- In 2023, used car prices remained broadly stable, with a slight decrease of 1.6% from January to December, according to the AUTO1 Group price index.
- At the European level, the majority of dealers (61.1%) believe that used car prices will decrease in 2024. A quarter (25.9%) of dealers believe that used car prices will remain stable, while a minority (13.0%) believe that prices will rise again.
The AUTO1 Group price index, which shows the monthly change in prices for used cars in Europe (wholesale), remained fairly stable and even showed a gradual overall decline, although it rose slightly at the end of the year, from 146.6 in November to 146 ,9 in December.
During 2023, pre-owned car prices in the EU remained broadly stable, with a slight decrease of 1.6% between January and December. Prices in December were still 25% higher than in December 2019, before the COVID-19 pandemic.
According to AUTO1ʼs latest survey of European dealer partners, 7.6% of business executives see the current price level as very positive for their business, while 38.0% of dealers say that current used car prices have a negative impact on their business. 54.4% of dealers consider the current price level to be neutral for their business.
Used car dealers expect prices to drop in 2024.
Although used car prices have remained stable through 2023, as seen in the slides, only a quarter (25.9%) of respondents believe that used car prices will remain stable in 2024. A minority (13% of dealers) predict that prices will increase this year, while the majority (61.1%) of dealers surveyed expect prices to decrease in 2024. Especially German (64.8%) and Italian (72.2%) dealers are sure that this year the prices on the market will decrease. By comparison, only half of French (52.6%) and Dutch (51.9%) dealers believe prices will decrease.
"In 2024, more than 60% of our European dealer partners expect prices for cars with mileage to decrease this year. We welcome the decrease in used car prices, as this will lead to more consumers being able to afford a car. We expect a positive impact on market transactions and look forward to supporting and working with our dealer partners for a successful 2024," concluded Moritz Luke, Senior Vice President of Sales and Operations at AUTO1 Group.
