Oil Prices Send More Koreans to Small Cars

The number of subcompact cars with engine displacement under 1,000 cc has increased by more than 80,000 within a year amid soaring oil prices. That translates into 220 subcompact cars a day. According to the Ministry of Land, Transport and Maritime Affairs on Sunday, the number of subcompact cars registered as of July 2007 was 832,725, but this jumped to 913,028 by the end of July this year, up 80,303 from a year ago. The number of 800cc and 1,000cc cars, classified as ¡°small¡± until this year but now in the subcompact category, more than doubled from 66,773 to 132,074. By contrast, the number of cars with engine displacement under 800cc saw minimal growth, from 765,952 to 780,952, up only 15,002 from a year ago. Cars registered in the Seoul metropolitan area -- Seoul, Incheon and Gyeonggi Province -- made up 46.1 percent of... [read full story]