Small car sales surge amid higher crude, economic slump

SEOUL, April 17 (Yonhap) -- Sales of small cars in South Korea jumped in 2008 as
consumers opted for fuel-efficient vehicles amid higher crude prices and a
protracted economic slowdown, a government report showed Friday.
According to the report by the Ministry of Land, Transport and Maritime Affairs,
a total of 347,000 vehicles equipped with engines below 1.6-liters were newly
registered last year, up from 295,000 a year earlier.
The surge was attributed to higher crude prices and the deepening economic
downturn at home and abroad. Smaller cars consume less oil, lowering the overall
maintenance costs.
In July, crude oil prices nearly doubled from the start of last year, droving up
the gasoline prices at the pump in South Korea, which depends heavily on oil
imports for its energy needs.
A protracted economic slump, however, led to a decline in the overall vehicle
sales. In 2008, a total of 948,000 vehicles were registered, compared with
960,000 a year earlier, according to the report.
kokobj@yna.co.kr
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