Used Car Prices Rise by 0.8% in May, Averaging €12,906

In Spain, the used car market experienced a 0.8% increase in prices in May compared to the previous year, with the average cost reaching €12,906.

Notably, vehicles over eight years old saw a significant price surge of 3.9% during the same month. This segment of the second-hand market continues to exert a considerable influence on the overall average price, as revealed by the latest data from the National Association of Vehicle Dealers (Ancove).

In the first five months, with a total of 876,679 second-hand cars sold, the average cost stands at €12,927, compared to €12,834 during the same period last year, marking a 0.7% increase.

Of the 174,198 used cars transferred last month, 63.5% were over 8 years old, showing a further increase compared to the previous month. Specifically, the oldest cars segment set its average price at €10,304, with a 3.9% year-on-year rise.

"After several months, the price of second-hand cars is once again moderating, with increases below 1%, both for the month and the year-to-date. The price slowdown is explained, according to Ancove, by the sharp declines in sales over the last two months (12.5% in April and nearly 6% in May), which is a source of concern for dealers operating in the second-hand market," stated Ancove President Eric Iglesias.

By region, almost all areas recorded price increases for older cars (over eight years old) except in La Rioja and the Region of Murcia, the only places in Spain where prices fell by 2.4% and 1%, respectively, in May. The average prices in these regions were €9,950 in La Rioja and €9,274 in Murcia.

On the other hand, the Chartered Community of Navarre saw the highest increase in used car prices in May, with an 11.2% rise and a cost of €10,424.

However, the lowest prices in May were found in the Canary Islands, with an average cost of €9,112 (+7% year-on-year), ahead of Murcia and the Balearic Islands, with a price of €9,369 (+3.9%).

The highest prices for second-hand vehicles over eight years old in May were found in the Community of Madrid, with an average price of €12,000 (+2.9% year-on-year); followed by the Basque Country with an average value of €10,859 (+8.9%), and thirdly Castilla-La Mancha with an average cost of €10,426 (up 4.6%).