The AUTO1 Group Price Index points to a small increase in used car prices in June 2024, moving from 137.9 in May to 138.2 in June, representing a moderate increase of 0.2%. Despite the monthly increase, the annual trend continues to show a decline, with used car prices falling 9.2% from June 2023 (152.2) to June this year (138.2). Since the beginning of the year, the index has changed from 142.0 in January to 138.2 in June, reflecting a decrease of 2.7%.
Used car prices are still 16.6% higher than before the COVID-19 pandemic, as measured in June 2019, when the index stood at 118.7.
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"In the first six months of 2024, there was a slight decrease in the prices of used cars. This development is in line with the expectations of our dealer partners for this year, according to an online survey we conducted of more than 5,100 dealers late last year, where the majority said they expected lower prices during 2024. It is especially interesting that diesel cars remained extremely stable in price in the first half of the year," commented Moritz Luke, Senior Vice President of Sales and Operations at AUTO1 Group.
Despite the fact that the reasons for these phenomena are different, in Ukraine there is also a decrease in prices on the car market in general, primarily on the domestic market, and, unlike the Auto1 index, not in wholesale sales. However, prices for vehicles imported from European countries also remain stable, as their decline is restrained by the "entry price" that importers pay for cars in Europe.
The AUTO1 price index shows the monthly price change for used cars in Europe. It is determined on the basis of an analysis of more than 3.6 million sales of cars with mileage across Europe. The starting point for this index is January 2015, with a base value of 100 against which all subsequent values are determined.
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