All-time high for used car prices

All-time high for used car prices

Since the beginning of the year, the curve for used car prices has only known one direction: upwards. Prices rose significantly again in October, as shown by the current AutoScout24 used car price index (AGPI). Compared to September, the costs for used vehicles have risen again by around 500 euros. Small cars and older models between five and 20 years in particular are increasing in price. Looking at the previous year, the development becomes even clearer: an average of 24,488 euros will be due for a used vehicle in October 2021 - almost 4,000 euros more than in October 2020. The prices for used cars are rising to a new high.

Chip shortage sends greetings

“Even though prices for used cars regularly rise in the fall, the current development cannot be explained by seasonal effects alone,” says André Eckert, Country Manager at AutoScout24 in Austria. "New cars cannot be delivered due to the lack of chips and purchases are being postponed and are partially sweeping the used car market empty. The shortage of new cars is also driving up demand for used cars." According to the AutoScou24 expert, it is not expected that the situation will ease soon: "Although the peak in used car prices may be reached in the winter, the importance of individual mobility has increased significantly due to the corona pandemic. It therefore seems rather unlikely that the rapid price increase will be followed by a similar decline."