Used car prices have increased by 43.7%!

New car supply difficulties have boosted the used car market, with prices soaring since 2020.

You’ve probably noticed when entering a car dealership that your dream model requires patience, or even a lot of patience, to finally be in your garage. As explained to us this morning by the press officer of a major Japanese brand, the shortage of semiconductors and parts from China, as well as logistical issues and staffing shortages, are likely to make 2023 a very challenging year regarding delivery times.

That is why many customers are turning to the used car market, whether for recent models or older ones, to meet their immediate needs. However, this sudden and significant demand since the COVID-19 crisis has caused used car prices to skyrocket. Used models are also becoming scarcer, and some unscrupulous owners or professionals are taking advantage to increase their prices. According to La Centrale, on average, buyers had to spend at least 5,000 euros more in 2022 to purchase a car less than 8 years old compared to 2020.

A Slightly Improving Situation

According to our colleagues at Le Figaro, whose article dated January 25, 2023, is based on a report from La Centrale, the used car specialist, prices have skyrocketed by 43.7% since early 2020.

While some buyers have had to cope with this increase, La Centrale notes an improvement in the situation. During the last quarter of 2022, the median price of a used car was set at €22,890, representing a more moderate increase of 19% compared to 2021. Nonetheless, this remains very high, especially considering that wages have not seen a comparable rise over such a short period!

Read also: Guide: Buying a Used Renault ZOE