Kia's cars prices are above the affordable threshold, 29% of the yearly income (2024)
The invention of the automobile in the 20th century had a profound impact on the economy and social connectivity, revolutionizing the way people traveled1. Owning a car has benefits such as flexibility in managing time, independence, enhanced safe...
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Kia's cars, priced above the affordability threshold for a significant portion of the population in South Korea, have a negative impact on owning a car.
As mentioned in the above analyses,
"The median annual income in South Korea was $35,800 as of 20234. As of 2024, the average price of Kia's cars stands at around $44,940 in South Korea, which is higher than the average price of a passenger car in South Korea16,3."
That means it will create an economic burden on people. The affordability challenges arise in the country.