Prices for used automobiles increased 67% in September this year compared to March 2020, According to a recent survey by the second-hand sales website DoneDeal.
According to the study, the yearly rate of used automobile inflation is 21%. The price hikes reflect market turbulence after Covid-19, difficulties in obtaining used cars, and increased demand.
According to the survey, which was based on listings on DoneDeal, the rate of price inflation for lower-cost automobiles was higher than for more valued vehicles.
According to the report, the quarterly rate of inflation for cars under €6,000 in value was 6.4% compared to 3.3% for cars over €20,000.
In 2022, used car prices increased by 7.4% from January to March.
The pace of increase then fell to 3.1%, only to rise again to 3.5% in the third quarter. In contrast, the rate of inflation in 2018 and 2019 averaged just 0.8%.
The poor availability of used cars was exacerbated by demand growth from June to December last year. Demand fell from March to July this year, but then jumped 5.8% from July to September.
The study also found that when it comes cars at the lower end of the market, the higher prices obtainable means emissions targets are not a deterrence on less environmentally sustainable used models being imported.
However, it also notes that CO2 emissions from total new and used automobile imports in the first half of 2022 were 17.3% lower than in the first half of last year.
One reason for this is the increased number of new electric and hybrid automobiles on the road.
Sales of new electric vehicles have increased significantly, but this has not resulted in a large number of EVs entering the used market, with EVs accounting for only 1% of second hand sales.