The demand for used cars among private individuals and business customers increased by 23% in the first half of 2022 compared to the corresponding time period last year, according to the data collected by the car dealer “Moller Auto”.
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In the segment of used cars, the demand for hybrid cars and electric cars increased approximately eight times, and for cars with internal combustion engines – by 17%. Volkswagen Passat, Audi A4, Audi A6, Volkswagen Golf, Volkswagen Tiguan have been the most popular.
According to Izīda Gerkena, executive director of the Moller Auto group of companies in the Baltics, during the last six months, it can be seen that the used car segment in Latvia is growing rapidly, which was mainly affected by complications in the production processes and supply chains of new cars. The demand for new cars is always higher than the supply that the dealer can provide.
Many choose a used car over a new one, Gerken explains, because these cars are available immediately, while a new car can take up to a year to get. “This is currently a global trend facing car dealers around the world. On the other hand, due to the war in Ukraine, the energy crisis, the consequences of the pandemic and inflation, it is not clear when the situation will stabilize, so such an important purchase as a car must be planned very early,” says the executive director of a group of companies in the Baltics.
Although overall demand in the new car segment decreased by 4% in the first six months of this year, the demand for new hybrid cars increased more than three times, while the demand for new electric cars increased by 85%. The decline was experienced in the car segment of new internal combustion engines, with the demand for them decreasing by 9%.
Gerken explains that citizens are looking in the direction of electric cars for two main reasons. First of all, the state currently offers co-financing in the amount of 4,500 euros to private individuals for the purchase of a new electric car. Secondly, fuel prices have risen sharply, which has made many people realize that an electric car pays off more in the long term – even now, at a certain mileage, the monthly lease payment for an electric car and the costs for its charging and service are equally high with the money a person spends on fuel and service services , driving an internal combustion engine car on a daily basis.
According to Gerkena, there are also people who want to follow a more environmentally friendly lifestyle by getting a car that does not produce greenhouse gases, as well as receive various benefits, for example, not paying for parking in Riga, receiving tax discounts. “Moller Auto” also observes a similar trend in Lithuania, where state support for the purchase of electric cars is also available to companies, while in Estonia there is a decline in the demand for electric cars, which is directly affected by the “exhausted” state co-financing basket.
In the segment of new electric cars in Latvia this year, the most popular cars of the “Audi” brand were “Audi E-Tron” and “Audi Q4 E-Tron”. But among the new hybrid cars, Volkswagen Tiguan, Volkswagen Multivan and Volkswagen Arteon dominate.
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