Older cars drive up Spain's used vehicle prices
Second hand car prices reached an all-time high across Spain in July
Most people new to car shopping get a bit of a shock when they step foot on a Spanish forecourt and see the extortionate price second hand bangers are going for, but believe it or not, used vehicles are becoming even more expensive month by month.
The average asking price for a pre-owned car reached an all-time high of €17,795 in July, according to Coches.net. That’s an 8.7% jump compared to a year ago and the biggest rise in the past 30 months. Prices also went up 1.5% compared to June, ending nine straight months of small declines.
Petrol and diesel models continue to dominate the used car market. Petrol cars now average €17,220, up 8.3% on last July. Diesel models come in at €14,095, which is 5.5% higher than a year ago.
On the other hand and despite a big push from the government, electric and hybrid cars are losing ground, with average prices falling 6.4% to €30,553.
Older cars are seeing some of the sharpest price rises. Vehicles more than 20 years old are up 15% to €5,905. Cars aged 16 to 20 years have climbed 12.3% and those between 11 and 15 years old are up 9.5%.
In contrast, almost-new cars are one of the few areas where buyers might find a deal. Vehicles under a year old are down 7.5% to €36,889. Cars aged 1 to 3 years are up 1.4% and those between 4 and 5 years old have risen 3.4%.
Prices have increased in nearly every region of Spain but the size of the rise varies. Navarra leads with a 20% increase, followed by the Canary Islands with 15.5% and La Rioja with 14.7%.
Asturias, Extremadura and the Region of Murcia have all recorded rises above 10%.
The Basque Country remains the most expensive place to buy a used car with an average of €19,529, closely followed by Catalonia at €19,422 and Madrid at €19,331.
La Rioja is the cheapest at €16,082, just ahead of the Canary Islands at €16,088 and Extremadura at €15,559. The gap between the most and least expensive regions can be as much as €4,000.
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Image: Freepik
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