Used car prices will continue to rise in 2022

Used car prices will continue to rise in 2022
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As a fan of classic cars, you will not have missed it: the prices of second-hand cars will remain high in 2022. According to estimates from sales platform AutoScout24, a used car is now 20 percent more expensive than a year ago. According to the car site, which is active in 18 countries, prices for used cars are rising nowhere in Europe as fast as in the Netherlands. It CBS it amounts to a – still substantial – increase of 11,5 percent. The price increase has various causes and has consequences for anyone looking for a used car. 

Causes of rising demand for used cars

The rising demand for used cars started in 2020. During the corona period, many suppliers' factories were shut down in China, causing car manufacturers to face a shortage of parts. At the same time, many consumers chose their own car over public transport because of the pandemic. So while the supply of new cars was shrinking, demand was growing. As a result, the used car became an attractive alternative and the demand for it also increased. However, because fewer new cars were sold, the supply of 'new' second-hand cars also stagnated. As a result, consumers started looking for a used car that did fall within their budget, and the price increase was felt throughout the entire market - from almost new models to youngtimers and vintage cars

Changes in the car market

In 2022 there are still supply problems and there is mainly a shortage of computer chips. The war in Ukraine is also making itself felt. As a result, the shortage of new cars persists. In addition, the car market is changing. Compact cars such as the Toyota Aygo and Suzuki Alto are slowly disappearing: Opel, Citroën, Peugeot, Renault and Ford are no longer represented in this class. The result is that there are fewer new cars with a relatively low starting price, which means that people are more likely to opt for a more luxurious or larger second-hand car. The rise of electric cars has also changed the used car market. Many people opt for a second-hand petrol car to bridge the step to an electric car, or opt for a second-hand electric car because new EVs are still relatively expensive. 

The consequences of rising prices

As a result of the rising prices, it is less attractive for many people to buy a used car. According to a spokesman for the trade association BOVAG, the price of a car with the head off is already close to a car without kilometers on the counter. As a result, people continue to drive longer in their current car and postpone the purchase of a new one for a while. Buying a new car is suddenly an option for many people.   

Sell ​​your own car

One of the advantages of the high second-hand price is that you can sell your own car well. Whether it concerns a young used car or a real classic: if you sell your current car, you can expect a good price. In most cases, selling it yourself is also cheaper than trading it in. How much you end up with depends on the car you buy back for it. You will also have to dig into your pockets for another used car. If you can't manage it financially, you can also get one personal loan close to a car. You then pay a fixed monthly amount and know exactly where you stand. You can borrow money for both the purchase of a new and a used car.

Automobilia 2022 (copy)

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