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Used Car Market prices increase

Vehicle data expert Cartell.ie and Car Sales platform CarsIreland.ie report today (October 27th) on the state of values in the Used Car Market in 2021. The company has gathered data which shows that the average vehicle owned for the last 12 months is now valued at 16 per cent more than its market value for the equivalent period in 2020. Instead of depreciating, most owners’ vehicles have increased in price.

From a sample size of 5,000 vehicles, in November 2020 Cartell looked at the retail price of each vehicle, assuming average mileage and used this as a control to test the value of each of the same vehicles in 2021 by running both years through the Cartell Price Guide (CPG) a vehicle valuation service available to users of its service. 

The results show that, on average, the year-over-year increase stands at 15.87 per cent. It should be noted this is the price difference between the various vehicles today compared with the same price for each respective vehicle last year. Cartell used actual vehicles which, although they were one year older, actually appreciated. 

Among the results were the following vehicles:

Year Make Model Engine Size Fuel Doors Power Value 2020 Value 2021
161 VOLKSWAGEN PASSAT 1598 DIESEL 4 120BHP 14900 17200
11 TOYOTA COROLLA 1364 DIESEL 4 66KW 5000 5950
162 VOLKSWAGEN GOLF 1598 DIESEL 5 110BHP 14000 16700
11 FORD FOCUS 1560 DIESEL 5 115PS 3950 5350
3 VOLKSWAGEN POLO 1198 PETROL 5 55BHP 750 1100
181 RENAULT CAPTUR 1461 DIESEL 4 90BHP 15850 16950
8 OPEL CORSA 1229 PETROL 5 59KW 1650 2050
5 SKODA OCTAVIA 1896 DIESEL 5 105BHP 500 1050
142 TOYOTA AVENSIS 1998 DIESEL 4 124BHP 9850 10900
161 TOYOTA AURIS 1364 DIESEL 4 90BHP 13400 14500
11 AUDI A4 1968 DIESEL 4 141BHP 6400 7700
142 VOLKSWAGEN PASSAT 1598 DIESEL 4 105BHP 9450 11250
7 TOYOTA AURIS 1398 PETROL 5 97BHP 2450 2400

 

Jeff Aherne, Innovation Lead of Cartell.ie, commented on the data, saying: “These results show us that a perfect storm has taken place in the market: a combination of Brexit, microchip shortages, WLTP, and supply-side availability have led to an unprecedented rise in used vehicle values. Since Cartell.ie was set up in 2006, and started monitoring the used vehicle market, we have not seen anything like this before. Lead-in times for delivery of new vehicles have extended, principally due to the microchip shortage, and, until supply ramps up again we don’t see this situation improving in the near-term. Those who benefit most are the owners of used vehicles, which have seen a spike in values, who are looking, and can afford to wait, for a new vehicle.”

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