The average price of used passenger cars has grown by 1.5% year-on-year in November and has reached 12,949 euros, an increase equal to that of the month of October and which is somewhat above the annual average, according to the data collected. by the National Association of Vehicle Dealers (Ancove).
So far this year, this increase in second-hand cars has been 1% compared to the same period of the previous year and in monthly terms the price has remained similar with a minimum decrease of 0.04%, about nine euros.
Those vehicles older than eight years reach an average price of 10,106 euros, after analyzing the price of the 113,157 cars transferred in the month, which means that November is the third consecutive month that exceeds the 10,000 euro barrier and It represents a year-on-year increase of 4.5%.
Regarding the total number of sales of second-hand passenger cars sold in November, the percentage of these vehicles that are over eight years old is almost 60%. By community, prices rise in all regions with the exception of Asturias, where they are reduced by 1.6% compared to November 2023; Cantabria and Extremadura (-1.8%) and the Foral Community (-0.2%); while the greatest increases have occurred in the Balearic Islands (+6.7%) and Euskadi (+3.9%).
Only in Asturias has the price of units over eight years old fallen and the greatest increases, on the other hand, have been recorded in both archipelagos.
«The second-hand market continues with the trend of replacing older passenger cars with more modern units, which is good news due to the benefit for road safety and the environment. Although very slowly, since 6 out of every 10 passenger cars sold in November are over 8 years old,” declared the president of Ancove, Eric Iglesias.
Six out of ten users plan to purchase a vehicle in the next 12 months, with a clear preference for used cars between 1 and 5 years old and Km0. However, not all buyers are ready to take the step, with lack of need and financial limitations being the main obstacles. This is reflected in the study of “Young Used Vehicle Purchasing Habits 2024” within the framework of the VIII Used Vehicle Observatory organized by Faconauto.
In this context, leasing is gaining popularity as an alternative solution, where “more than half of users would consider a monthly payment model, especially in new vehicles.”
Interest in electric cars remains limited, with only 20% of users considering this option, two points less than in 2023.
According to Bruno Brito, CEO of Ideauto, “during periods of declining VN sales, the age of used vehicles increases significantly.” Likewise, the “number of transactions per sale decreases as seniority increases.”
The expert highlighted during the VIII Used Vehicle Observatory, organized by Faconauto and the AMDA, that the VO market is in a moment of transformation, conditioned by the dynamics of the MV and economic trends. As Bruno Brito highlighted, although the VO continues to show resilience, the aging of the park and regional disparities present significant challenges.
For Marcel Blanes, head of institutional relations at cars.net, the profile of the average VO buyer is about 38 years old and maintains a strong connection with the automobile as the main means of transportation. “They are going to continue wanting to have their own car and getting around in it,” explained Blanes. From his perspective, the supply of used vehicles continues to grow, while demand remains solid, although marked by economic factors: “User demand is still there, they have their preferences, but they usually look for an older vehicle as it is more economical.” ». However, the market has also recorded an increase in demand for young vehicles, “especially those less than five years old, driven by self-registration and interest in more modern cars.”
Interest in electric cars remains limited, with only 20% of users considering this option, two points less than in 2023. Autonomy is a key factor, since more than half of those surveyed demand a capacity greater than 600 kilometers.
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