How do auctions work in Korea?
Answers to the most common questions about importing cars from South Korean insurance auctions for exclusive models.
Is it worth buying a car from Korea?
Cars from Korean insurance auctions usually come with rich equipment, relatively low mileage and a documented damage history straight from the insurer — none of the hidden surprises typical of the used-car market. That said, these are accident write-offs sold as-is. Run the full calculation: auction price + transport + duty + VAT + repairs, and compare it with the price of an equivalent car in Europe. With sensible bidding the difference can be substantial.
Where do you buy the cars?
Directly from the four largest South Korean non-life insurance companies — Samsung Fire & Marine, Hyundai Marine & Fire, DB Insurance and KB Insurance. Korean law allows only licensed automotive companies to participate in these auctions. We work with exactly such licensed partners in Korea and have already shipped many cars along the Incheon–Klaipėda route.
What am I buying?
An insurance write-off sold in its current condition (as-is). All information and photos come directly from the insurer — we transparently share everything we have ourselves. No additional inspections or guarantees beyond what the insurance company provides are possible.
How does it work and how long does it take?
You pick a car and name your price. Our partner in Korea places the bid on our behalf. The sale is confirmed or rejected by the insurance company. If your offer isn't accepted, it costs you nothing. Once the deal is confirmed, you receive updated photos from the storage yard and make the payment. Cars travel by sea from Incheon to Klaipėda in 60–90 days.
How much does a car cost in Korea?
Nobody knows until the auction closes — it's a sealed-bid process, so only the winner learns the final price. The best starting point is Encar (encar.com), Korea's largest used-car platform. Depending on the damage, auction prices typically come to 30–60% of the price of a comparable car listed on Encar.
How much does importing cost?
All figures are indicative — the final amount depends on exchange rates, oil prices and geopolitical factors. For every car we provide a preliminary cost estimate: ~€1,500 — export paperwork in Korea and shipping costs; ~€800 + 10% duty — logistics at the Lithuanian port and customs duty calculated on the car's value; 21% VAT — calculated on the combined total of the car, shipping and duty. Not included: repairs, vehicle registration and the pollution tax. For export prices to EU or non-EU countries, contact us directly.
What's the best strategy to win the car I want?
Work out the total amount you'd happily pay for the car standing in Lithuania with all taxes paid, then bid roughly 10% less at auction. That leaves room for unexpected damage, currency swings or geopolitical factors. This approach has secured us excellent deals and good cars — but it's a long process that requires patience.