According to the results of July 2024, used cars in the European Union fell in price by 0.9%. Such results are demonstrated by the price index of AUTO1 Group, which sells cars online in B2B format — that is, to car dealers. In June, this indicator was 138.2, and in July it decreased to 137.0, the company reported. Overall, the year-to-date index fell from 142.0 in January to 137.0 in July, representing a 3.5% year-to-date price decline.
If compared with last year, the prices of used cars fell by 7.6% : from 148.2 in July 2023 to 137.0 in July this year. Despite this, prices for used cars in the European Union still remain 16.1% higher than before the start of the COVID-19 pandemic. So, in July 2019, the price index was 118.0.
The highest level of prices on the market was recorded in July 2022, when many factors overlapped: the post-Covid crisis, the beginning of a full-scale war in Ukraine and the worsening of the shortage of cars due to interrupted supply chains for car factories, as well as increased demand for cars due to "zero" customs clearance in Ukraine. After the AUTO1 Group index reached a historical maximum of 171.6 two years ago, as of today, its value has decreased by 20.2%, which indicates a tendency for cars to become cheaper on the European secondary car market.
Prices in Ukraine for cars with mileage on the domestic market are also decreasing today — however, primarily due to the crisis caused by the war. On the other hand, the prices of "freshly driven" imported cars with mileage do not decrease significantly, because the "final" price consists of the cost of the car abroad, delivery, customs payments and other related costs, which have not decreased. If an additional fee of 15% of the value is introduced for the first registration of cars, the import of used cars from abroad may become economically unprofitable and significantly decrease in volume, even taking into account the decrease in prices abroad, experts of the Institute of Car Market Research note.
For reference : the AUTO1 price index shows the monthly change in prices 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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