Strong slowdown in the race to increase the prices of used cars that had characterized 2022. After the average increases of 10-16% – depending on their seniority – recorded last year, the first quarter of 2023 saw increases limited to a range between 1.8 and 3.8%.
This was revealed by Quattroruote Professional, the business unit of Editoriale Domus which updates and processes the quotations on a monthly basis which are then used by insurance companies and by all those working in the sector in comparison with the real market.
“The increase in 2022 was between 10 and 16%, with the first value referring to used vehicles aged six months and the last to those with ten years of service, which is the most requested in negotiations between private individuals – yes law on the new issue of Quattroruote – In terms of engines, the prices of recent diesel cars have recorded a higher growth than petrol ones, with peaks for three-year plug-in diesels reaching 18.4%. The revaluation (+19.8%) of ten-year-old petrol cars is also high”.
“This trend has already come to a sudden halt in the first quarter of this year, during which increases in prices fell to values between 1.8 and 3.8%, the latter percentage again for cars ten-year contracts, which continue to be in great demand, almost canceling out in April compared to the previous month”.
The second-hand market bubble has therefore stopped inflating. “Even if it is premature to hypothesize a generalized drop in prices – concludes Quattroruote – even though it is present for some specific types of cars, the upward race has stopped almost abruptly and in a generalized manner for all segments and power supplies”.
The analysis of used car prices was published as part of an extensive article on the aging of the vehicle fleet, focusing on an important and increasingly frequent side effect: the high cost of repairs. of vehicles, in fact, it may happen that the repair bill – bodywork or mechanical parts – far exceeds the residual value of the car.
“This forces the owner to scrap the car even in cases of accidents without fault. This is because – explains Quattroruote – in the majority of situations involving older cars, the insurance compensation stops at the value of the damaged car and is insufficient to cover the high cost of restoring the car”.
Source: Ansa
I am an author at Global happenings and I mostly cover automobile news. In my time working in the automotive industry, I have developed a keen interest in the latest developments and trends. My writing skills have also allowed me to share my knowledge with others through articles and blog posts.
