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For every new car sold, two used cars are sold F. P.
New Car Prices Have Risen Almost Twice as Much as the CPI Since 2019

New Car Prices Have Risen Almost Twice as Much as the CPI Since 2019

J. Bacorelle

Sábado, 4 de enero 2025, 20:00

New car prices have risen almost twice as much as the Consumer Price Index (CPI) since 2019 and nearly four times more than wages. Specifically, the average price of new cars in the accumulated 2024 (up to October) is 26,021 euros, representing an increase of 7,081 euros since 2019, a 37.4% rise, compared to the CPI growth of 20.4%.

According to Autoscout24, the specialist portal in second-hand vehicles Sumauto, based on data from the Tax Agency and the National Institute of Statistics (INE), the average price of new vehicles has increased nearly four times more than the average salary in Spain. Specifically, the average salary has increased by 10.4%, reaching 30,237 euros.

The portal aims to demonstrate with these data the loss of purchasing power of Spaniards, exacerbated by the increase in other household budget items, as important as the shopping basket or the mortgage.

In contrast, Sumauto points out that the average price of used vehicles (VO) in Spain has remained stable during this period, with a slight decrease of 0.94% to 12,365 euros. Thus, the gap with new vehicles is larger, growing to almost 14,000 euros. "It is not surprising that for every new car, two used cars are sold," the portal states.

On the other hand, the platform argues that this increase in new vehicle prices is due to a combination of several factors, such as the chip shortage crisis, the rise in raw material costs, higher manufacturing costs to comply with increasingly strict European environmental and safety standards, and several international geopolitical conflicts.

"Additionally, manufacturers have stopped producing small and practical cars (and therefore cheaper), in favor of increasingly larger and technologically advanced models," the company notes.

According to Sumauto, it is expected that this price increase will continue to accelerate with the entry into force in 2025 of the "strict and controversial" CO2 emissions reduction regulation 'CAFE'.

The new regulation requires manufacturers selling cars in Europe to reduce the average level of their models from the current limit of 115.1 g/km of CO2 to the new limit of 93.6 g/km.

Sumauto refers to "the vast majority" of car manufacturers having to face million-euro fines for not meeting the new limits, which could lead to further increases in new car prices to offset the losses generated by paying the penalties.

In this regard, the platform explains that the only way to avoid this extra increase would be a rise in electric vehicle sales, meaning "the current paradox is that a new combustion car will be cheaper the more electrified vehicles (pure electric and plug-in hybrids) are registered." However, Sumauto points out that sales of the latter are at 109,985 units from January to November 2024, 2.8% less than the same period in 2023.

"Currently, the closest thing to electrification gaining ground among Spanish drivers is the hybrid, but the non-plug-in one, which with a total of 490,234 registrations already reaches a market share of 54%, but this market dynamic does not help to weather the 'CAFE'," the portal explains.

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todoalicante New Car Prices Have Risen Almost Twice as Much as the CPI Since 2019