The lack of supply of new vehicles due to the effects derived from the semiconductor crisis, the long waiting times to receive the vehicles and the impact of inflation have caused a transfer of consumers to the used market. So much so, that second-hand cars, also due to the scarcity of units available and the high demand, have registered an increase in prices never seen before, surpassing the rises that have occurred in the new passenger car market with an increase in almost 50% for vehicles older than 10 years, this is an average of 2,000 euro more.
According to the employers’ association of car dealers (Ganvam), the increase in the prices of used cars exceeds that registered in new cars. According to data from the National Institute of Statistics (INE), the Consumer Price Index (CPI) for new vehicles rose by 10.4% in 2022. The rise in used cars almost doubles that figure. The causes are the low supply of new products available, due to logistical problems and a shortage of microchips. This caused delays in deliveries and increased demand for used cars.
Specifically, the price of cars between 10 and 15 years old rose by nearly 32%, from 5,998 euro in 2021 to 7,900 euro in 2022, which translates into an increase of more than 2,000 euro. Although the biggest increase was registered by cars of more than 15%, which appreciated by almost 34% compared to the same period of the previous year, from 2,990 euro in 2021 to 3,990 euro this year , 1,000 euros more.
“If we compare the prices with respect to what we saw in 2019, before the coronavirus crisis, we see that used cars have increased in value by practically 33%. And again it is the older vehicles that appreciate the most. While the cost of living increased by 12% at this time, it is not uncommon for cars over 10 years old to be worth 50 or 60% more,” the employers point out.
The lack of new cars on the market due to the impact of the semiconductor crisis and logistical problems has triggered the average age of the Spanish fleet to 14 years despite the aid that the Government has launched to encourage the purchase of electric cars -excluding the rest of thermal engines-.
«If there is something that hinders the rejuvenation of the Spanish mobile fleet, it is the drop in sales of new cars. In addition, the lack of stock caused the offers of pre- owned cars to be diluted. Analysing the registered transactions, it can be seen that 20% fewer cars less than three years old have been sold in 2022 than in 2021”, explain Ganvam sources.
In addition, they point out that “if we compare them with those registered before the pandemic, they are 40% less. Of 427,508 units (20% of the total market), last year they accounted for 253,903, 13.4%. In zero kilometre cars, less than a year old, less than half are sold than three years ago.