The trend is confirmed. If prices remain high, the sale prices of used cars have finally stabilized after two years of increase, the specialized site La Centrale indicates this Monday.
The price of used vehicles rose just 0.4% in the first quarter of 2023 compared to the last quarter of 2022, a slowdown compared to inflation, according to an analysis of prices displayed on the site. .
“Prices are generally stable in the first quarter of 2023, demand remains strong and supply is still contracting. Therefore, the expected change in prices remains to be confirmed,” comments Antoine Despujols, Marketing Director of La Centrale. .
Rates had skyrocketed 30% since early 2021
Market leader Leboncoin also notes that used vehicle prices “hit a ceiling” and leveled off in March for the third month in a row. The rates thus reach an average of 11,260 euros for vehicles sold by individuals and an average of 23,300 euros for vehicles sold by professionals.
Rates had shot up 30% since the beginning of 2021, with a drop in offers on the market, due to a lack of new cars in sufficient numbers, and demand still strong, the site said in late March.
After two years in slow motion due to a shortage of electronic chips, car factories have almost picked up pace and “newer vehicles are on the market,” says Antoine Despujols, La Centrale’s marketing director. “Today, we are stabilizing at a relatively high plateau.”
In detail, the fall mainly affects older vehicles, which represent the majority of the market: the average price of vehicles over 15 years old falls slightly by 1.3% and that of vehicles from 8 to 15 years old falls 3.8%.
But the situation remains tense in the latest vehicles, highly sought after by consumers. The price of the most recent used vehicles (0-2 years) has risen again at the beginning of the year: +2% compared to the end of 2022. The average price of a recent car is thus close to the bar of 30,000 euros: 29,567 euros precisely.
records drop
Electric and hybrid vehicles registered the largest drop (-4.8% in three months), after reaching peaks in 2022.
Used car buyers have largely chosen a vehicle that is older than expected, or with more miles, without changing their budget, analyzes Antoine Despujols. Others may have spent more than expected. On the sidelines, some were able to postpone their purchase.
A possible continuation of this fall would be very “gradual”, extending over several quarters, warns the La Centrale expert.
“The limit of what the French are willing to pay for a used car seems to have been reached: this largely explains the fall in prices for 3 months,” said Olivier Flavier, vice president of mobility at The good corner.
Regarding registrations, they present a downward trend since the beginning of the year. Auto Scout24 observed a decrease of 4.5% in March to 488,000 registrations compared to 511,000 the previous month.
“While the numbers are slightly better than the first two months of the year, the used vehicle market remains at significantly lower levels than in 2022. Compared to the pre-covid period, the drop is – 3.9% compared to March 2019”, says the specialist.
Source: BFM TV
