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The average price of used vehicles is close to 20,000 euros

Communities such as Asturias, Catalonia, the Basque Country, Madrid, Valencia and Andalusia exceed the 20,000 euro barrier for used vehicles.

The average price of used vehicles has risen by 8.6% in October and is close to 20,000 euros (19,992 euros, specifically), according to the data of the monthly barometer from Coches.net.

The report reveals that the average price of used vehicles has never before been so close to the 20,000 euros barrier, however, its year-on-year growth is the lowest in the last seventeen months and the first single-digit increase since May 2021, when it rose by 8.1%. “This slowdown in growth could be a change in trend and indicates that the average offer price of used vehicles may be peaking. Far behind is the highest year-on-year growth, which occurred almost a year ago in December and reached 19.9%,” the report assesses.

Asturias registers the highest price for used vehicles

Asturias, with an average price of 21,316 euros,is once again the region of Spain with the highest average used vehicle offer price, leading the ranking as it did last August (21,010 euros) and September (21,364 euros). In fact, it is the first and only autonomous community in which the average price of second-hand cars has exceeded 21,000 euros, the report points out.

After Asturias, the next autonomous communities with the highest prices are Catalunya, with 20,450 euros (5.3% year-on-year), Basque Country (20,438 euros; 11.6%), Valencia (20,305 euros; 9.6%) and Madrid (20,162 euros; 6%). They are followed by Andalucía, with 20,088 euros (10.2% year-on-year), Galicia (19,949 euros; 8.2%), Castilla y León (19,767 euros; 11.7%), Navarra (19,568 euros; 6.2%), Aragón (19,404 euros; 14.6%), Canarias (19,390 euros; 7.6%), Murcia (19,382 euros; 7.3%), Cantabria (19,179 euros; 20.3%) and La Rioja (18,852 euros; 15.4%).

Meanwhile, the autonomous communities with the lowest average prices were Baleares, with 18,776 euros (11.5% year-on-year), Castilla-La Mancha (18,856 euros; 13.5%) and Extremadura, where it stood at 16,777 euros and experienced an increase of 5.9% compared to October 2021.

By age, the average offer price with the highest growth in October compared to the same month last year was the segment of vehicles between six and 10 years old (14.4%), standing at 17,681 euros. Cars less than one year old increased by 5.1% year-on-year and reached an average price of 37,876 euros, while those between one and three increased their price by 9.5% (28,468 euros) and those between four and five rose by 8.6% (22,674 euros).

Depending on fuel type, the average price of used electric and hybrid vehicles stood at 34,239 euros, which is almost double the diesel, at 18,701 euros. Battery-powered vehicles have increased their average annual price by 19.7% compared to much more moderate growth in diesel (8.5%) and gasoline (6.3%). The gasoline-powered car, on the other hand, costs on average 20,017 euros, adds the report.

Sales fall by 1.4%

In October, 173,483 used cars were sold according to Ideauto data, which represents a year-on-year fall of 1.4%. These data contrast with the slight recovery in sales of new vehicles which, with a total of 65,966 units registered, have grown by 11.7% compared to October 2021, although in the accumulated period from January to October they have also recorded a 6% drop compared to the same months in 2021.

“Despite the drop in used vehicle sales, it should be noted that this has been the lowest year-on-year drop,” the platform has assessed. Although used vehicle prices are still “historically very high, it seems that little by little their increase is slowing” due to the drop in sales that have been registered “for months”, as well as a “slow” and “progressive recovery” of the “stock” of used vehicles, which translates into “a certain stabilization of the price”.

For the full article, please visit the website here.

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