Second-hand car prices fall in Spain as stock rises

Used car sales are double those of new vehicles while many people are delaying buying a new car due to inflation pressures

SUR

Malaga

Friday, 21 April 2023 | Updated 22/04/2023 07:55h.

The second-hand car market in Spain is experiencing a new phenomenon, "stockflation", that is a notable increase in the number of units available in dealerships due to the delay in the decision of many to buy a car because of inflation. Currently, the used cars available on offer have increased by 14% more than half a year ago, according to Autoscout24 based on data from Autobiz.

Everything suggests that this phenomenon of "stockflation" will continue to play a leading role in the used car market in our country during 2023.

According to the national statistics institute (INE), Spain closed 2022 with an average inflation rate of 8.4%, the highest percentage recorded in 36 years. And for 2023, the macroeconomic forecasts made by the Bank of Spain point to a 3.7% increase, so rising prices will continue to put pressure on household budgets.

"Deflating the balloon"

For AutoScout24, the key to "deflating the balloon" is for used car prices to come down, in fact there is scope to reduce them by 20% without reducing profitability for the seller. In this sense, the market is already showing signs of progressively lowering prices.

Currently, on average, buying a used combustion engine is 1% cheaper than in November, when prices peaked. However, the amount to be paid is still above 21,000 euros in the case of diesel and petrol used vehicles, when in 2021 they were below 19,000 euros.

Porsche on the podium

Against this backdrop, the availability of vehicles on the used car market is growing and so far this year Dacia is the brand that has increased the most number of units available. The Renault Group brand increased its stock by 173.3% in just one month – February versus January – according to data from Autoscout24, Sumauto's specialist used car portal, after analysing a sample of 36,000 used vehicles.

Also on the podium is Porsche, which recorded an increase of 98% among its cars available on the market; followed by Peugeot in third place, with an increase of 83.1%. Moving further up among the brands are Renault (+26.3%), Jeep (+24.2%), Audi (+22.6%), MINI (+19.3%), Abarth (+18.1%), Ford (+10.9%) and Fiat (+8.2%).

However, not all brands are seeing their stock increase: Jaguar and Land Rover have seen falls of around 50% in both cases. Also notable are the declines of Hyundai (-46.7%) and Volkswagen (-41.2%).

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