The price of used cars will skyrocket in 15 years

Online demand for used cars is growing, but slowing

Car prices continue to rise, with an increase led by older cars over 15 years old, pushing their price up 36% in the first half of the year compared to what was paid for them a year ago.

If we take the second-hand market as a whole, used cars have become more expensive by 17% over that period. According to the Tax Authorities, the average price of the registered vehicle in the first half of 2022 was 21,862 euros, 7.7% more than a year ago (20,304 euros). The lack of supply due to the lack of components is also noticeable in new cars, but without as much extra cost as in the second-hand market.

The Volkswagen Golf remains the best-selling model on the second-hand market in Spain. It makes sense to see its historic sales figures, which are common among the cars that complete the podium, the Seat Ibiza and the Seat León. It is also the most requested model on the internet, followed in this case by the Citroën Berlingo and the Citroën C4.

There are two notable details in the Top 10 Best Selling Models. On the one hand, the Golf is the only model on the list to increase its sales in the first half of 2022 (31,870 units) compared to the same period of the previous year, a detail that gives it a greater weight in total sales. which reached 3.5%, according to the Quarterly Barometer of the National Association of Vehicle, Repair and Spare Parts Sellers Ganvam and Coches.com.

Given the lack of supply of new cars in recent times and the doubts about choosing between different drive systems, drivers are turning to the second-hand market to solve their mobility needs. Of course, six out of ten Spaniards who bought a used car in the first half of the year opted for a car more than ten years old. And nearly four (38.1%) for those over 15.

In addition to the emergence of the oldest car on the second-hand market, a notable fact is the decline in sales of cars from 1-3 years old. The lower production during the pandemic is noticeable now that the industry has stopped.

Sales of used cars under one year old are also declining compared to the first half of last year. If we compare it to 2020, the decline is -27.4%, indicating that auto production has not yet recovered.

In the first half, 916,438 used cars were sold, representing 407,757 new vehicles, which is a ratio of 2.25 used cars for every new registered car. New car sales fell -10.7% in the first half of 2022 compared to a year ago. Used vehicle sales are resisting better as they fell by less than half, -4.1% over the same period.

According to Ganvam’s Corporate Director, Jaime Barea, “Vehicle imports allow to moderate the decline in the second-hand market, which is suffering from the lack of supply of young vehicles due mainly to the lack of stock to supply the fleets. The weight of models older than 15 years on the market is now more than 38%, seven points more than last year at the moment, doing a disservice to the renewal of the park and the decarbonisation targets».

Source: La Verdad

Ida

I am Ida Scott, a journalist and content author with a passion for uncovering the truth. I have been writing professionally for Today Times Live since 2020 and specialize in political news. My career began when I was just 17; I had already developed a knack for research and an eye for detail which made me stand out from my peers.