Second-hand car boom in Spain

With electric vehicles said to be the future of sustainable motoring and car emissions under constant scrutiny, Spain’s car-buying trends paint a complex picture.

In February, data revealed by Ganvam and Faconauto shows a notable trend. For every new car purchased in Spain, two pre-owned ones were sold, with 40 per cent of used cars being over 15 years old.

This surge in second-hand car sales, which saw a 4.9 per cent increase to 161,110 units in February alone, signals a significant shift in consumer behaviour. So far, 2024 has witnessed a 10.9 per cent rise in the second-hand market, totalling 320,732 units.

Rental fleets drive growth

This spike largely stems from an uptick in sales from rental fleets. In February, these sales soared by 36.1 per cent to 14,393 units.

2024 has seen nearly a 40 per cent increase, accounting for about nine per cent of the total market. Remarkably, nearly a third of these transactions in February were for cars up to five years old, marking a seven per cent increase from the previous year.

Older vehicles surge

Yet, despite this growth in younger used vehicles, the majority of transactions still involve cars over 15 years old. These made up 40 per cent of sales at February’s end, a two per cent rise from February 2023. This trend underscores the challenges in accessing more sustainable mobility options.

The fuel dilemma

In terms of fuel type, diesel vehicles led the charge, constituting 55.9 per cent of all transactions with a 7.3 per cent increase by February.

Petrol vehicles followed with a 9.7 per cent jump, translating to 119,044 units sold so far this year. Meanwhile, electric vehicle sales, though still a small fraction of the market, have risen by 65 per cent to 2,621 units, representing 0.9 per cent of total sales. Plug-in hybrids also saw a significant increase of 56 per cent, reaching 3,878 units.

This evolving landscape suggests a growing recognition of the need for more accessible, affordable, and cleaner mobility options. Experts advocate for incentives for vehicles up to five years old to promote fleet renewal and accelerate decarbonisation, highlighting the ongoing transition within Spain’s automotive sector.