Samsung QM5 new car purchase

I just bought my second new car in Korea, a Samsung QM5 (Renault Koleos in Europe and Africa). It was fairly similar to buying a Daewoo Kalos in 2005 except that this time we were able to test drive one by calling up a local dealership and talking to a saleswoman who was able to borrow a QM5 from a friend or something.

Now the QM5 starts at around 21,000,000 for the gasoline engine and around 23 for the diesel. The models go all the way up to 29 or 30 million. We ended up spending about 25 on the LE25 Plus (my wife wanted proximity sensors which are not available on the less expensive models). The base price is 24 but we got side curtain airbags and two-tone paint. Obviously after taxes and stuff it comes to more than 25 – I think we’re putting 12 million down and paying 15 million over 24 months. We were able to get about 400,000 off although the saleswoman is giving us that in cash because she didn’t want to put it on the invoice.

What led us to Samsung was the 0% financing they currently offer. Normal car loans are 9% or more in Korea. I know it sounds crazy – Americans currently expect to pay 6-7% but you can get 6-7% interest on a savings account in Korea so obviously banks need to lend at higher interest rates.

Anyway, they had 0% interest. My wife likes the QM5 styling. And we recently were driving our Kalos (a much smaller and cheaper car) and the wind was blowing it around a little bit and it didn’t feel entirely safe. We drove the big SUV (they call it a compact SUV or a crossover) and it was nice. We figure because it’s bigger and heavier it ought to be safer.

We pick it up in a couple of weeks.

Filed Under: Life in Korea

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