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| Cars damaged by typhoon Chaba are being sold in used-car markets after being repaired. / Courtesy of Twitter |
By Lee Han-soo
Dealers are selling cars damaged by typhoon Chaba that struck the southern Korean Peninsula on Nov. 5, according to Korean broadcaster MBC on Wednesday.
Cars that were submerged must be scrapped due to safety reasons. But some insurance companies are selling them to used-car dealers.
"They take the cars with them if they win the auction," said an insurance company employee in Ulsan, where the typhoon recorded the most damage. "They buy them in bulk and sell them after repairing the damage."
The damaged cars have been mostly sold through a members-only website by an insurance company. Alarmingly, most of the site's members are used-car dealers.
"If you fix it and clean the car, the damage is unnoticeable," a used-car dealer said. "Submerged cars are a great way to make money."
The damaged cars usually take two to three weeks to repair before being sold in used-car markets, fetching twice to three times the auction price.
Submerged cars are potentially dangerous because most parts are now run electronically.
"More than 40 percent of mechanical parts of a car are electronic," a mechanic told MBC. "In time, they will rust and corrode, which can lead to malfunction or even fire."
The Korean Insurance Development Institute (KIDI) said submerged vehicles can be spotted through its accident record inquiry service. But since insurance companies have to settle cases, the process may take up to three months.
It is essential used-car buyers check for marks indicating the car was submerged and check insurance company records before buying, KIDI said.
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