It is well known that the chip shortage does strange things to the car market. People don’t feel like waiting months for a new car, and prefer to get a used model from the used car dealer around the corner. Prices for used cars are rising to record highs due to increased demand, but it is striking that the prices of older cars are rising the fastest. If you still want to sell your current car to buy a newer one, this could be the time.
Automotive Online delved into the figures of the Autodata Occasion Index (AOX). Since the index was created in 2011, used car prices have never been higher. What is remarkable is that the prices of older cars are rising the fastest. The index for cars from 0 to 4 years was 92.61 last year. Now the figure stands at 99.60 – about as high as in 2011. The index from 4 to 8 years grew by 10 points in one year to 118.2. The cars from 8 to 12 years are now at 136.11, where it was 123.65 a year ago.
Diesels are also rising fast
According to the index, the value of gas-powered cars is the highest compared to 2011 with 123.87 points. The hardest riser of the past year is remarkably enough the diesel, which goes from 90.89 points to 104.66 points. According to Autoscout24, the average price of a used car is now no longer 20,234 euros, but 20,467 euros.
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