NewsWorldUsed cars have become cheaper in Slovakia. However,...

Used cars have become cheaper in Slovakia. However, the drop in prices is only temporary – Podkapotou.sk

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Škoda Octavia Style 2.0 TDI 110 kW Illustrative photo
Source: Jozef Vydra The prices of used cars have fallen over the last three months in several countries of the European Union. In Slovakia, used cars up to 5 years old became cheaper by 7.9% *, in Germany even by 9.5%. A similar development can also be seen in Italy (depreciation by 6.6%). On the contrary, in the Czech Republic, prices fell only symbolically by 1.2%, and in Poland, price growth continues, although it slowed down compared to the first quarter (+3.0 vs +13.7%). Used cars up to 10 years old have become cheaper in Slovakia by 3.7% *. This results from a market analysis processed by the online marketplace Carvago. The drop in used car prices is only temporary. Those interested in buying a car should hurry if they want to take advantage of this price advantage. “Based on the market situation, it is likely that the cheapening of used cars is only a temporary drop that will not last long. The price tags of new cars have the greatest influence on the development of car prices. These will continue to grow, as complications in car production continue and car companies limit the production of cheaper, smaller models and concentrate on vehicles with a higher margin. This also applies to small cars, the price level of which has risen most significantly due to the mandatory deployment of new, expensive technologies. This development will increase the price of used cars again,” says Viktor Holík, country manager of Carvago Slovakia. In Slovakia, the summer drop in demand, the general uncertainty due to the war in Ukraine, as well as the gradual increase in the production of new cars contributed to the decline in used car prices, which shifted part of the demand from the purchase of a used car to the order of a new one. “However, the strongest factor for the drop in used car prices in Slovakia is the increased import of old cars with high mileage from abroad,” states V. Holík. The average age of an imported car increased by a full year only between the first and second quarter of 2022 (that is, the average year of production of an imported car is currently 2016 instead of 2017) and the average mileage of an imported car during the same period increased by a significant 23.9% to over 110,000 kilometers. Slovakia has a problem with the mass import of non-ecological, old diesels “Mass import of older cars in worse condition and with higher mileage is not good news for the environment in Slovakia. Slovaks, unlike developed European countries, still strongly prefer cars with diesel engines, the share of which among the used cars sold rose only between the 1st and 2nd quarter of 2022 from 58 to 65%. Since there are a large number of old diesel cars with Euro 3 and 4 emission standards among the imported cars, Slovakia could have a problem with a large ecological burden in the future. It is worth considering whether the registration of old and non-ecological cars should be burdened with higher fees, which would limit their import,” says Viktor Holík. Share of cars with a diesel engine 1Q 2021 1Q 2022 2Q 2022 61.5% 57.5% 65% The average used car up to 5 years old costs over 24,000 euros in Slovakia The average price of a used car up to 5 years old reached 24,500 in the second quarter euros, for cars up to 10 years old it was 18,000 euros. In addition to the growing popularity of diesel cars, automatic transmissions maintained high favor, which were represented in 56 percent of used cars sold. This is the same share as in the first quarter of 2022. The average number of second-hand cars sold continues to grow. It grew by almost 24 percent quarter-on-quarter, and by a total of 38 percent over the last year. “This trend has two causes. First of all, cars are offered for sale later than before the pandemic, so the original owners drive more kilometers with them. The second reason is the price, when Slovaks have recently been trying to save more on buying a car and prefer older cars, which logically have more kilometers on them,” V. Holík explains the situation. Median mileage of used cars 1Q 2021 1Q 2022 2Q 2022 79,800 89,054 110,374 Škoda and VW have strengthened their position in used cars The top five in the ranking of the most popular models has not changed for a long time: only the Volkswagen concern is represented in it by the models Škoda Octavia, Superb and Fabia and VW Passat and Golf. Both of the mentioned brands of the concern managed to reverse the decline in the share of driven cars from the beginning of this year. Volkswagen has even surpassed the original market share of a year ago. From other brands, sales of used Audi cars increased, while less Mercedes were sold. Top 5 brands in used car sales in Q2 2022 1Q 2021 Share (%) 1Q 2022 Share (%) 2Q 2022 Share (%) Skoda 20.0 Skoda 13.3 Skoda 15.7 VW 13.7 VW 9.4 VW 14.0 Audi 6.6 BMW 8.7 BMW 9.2 Kia 6.0 MB 8.1 Audi 8.1 BMW 5.9 Audi 5.7 MB 6.9 Source: Carvago.com In the ranking of the best-selling cars, we see changes behind the first five cars from the VW concern. Models of the luxury brands BMW 3 and 5, Audi A4 and A6 and also VW Tiguan pushed to the fore. Long-term popular models such as Kia Ceed and Hyundai i30 dropped out of the TOP 10. Top 10 best-selling used cars in Slovakia in the 2nd quarter of 2022 1Q 2021 1Q 2022 2Q 2022 1. Škoda Octavia Škoda Octavia Škoda Octavia 2. Škoda Superb Škoda Superb Škoda Superb 3. VW Passat VW Passat VW Passat 4. VW Golf VW Golf VW Golf 5. Škoda Fabia Škoda Fabia Škoda Fabia 6. Kia Ceed Kia Ceed BMW 5 7. VW Tiguan Hyundai i30 VW Tiguan 8. Audi A4 Audi A6 Audi A6 9. Hyundai i30 Kia Sportage Audi A4 10. Audi A6 BMW 5 BMW 3 Source: Carvago.com * These are the median prices of used cars offered by online dealers and car dealers in the given country, based on data from the most widely used car dealer software in Europe by EAG

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