Used car price increases by up to 24.5%

According to the latest Ganwam Barometer from Coches.com, the average price of used cars at the equator crossing in 2024 has increased by 5.5% compared to the same period last year, reaching an average of 19,995 euros, up around 1,000 a year ago.

However, this increase does not reveal the reality of the Spanish car fleet, namely its ageing and the fact that it actually operates on two levels: while young used cars come from rental and car rental company fleets, those over 10 years old still account for more than half of transactions and involve changes of ownership between individual users.

These are also the age groups where prices have soared the most. Since the models have the most affordable prices, the difference is more noticeable. On the other hand, buyers sought out these options because they were excluded from younger cars by price.

Thus, cars aged 10 to 15 years sold for an average of 9,599 euros, up 11.5% from 2023. Cars over 15 years old sold for 5,700 euros, a difference of 24.5%. This last segment, in fact, accounted for four out of every ten transactions that took place in the first half of the year.

Representatives of the dealer association Ganvam, co-author of the price report, said in a statement: “The rise in prices for cars over 15 years old is striking in some places, with increases of over 40% in places such as Castilla-La Mancha, Castilla y Leon, Cantabria, Valencia and Extremadura.

In all age groups, their amounts increased more than average, with the exception of cars with zero kilometers (up to one year), which increased by 3.2%, with the average amount being 30,900 euros.

According to Coches.com CEO Gerardo Cabañas, there have been two phenomena that have contributed to the emergence of used cars: “On the one hand, the renewal of car fleets, which is expected to have the best tourist campaign in history. . On the other hand, the emergence of new models is linked to European safety regulations, which have led to more cars being registered than usual in recent months. “The more supply, the less the prices increase.”

In its turn, Fernando MiguelesGanvam CEO, said that “forecasts show that used car sales will exceed two million units in 2024, with over 850,000 units being models over 15 years old, showing the need to launch “much more effective stimulus plans.”

For the association to be successful, they must meet three prerequisites: “It must be more profitable to scrap a car than to resell it on the secondary market; Direct assistance must be provided and used models up to five years old must be included so that rejuvenation of the fleet is affordable.