Prices of foreign cars in Uzbekistan’s secondary market dropped significantly in May 2025, according to a recent analysis by the Institute of Macroeconomic and Regional Studies (IMRS). The study also highlighted modest declines in the prices of domestic and electric vehicles, reflecting ongoing cooling in the used car market.
The most notable changes were observed in foreign cars. Used Kia and Hyundai models saw the steepest declines. For example, the price of a heavily used Kia Carnival fell by $3,500, from $36,000 to $32,500. Lightly used units dropped by $2,028, and moderately used by $1,000. Similarly, Kia Sorento prices fell by $2,100 and $1,700, depending on condition.
The Kia K5 recorded a $2,777 drop in lightly used models, while heavily and moderately used versions declined by $350 and $150. Kia Sportage prices were down by $2,250 and $200. The Hyundai Elantra fell by $1,000 for the most used models and $301 on average. While most models dropped in value, the Kia Seltos defied the trend — its most used version rose by $1,000, and the average model by $409. The less-used Elantra and Sorento also saw small price increases of $116 and $1,250, respectively.
Domestic cars experienced moderate price adjustments in May. The Onyx saw a decrease of $800 and $220 across different usage categories. The Lacetti fell by $100 for lightly and heavily used models, and $75 for moderately used ones. A lightly used Cobalt dropped by $144, while the Nexia fell by $100 on average. The Spark saw a $100 drop, and Damas models declined by $200 for heavily and moderately used versions, and by $50 for lightly used ones.
Local luxury cars displayed mixed pricing trends. The price of a lightly used Equinox dropped by $1,166, but the average used model rose by $700, and the heavily used version by $200. The Malibu decreased by $750 (lightly used) and $1,450 (moderately used). The Tracker saw a reduction of $300 for average used cars and $175 for low-used models, while the most used version remained unchanged at $16,000.
Electric vehicle prices remained relatively stable with slight fluctuations. The average used BYD Song Plus EV Champion declined by $150, while new models increased by $1,100. The BYD Han experienced a $2,000 increase in used prices and $1,100 for new models. Meanwhile, the BYD Yuan Up saw its used price rise by $850 and new price by $406.
According to the IMRS, the broader market has been on a gradual downward trend since late 2024. In November, the prices of domestic popular cars and foreign luxury vehicles declined, while domestic luxury and electric vehicle prices remained relatively stable.
December continued with reduced market activity, which was again reflected in average price drops. The downward trend extended into January 2025, with prices for domestic popular cars falling further.
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