If the increase seems to stop, the prices remain very high. For the most recent cars, prices flirt with the bar of 30,000 euros.
The trend conforms. If they remain at high prices, the selling prices of used cars have finally stabilized after two years of increase, indicates this Monday the specialized site La Centrale.
The price of used vehicles increased by only 0.4% in the first quarter of 2023 compared to the last quarter of 2022, a slowdown compared to inflation, according to an analysis of the prices displayed on the site.
“Prices are generally stable in the first quarter of 2023 with demand remaining strong and supply still contracting. The expected change in prices therefore remains to be confirmed”, comments Antoine Despujols, Marketing Director La Centrale.
Rates had soared 30% since the start of 2021
Market leader Leboncoin also notes that used vehicle prices “reached a ceiling” and stabilized in March for the 3rd month in a row. Rates thus reach 11,260 euros on average for vehicles sold by individuals and 23,300 euros on average for vehicles sold by professionals.
Rates had soared by 30% since the start of 2021, with a drop in offers on the market, due to a lack of new cars in sufficient numbers, and still strong demand, the site indicated at the end of March.
After two years in slow motion due to a shortage of electronic chips, car factories have almost regained their pace, and “more recent vehicles are circulating on the market”, notes Antoine Despujols, marketing director of La Centrale. “Today, we are stabilizing on a relatively high plateau”.
In detail, the drop mainly concerns older vehicles, which represent the majority of the market: the median price of vehicles over 15 years old drops slightly by 1.3% and that of vehicles aged 8-15 years old drops by 3, 8%.
But the situation is still tense on the most recent vehicles, highly sought after by consumers. The price of the most recent used vehicles (0-2 years) has thus started to rise again at the start of the year: +2% compared to the end of 2022. The average price of a car recent is thus approaching the bar of 30,000 euros: 29,567 euros precisely.
Falling registrations
Electric and hybrid vehicles saw the biggest drop (-4.8% in three months), after hitting highs in 2022.
Buyers of used vehicles have largely chosen a vehicle older than expected, or with more kilometers, without changing their budget, analyzes Antoine Despujols. Others may have spent more than expected. At the margin, some were able to postpone their purchase.
A possible continuation of this decline would be very “gradual”, spreading over several quarters, warns the expert from La Centrale.
“The limit of what the French are ready to pay for a used car seems to have been reached: this largely explains the drop in prices for 3 months”, underlined for his part Olivier Flavier, vice-president for mobility at The good corner.
As for registrations, they have been on a downward trend since the start of the year. Auto Scout24 observed a decline of 4.5% in March to 488,000 registrations against 511,000 a month earlier.
“While the figures are slightly better than the first two months of the year, the used vehicle market remains at levels significantly lower than in 2022. Compared to the pre-covid period, the decline is -3.9 % compared to March 2019”, says the specialist.
