Used car prices on the Czech market may increase by up to 15 percent this year. The reason is the increased demand due to the lack of new cars along with the growing interest in individual transport. It follows from the information of traders.
Prices began to rise significantly last year due to car downtime caused by a lack of chips. Instead of new cars, which they would often have to wait for 14 or 16 months, people started buying more used cars. Because of this, their price rose by 10 to 15 percent last year.
“Customers don’t want to wait for new cars, so they’re looking for used cars. Of course, the growing interest is screwing up their prices. And it’s not just about new used cars. “They don’t have anything to exchange for, so they don’t even offer them for sale. Older used cars from abroad are becoming more and more popular, but they are in danger of being in really bad technical condition. Otherwise they would be sold on the local market,” he said. Chairman of the Association of Used Cars APPAA Petr Přikryl.
According to Karolína Topolovová, the director of the Aures Holding group, which operates AAA Auto used cars, prices will continue to rise. “It may even be at a similar pace as in 2021, when it was on average 15 percent, for some models even more. Factors that contribute to price increases will continue to work – the lack of used cars on the market, increased interest in individual cars. “It is, of course, a question of what impact the forthcoming new wave of the omicron coronavirus variant will have,” she added.
According to Jiří Grund from the Association of Used Car Trade, rising interest rates are also driving up, making the financing of not only new but also used cars more expensive. “I recommend everyone not to delay the purchase of a proven used, because the market does not yet send any signals that the situation should develop in the opposite way,” he told ČTK.
According to the APPAA, there are currently around 500 second-hand car dealers in the Czech Republic. Of the smaller ones, which offer an average of around 50 cars, according to the association’s forecast, about a tenth will cease operations. According to Přikryl, acquisitions and the continuation of branded sales programs such as Das WeltAuto, Autosphere, Louda Auto + or Škoda Plus can also be expected.
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