Used cars are becoming cheaper

Used cars are becoming cheaper

According to the current AutoScout24 used car price index AGPI, a new used car can currently be purchased for an average of 27,679 euros, which is 846 euros cheaper than at the beginning of the year. Electric vehicles were offered 4.9 percent cheaper in the same period. “We are observing a sustained and encouraging consolidation of the used car market in Austria, not only in terms of supply but also in terms of prices,” says Nikolaus Menches, Country Manager of AutoScout24 in Austria.

The biggest price decline of 3 percent to 24,316 euros is for vans and minibuses, with a decrease of 770 euros since the beginning of the year, and for the compact class to 19,826 euros, which corresponds to 683 euros less. Mid-range cars (24,480 euros) and SUVs/off-road vehicles (35,468 euros) were also 2 percent cheaper. The increasingly popular electric cars cost 40,567 euros and have become an average of 2,078 euros or 4.9 percent more affordable compared to January. The prices for diesel vehicles fell by 3.5 percent to 25,377 euros.

However, the long-term analysis shows the significant price increases in recent years in all vehicle segments, especially for older models: While in March 2019 you had to spend an average of 6,312 euros for a 10 to 20 year old car, it is now 11,628 euros or 84 percent more. For 5 to 10 year old vehicles there is a surcharge of 8,881 euros or 63 percent, while for 1 year olds the increase is less than a third at 31 percent. For cars that are more than 20 years old, the so-called classic cars, you have to pay 55 percent more than you did 5 years ago. Only classic cars are excluded from the price rally, with an increase of 8 percent (28,762 euros). "The past few years, which have been characterized by crises, uncertainty and increased costs in many areas, have increasingly led to older and therefore cheaper used cars being purchased. This in turn has led to above-average price increases for older vehicles. However, this year we expect a sustained consolidation of prices across all vehicle and age segments," says Nikolaus Menches optimistically.