Used cars: drop in prices, especially for electric and hybrid cars

While the price of new cars rose again last year, that of used cars began to drop slightly. In the last quarter of 2023, you had to pay an average of 22,490 euros to purchase a second-hand vehicle, a decrease of 1.75% year-on-year, according to the La Centrale observatory.

Falling prices, especially for electricity

“This is the most marked quarterly decline since the pre-Covid era and since December 2019,” underlines the press release of this quarterly study prepared by one of the main sites in the second-hand market.

If we look by engine, the average price of a diesel vehicle was 22,390 euros in the fourth quarter of 2023, 19,490 euros for a gasoline model and 31,990 euros for an electric or hybrid car.

It is in this last category where La Centrale registers the largest drop in a year, with -12.81% and a drop of 4,700 euros in the average price of electrified cars compared to the end of 2022.

“This favorable evolution is explained, in particular, by the increase in the volume of advertisements for used electric vehicles available, 180% more than last year,” notes La Centrale.

A fairly stable market in 2023

Used car prices remain at a high level, which has not really favored a return to pre-Covid volumes, underlines the Autoscout24 barometer.

With 5.24 million used cars changing owners in 2023, the market has stabilized at a level equivalent to that of 2022 (-0.3%), but remains well below its 2019 level, with a 9 .3% fewer transactions.

Diesel remained the most popular engine, accounting for 50.93% of transactions, while new vehicles fell below the 10% threshold. Gasoline is in second place with 40.27%, ahead of hybrid models, 6.23% of transactions.

Electricity remains at a fairly low level: 89,105 sales, or 1.7% of the second-hand market in 2023, compared to 1.4% in 2022. Which is among the 10 best sellers (see box), far of the sales figures of the most popular used cars in gasoline and diesel.

However, record electricity sales in the new market in 2023, with the drop in prices noted by La Centrale, should contribute to an acceleration of this second-hand electricity market in 2024. Even if for the moment we run out maintenance news. or not the ecological bonus of 1,000 euros for used electric cars.

In general, the price level for used vehicles should remain at a high level, La Centrale underlines:

“Although economic difficulties related to disruptions in supply chains that affected new vehicles are no longer relevant, the decline in new vehicle orders in 2023 should continue to impact the supply of recent vehicles on the vehicle market. The opportunity in 2024.”

In the case of used electrified vehicles, on the other hand, “a very gradual price drop, in the long term”, can be expected, in particular thanks to the marketing of new, more affordable models such as the Renault R5, the Citroën ë-C3 or even the next one. Electric Fiat Panda.