Registration and Disposal of a Vehicle

You must register a newly purchased car at the respective city or district office to obtain a new license plate. You may use a temporary license plate for the first 10 days after purchasing the vehicle. When disposing of a vehicle you must pay any unpaid automobile taxes, and pay off any financing. You must clear your name at the city or district office within 1 month of disposing of the vehicle.

Taxes and Insurance

The same laws that apply to Korean nationals apply to foreign residents. The amount of tax depends on engine size, the number of passenger seats, and other features. The notice you receive from the district office can be paid at a local financial institution, and you will receive a 10% discount if you pay the whole year’s taxes at once. If you do not pay the tax, late charges will be added to the bill. Further payment delays will result in the removal of your license plate, and ultimately your vehicle will be impounded. You may qualify for an automobile insurance discount if you provide a driving record from your home country. There are two different kinds of car insurance: basic mandatory coverage and optional additional coverage.