Second-hand car prices are increasing in Spain

The shortage of semiconductors has pushed the price of second-hand cars up in Spain

With the end of 2021 in Spain showing a marked increase in the prices of different supplies such as electricity and fossil fuels, obviously, vehicle prices were going to be affected along the line as well.
Compared to 2020, newly manufactured vehicles, on average, have cost 3% and 2.5% more, in the case of passenger cars and motorcycles, respectively. Prices in the second-hand car market have also suffered an increase, but in a more exaggerated manner, with sales prices, on average, increasing by 11.4%.
According to data from the coches.net website, in 2020, the average sale price of a second-hand car was €15,631. In 2021, the price increased to €17,410, with the price gradually creeping up as the months went by, until ending December 2021 at an average of €19,160.
Another source, the second-hand vehicle association Ancove, showed the average price in December to be €11,912, which is 14.43% higher than the same month of 2020. Cars more than eight years old had an average cost of €9,023, with these units being much more affordable economically. The average age of the car fleet in Spain is apparently 13 years.

Sales of these vehicles, always characterised by their low prices, and immediate availability, have been boosted by the microchip crisis which has resulted in a lack of stock of newly manufactured vehicles.

This has prompted drivers to look more closely at the used market, where there has reportedly been an increase of 6.5% in searches in December last year.  In the face of increased demand, this has inevitably pushed their value up in the market.

In total, a reported 2.14 million second-hand cars were sold last year in Spain, which represents a growth of 8.56% compared to 2020. In the month of December 2021 alone, a total of 220,178 vehicles were transferred, 23.7% more than in the month of November of the same year, as reported by 20minutos.es.

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