Used car prices up 4.6%

The asking price for used cars rose by 4.6% in the first quarter of this year, according to new findings from DoneDeal.

By PA/TPN, in Ireland · 16 Apr 2023, 14:01 · 1 Comments

The increase has been primarily caused by increased demand with lessened supply. This increase means that the annual rate of inflation now stands at 13.2%, down from 26.6% in the same period last year.

Between December 2022 and March 2023, monthly growth in demand was significant, increasing by 21% in January and 15.5% in February.

The total price growth since the start of the pandemic was calculated at 77.5%.

Imports also increased by 6.4% to a total of 12,385 in Q1, the first annual increase since 2019. The share of used cars being imported from the UK fell to a new low of 32.7%, this is in stark contrast to Q1 of 2020, when the share of all imported used cars coming from the UK was 93.6%.

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Comments

The car prices in Portugal are already in the top 75% of the EU's due to excessive tax on new cars, a crude protectionist tactic to stop importation from outside Portugal (so much for 'the free movement of goods and services'). Even when the European Court rules against the Portuguese government the unfair taxes continue. The car trade could easily be protected by the phasing out of the excessive taxes and over two or three years the car prices could be more realistic. This would have the benefit of stimulating the new car trade, increasing stock of late model used cars and taking thousands of older, polluting vehicles off Portugal's roads. The downside for car dealers is that it will be cheaper to import a vehicle into Portugal, but that is what the EU was designed for!

By Russell Taylor from Other on 17 Apr 2023, 09:46