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The price of used cars shoots up 19%

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The price of used cars shoots up 19%

The lack of stock of new cars is causing the price of second-hand cars to have shot up 19% in the first nine months of the year.

The situation of the automobile market in Spain is delicate and the moment of inflation that we have been experiencing for several months does not contribute to this. Added to the lack of stock of new cars is the 19% rise in the price of used cars in the first nine months of this year, which places the average at 17,950 euros.

This contrasts with the 11% increase in the prices of new vehicles in the same period, which places the average at 22,739 euros. The retail market is facing a difficult situation caused by tensions in the supply chain that lead to a general lack of new cars available for sale.

The price of used cars shoots up 19%

With not enough stock to meet demand, many potential buyers turn to the second-hand market where they can find used vehicles available for purchase and immediate delivery. This increase in demand, together with greater economic uncertainty, are the main reasons for the increase in the average price of used cars in 2022.

The National Association of Sellers of Motor Vehicles, Repair and Spare Parts (Ganvam) indicates that cars over 10 years old accounted for 61.3% of the sales transactions registered until September of this year.

“This leading role of the oldest vehicles makes it difficult to achieve climate neutrality objectives, which shows that the renovation of the park must be a cornerstone in the decarbonization strategy,” says Jaime Barea, corporate director of Ganvam.

In addition to the difficulties at the level of emissions of polluting particles, the purchase of cars over 10 years old implies that vehicles with lower safety standards than the current ones continue to circulate, which implies a greater risk for road safety.

For its part, the Volkswagen Golf continues to be the best-selling second-hand car in Spain, followed by the Seat Ibiza and the Seat León.

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