First for imports in 2024, Albanians are now buying cars from South Korea

South Korea has become, for the first time, the country from which the majority of cars imported and registered in Albania in 2024 were imported.

According to data from the General Directorate of Road Transport Services (DPSHTRR), in 2024, 18.8 thousand vehicles originating from South Korea were registered for the first time, becoming the largest importing country, with 19% of the total.

Compared to 2024, vehicles from South Korea more than doubled, with an increase of 124%. Two years ago, purchases from this country were minimal with about 1.2-1.5 thousand vehicles per year.

Previously, the two countries from which the most vehicles were imported were Italy and Germany. But, by 2023, Albanians had discovered a new destination that offered more economical cars, despite the higher transportation costs.

Sonila says she bought a 2013 Golf 6 (R Line) with 118,000 kilometers at a customs price of 6,500 euros, which includes the purchase price and transportation. The same vehicle in Germany would have cost 1,000-2,000 euros more. Locally produced vehicles such as Hyundai also come at affordable prices, with the Tucson and Santa Fe models dominating.

In second place for registrations has fallen Italy, with 17.8 thousand, or 18% of the total. Third is Germany, with 17.8 thousand vehicles. Next are Switzerland (9.3 thousand), the United States (6.9 thousand) and then China (5.9 thousand).

In total, in 2024, they registered for the first time a record number of vehicles of 99.4 thousand, with an increase of 27.5% compared to the previous year, according to data from the DPSHTRR.

Why are vehicles from South Korea on the rise?

Used cars from Korea come at a significantly more economical price than those from Europe, which skeptics attribute to the less strict vehicle standards than those in the EU, while another argument is the cheaper cost of labor.

Despite the dilemmas, it seems that imports from South Korea remain very active and the affordable prices are encouraging Albanians to increasingly orient themselves towards them. There are two ways to purchase: either by ordering online and paying the agency the inspection and transport fee, or by purchasing a vehicle directly from the agencies provided by them.

According to Korean media, there is a significant increase in used car exports.

“Outbound shipments of used passenger cars reached $4.44 billion in 2023, up 66 percent from a year earlier, according to data compiled by the Korea Used Car Export Association. In terms of units sold, the figure reached 555,549, up 68 percent during the period.

Gasoline cars accounted for the largest share at 67.5 percent, followed by diesel cars at 30.3 percent and hybrid models at 1.3 percent. Hybrid car exports also hit a new record, with their exports increasing 82 percent compared to 2023 to $124.2 million, the Korea Times wrote./Monitor