NEWS

Used car shortages restrict European sales – 2022 will see used prices remain at record levels

Written by Autorola in category 
January 28, 2022



All 13 countries featured in our INDICATA Market Watch insights report recorded major used car stock shortages as they entered January 2022.

These ranged from 6% in France to 26.2% in Germany while Italy and the UK fell by 24.4% and 10.3% respectively.

Our INDICATA team expects record prices will remain across Europe during 2022 based on consumers buying used cars in preference to new cars which are restricted by the global semiconductor shortage.

During 2021 prices rose to record levels across Europe with double digit increases in the UK (32.6%), Poland (20.9%), Spain (19.9%) and Germany (15.2%).

Despite these high prices Europe’s online B2C used car sales were 9.0% higher than 2020 and 7.4% above 2019 levels which reinforces demand is very high and continues to exceed supply.

In December six countries experienced year-on-year sales growth. This was despite low used car stock levels, high prices and a seasonal market slowdown, Seven countries meanwhile reported a fall in sales including Germany.

“The market continues to operate at a new normal where demand and prices are high and stock levels are low,” explained Andy Shields, INDICATA Europe’s business unit director.

“Fleet volumes will not increase as companies extend their contracts in the absence of new cars being available while rental companies are buying rather than selling used cars.

“Dealer part exchanges are limited so dealers have to work harder to source the right cars and sell them quickly as they are paying more than 30% higher prices for cars than 12 months ago,” he added.

Used diesel continued to sell fast in December at 6.5x with used petrols also selling fast with a stock turn of 5.5x. Used BEVs are now consistently selling as quickly as other powertrains at 5.4x and in Denmark and The Netherlands were the fastest-selling fuel type.

Remarkably the Volkswagen Golf retained its position as Europe’s top-selling used car up to four years old followed by the Renault Clio and Volkswagen Polo. The Renault Zoe was the top-selling BEV followed by the Audi e-Tron and BMW i3 while Toyota took a clean sweep in the hybrid category with the C-HR, Yaris and Corolla.

For a full copy of our 13-country 34-page report go to www.indicata.com/corona.


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