Price rally for used cars

Price rally for used cars

Used car prices have developed steadily in January 2024 and are currently at an average of 28,527 euros, as the current AutoScout24 used car price index (AGPI) shows. However, a longer-term view by vehicle class shows large price increases since 2020 between around 4,900 and 22,800 euros. In percentage terms, small cars have become the most expensive in recent years and are currently 46 percent higher than the 2020 price level. "The limited supply has led to massive price increases in the past. There is now a significant easing on the supply side and car buyers can choose freely again. However, when it comes to used car prices, prices are only leveling off at a high level," says Nikolaus Menches, Country Manager of AutoScout24 in Austria.

Prices for small cars, vans and minibuses have risen the most in percentage terms since 2020. With a price increase of 46 percent, small cars currently cost an average of 15,573 euros (2020: 10,659 euros), vans and minibuses cost 44 percent or 7,690 euros more. Those interested currently have to spend an average of 25,086 euros. The upper class also recorded high price increases of 41 percent or 18,906 euros, which is currently at 64,857 euros (2020: 45,951 euros). The used car index shows the lowest price increase at 7,883 euros or an increase of 28 percent for SUVs and off-road vehicles with a price of 36,177 euros (2020: 28,294).

Even if the supply of used cars has stabilized sustainably in 2023, there are still fluctuations. In January, the offer decreased in all vehicle segments as well as in all age groups compared to the previous month. Demand, however, increased sharply after the quiet December. Vehicles from the compact class (+21 percent), SUVs/off-road vehicles as well as vans/minibuses (+15 percent) and sports cars (+41 percent) are particularly sought after. AutoScout24 is also seeing increased demand in Austria for annual cars (+42 percent) and hybrid vehicles (+45 percent).