It’s the right time to buy a used car!

The prices of used cars are beginning to slow their decline, and it is certainly time to consider a purchase.

La Centrale has published the results of its quarterly Observatory on the evolution of used vehicle prices in France for the third quarter of 2024, and while the figures show an overall declining trend, we could be reaching a low plateau.

These results show a marked decline over the year, but it’s important to temper expectations as for the first time since the pre-Covid era, the average price of used vehicles remained stable in the last quarter at 20,990 euros. This trend towards stabilization reflects a market that is regaining markers relatively similar to those seen before the pandemic. This stabilization does follow three consecutive quarters of declines. Overall, a used vehicle costs an average of 1,010 euros less in September 2024 than it did a year ago.

The depreciation of electric vehicles, on the other hand, continues to accelerate with a 4.3% decline since June 2024. Over the past year, the price of electric vehicles has dropped by 19.4%, equivalent to 5,309 euros, the largest decline across all types of engines. However, this should not be seen as a disinterest in electric cars. Part of the depreciation of electric vehicle prices can be attributed to the rapid pace of their technological evolution, which leads to a more pronounced obsolescence of these models in the used market. Additionally, there is a significant factor of “fear of the unknown.” We are only just beginning to realize that batteries and motors are reliable, and manufacturers are continually extending warranty durations. Peugeot offers up to 8 years provided the vehicle is regularly serviced within the network. Once it is accepted that a used electric car is just as appealing as a gasoline one, prices should gradually stabilize as well. There are indeed great deals to be had today on certified used vehicles.

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