As new cars have been waiting around the world for a long time and their prices have skyrocketed, many buyers are opting for used cars.

But there are not enough of them and they cost more than ever. Improvement is not in sight before 2023, writes Novosti.

Whether on plots in some secluded streets or on the internet, there is usually a large variety of used cars in Germany. Of the total number of vehicles sold in Germany, most are used. Only there are too few of them on offer.

“Currently we have less used cars than buyers. “Used cars have become a rare commodity”, says the deputy president of the Central Association of German Automobile Trade (ZDK), Thomas Pekrun, writes Deutsche Welle.

Customers have to pay more for available used cars. According to Pekrun, prices have risen from five to ten percent. There are even newer used cars that cost more than the same new cars because the delivery of new ones is currently much longer.

Martin Weiss works for DAT, an organization founded in 1931 to evaluate the true value of cars neutrally and objectively. He is surprised when he observes current trends in the industry.

“The market has gone crazy,” says Weiss, adding that used cars are more expensive than ever, “even 15 percent more.”

He mentions that in some cases the price may be even higher. First, cars with diesel engines are much more expensive than in the first years after the scandal with falsified emission values.

The price explosion was caused by a pandemic and a constant shortage of chips for car electronics. In 2020, due to the pandemic, fewer new cars were registered, so some of them are now missing in the used car market.

In addition, car rental companies are currently investing less in vehicles that will be offered for sale after a short time. The number of new car registrations declared by dealers after only one day of use has dropped.

Pekrun reports that there are simply too few cars on the market. As dealers have been waiting for a new car for a year due to the lack of chips, they are increasingly grabbing used cars. This further reduces supply.

The situation is unlikely to improve in 2022.

“We will also increase the prices of used cars in 2022,” predicts Pekrun.

Not all segments of the used car market are affected by price increases

Weiss, a car market analyst, also reckons on the gradual normalization of the market at the earliest in 2023.

Already last year, prices rose. According to DET’s calculations, the Germans set aside an average of 14,730 euros for the purchase of a used car, which is 19 percent more than in 2019.

By comparison, according to a study by the Frankfurter Allgemeine Zeitung (FAZ) newspaper, a used car in 2001 cost an average of 8,310 euros.

Not all segments of the used car market are affected by price increases.

“We do not see an increase in prices for electric cars. Here the prices of used cars are still under pressure, ‚ÄĚsays Weiss and explains that new cars in this segment have large government subsidies, and that buyers feel that they are buying outdated technology, as the manufacturers of these cars improve every year. .

The most expensive are used cars at local dealers and on virtual platforms such as “Auto1” or “wirkaufendeinauto.de”. Cheap used cars can be bought at auctions or through private advertisements.

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