Offer of used cars is record-low, but prices have increased

Market suffers from delayed supplies of new vehicles.

Illustrative stock photoIllustrative stock photo (Source: TASR)

The offer of used cars in Europe has been at their lowest in the last five years. As a result, prices have been pushed up.

The prices of used cars rose by some 5-6 percent on average, according to an analysis of the Carvago online market. The increase in the price of popular car models was even higher, at 13 percent.

The current situation is mostly impacted by the long delays in the supplies of new cars to customers. This is mostly due to the temporary suspension in the production of chips and other important components, the SITA newswire reported.

Flooded cars from Germany, Belgium and Netherlands may endanger Slovak market Read more 

Shortage of new cars impacts interest

As delays in some cases are as long as a year, some car sellers stopped offering discounts on new vehicles.

At the same time, some producers are cancelling ordered cars, and telling the customers to choose older car models for which there are still components, according to Carvago.

“Given that the market will keep battling the shortage of cars and that the main factors for changes in the automotive industry are impacting end customers with a significant delay, the situation in the Slovak used cars market will not improve next year,” said Jakub Šulta from Carvago, as quoted by SITA.

Electric cars not quite in fashion yet in Slovakia Read more 

Stock vehicles are usually purchased the very next day, and sometimes even 10 customers wait for one vehicle, he added.

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