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Used car prices continue to rise
The prices for Austrian used cars continued to rise in January. With an average of 25,512 euros, they are up another 600 euros compared to December. Compared to January 2021, car buyers have to pay an average of 18 percent more for used cars.
Used car prices continue to rise
The trend in used car prices continues towards a new all-time high at the beginning of 2022. Car buyers currently have to expect an average of around 25,512 euros for a new used car. That is 2.4 percent or 600 euros more than in December, as shown by the current AutoScout24 used car price index (AGPI).
Looking at the previous year, the development becomes even clearer: the average price a year ago was 21,644 euros, meaning used car prices have risen by almost 18 percent compared to January 2021. The upper class and upper middle class in particular are increasing in price. “Unfortunately, there is currently no end to the price rally in sight, as the semiconductor problems will persist for a longer period of time and the demand for used cars continues to increase, but the supply is likely to decline even further,” says André Eckert, country manager at AutoScout24 in Austria.
Vans are booming
Demand for vans and minibuses as well as small cars increased by up to 49 percent in January. SUVs are also very popular, being searched for 41 percent more often, as are year-old cars (+43 percent) and 10 to 20-year-old cars (+48 percent). The prices for used cars are rising the most within the luxury and upper mid-range vehicle segments. The upper class increased by 4.9 percent to an average of 56,290 euros, while upper middle class cars increased in price by 4.2 percent to 29,088 euros. The average small car is currently 14,582 euros, the price increased again by 2.1 percent in January. Off-road vehicles and SUVs (average price: 32,457 euros) as well as vans and minibuses (21,311 euros) also increased in price by up to 2.3 percent compared to the previous month.
When looking at the price development in the age segments, there are also signs of price increases. In January, consumers had to dig deeper into their pockets for cars that are between 5 and 10 years old: prices in this middle age category rose by 2.1 percent to 19,388 euros. Cars between 10 and 20 years old (9,409 euros) also became 2.2 percent more expensive. The biggest price increase in the age segments was recorded for classic cars (26,234 euros) with an increase of 3.9 percent and youngtimers (8,635 euros) with an increase of 2.8 percent.