundai Kia Automotive Group.
For any foreigners wishing to buy a new car in South Korea, it is highly recommended to visit a range of car dealerships to compare prices and ranges available. Prices vary between different dealers. For a used car, checking dealerships, car magazines or websites can help to find a reliable car with a full service history. Most dealerships can assist with the paperwork for registration or transferring of ownership. Car dealerships can take care of the registration of new vehicles and insurance. In some cases, the buyer can drive the car away on the day it is bought.
Note: When buying a used car, buyers should check the original registration and any outstanding balance for taxes. This can be done at the district office (gu) where the car is registered to confirm that any car loan has been fully paid off. The buyers can check all this information on the Ecar website (in Korean)
Documents needed when buying a new or used car:
There are a number of taxes to be paid when buying a car in South Korea
A used car can be sold privately or through an agency in South Korea. For private sales, the seller can use advertisements in car magazines, in newspapers or on websites.
Documents needed when selling a car:
Looking for an international business opportunity? Why not run an AngloINFO site?
AngloINFO is growing fast and is looking for the right people to take on regional AngloINFO franchises around the world - click here to find out more!
AngloINFO Franchising: Be your own boss - where you want to be!