After recently buying a new car and previously owning a used car I thought I’d share my rough guide to owning a car in South Korea. This is only a rough guide to the costs and other elements you may need to consider as there are many different variables involved. Honestly many elements are the same in Korea as they are in the UK (and I’d guess other nations). I’ve split this guide into four sections; Buying, Insurance, Fuel & Others.
Once thing before we start, having a Korean Driving License is important when buying a car and sorting out insurance, so that’s a first step before car ownership in my opinion.
Buying a Car in South Korea
Just like in other countries there are three main options; new, used via dealership or used via private sale. A new car is often the most expensive and difficult especially for expats looking for financing (basically only possible for F-Series Visa holders). Costs start from just under ten million won for a new Chevy Spark or Kia Morning upwards. Then you have to pay tax and registration fees on top of that. It’s only maybe an option for those in Korea long term (like myself).
Buying via a used car dealership can be cheaper but also a risky move, the price you see often isn’t the price you pay as other fees and commissions won’t be included in list price. Look for recommendations and check all of the fees before getting too involved. Also remember that prices can be higher than back home as cars can retain their value a little better at the moment in Korea.
SK Encar is a nice resource for at least doing a little price comparison.
Finally buying privately is the cheapest option, and maybe the best if you’re looking for something affordable. The negative is that much of the paperwork required will be in Korean, so keep this in mind. The used car market in Korea is pretty busy these days, however the scrap value is also pretty good and therefore you’ll struggle to find a solid car much under a million won.
Facebook groups and Craigslist are the easier options in English.
Car Insurance in South Korea
Car Insurance in Korea is a little less competitive than in England for example, but honestly the price is generally lower. I’ve never paid over a million won for a years coverage, and have paid as little as 400,000μ.
Personally I go with Samsung for car insurance. They have a solid English service and the price for me has always been the cheapest. Plus they offer AnyCar roadside assistance, so if you have a problem you can at least get home.
Car Fuel in South Korea
Petrol / Gasoline is a tiny bit more expensive in Korea then Diesel, with LPG being cheaper still. Prices of course range but 1,600μ a little is a solid estimate (as of January 2020). These days most stations as Self Service and the payment machines offers an English option.
Also; Diesel = κ²½μ , Petrol = νλ°μ
Others Car related costs in South Korea
There are a number of other car related costs that I’ll cover quickly here;
Parking – Some apartment buildings offer parking for free, others charge per car. Some villas and officetels for example don’t offer parking and street parking in certain areas can be a nightmare. So check before buying a car.
Tolls – Firstly tolls in South Korea offer two different payment options Highpass or Cash. HighPass is requires a registration and a box, but you can drive through quickly. Cash (or even T-Money) is the other option. Different tolls charge different amounts, but it’s usually for motorways (freeways).
Car Tax – This is paid either yearly or every six months. I differs depending on your car and where you live. Roughly it’s starts around 60,000μ per year, be can be more.
Fines – Speed cameras are everywhere in South Korea and they will catch you if you’re not careful. Too many and you can lose your license. Also parking tickets are also a common expense.
Maintenance – Korea is pretty good when it comes to car repair costs. If you have a Korean Car then you’ll easily find a garage, however they rarely speak English.
Finally
Any thoughts, comments or questions. Feel free to comment below or message me via Twitter.
Modern Seoul 
Thanks for this, itβs really helpful. Being English, with a British license, do I need to take a test to drive in Korea, or is my British license already valid? Are there practical and theory tests like in the UK if I do need to take a test in korea, and would the best be in the korean language? Thanks
I also have a British license and was able to exchange for a Korean one. However now you’ll need to go though the apostille process. The British License isn’t valid in Korea (apart from maybe hire cars).
You can take just the test and it’s available in English, by I don’t know the full details as I never needed to take the test.
Hi mate,
Thanks for the tips. Would you know of the paperwork involved if buying a used car privately?
Iβm looking at buying one pretty soon, we will be buying the car outright (I have my ARC with an Aussie license and IDPβ¦ my wife is Korean if that makes any difference). Any suggestions to where to check on a carβs status (if taxes are up to date, accident history etc.).
Cheers and TIA
Honestly if your wife has a license it maybe easier to register the car in her name. As I’ve only deal with cars whilst having a Korean License.
You’ll need to visit your local gu office to change the title over, at which point you can check for any outstanding taxes and fines.
Sorry I can’t help further, but I bought a used car 7 year old in Korea. So things will have changed. The process is easier when buying new :).
I’m probably very late to reply here, but along with Encar for getting an overall idea (example=for some reason, while Chevrolet vehicles cost, well, 5 years ago at least, about the same as in the USA, Ford vehicles were quite a lot more costly-from 6-10k USD difference-though in SK, you’ll have the best luck with SK-made vehicles while taking advantage, of course, of resources in English, too, to know the reliability of what you’re considering. It’ll be much easier to get locally manufactured cars repaired and while no one loathes Mercedes etc, they take a lot of pride in Hyundai especially)… this is the site I was suggested in terms of checking into used cars to be sure the registration’s legit (the local district office that issued the registration is the other way to check) and see if all its taxes and any loans taken out to buy it are paid off (it’s always a risk, after all):
https://www.car365.go.kr/
I would definitely put it in your wife’s name unless that itself is a risk to you (hey, I don’t pretend to know about the life of other couples π ). It’s always a bit of a headache otherwise, and some simply don’t want to sell to a non-Korean/don’t trust foreigners though at least being white generally gets better reception than, say, being Japanese for obvious reasons. At least have her with you when any transactions occur-you’ll want someone who can speak the language and very critically *read the paperwork’s fine print!* Even if she isn’t super familiar with vehicles, she can become an actress for the day(s) you look IF you’re still looking.
If not you, maybe that site (formerly called Ecar) will help some other passerby of this site. π