The long-term upward trend in used car prices has finally reversed.
In July 2023, wholesale prices for used cars in Europe stabilized and even slightly decreased, according to the AUTO1 Group price index. Compared to June, prices decreased by 2.6%: 148.2 vs. 152.2.
The most expensive used cars in Europe were a year ago, in July 2022. At that time, the AUTO1 Group price index was at a record high for the entire monitoring period, at 171.6. In July 2023, used car prices were the lowest in the last 12 months, down 13.6% compared to July 2022, but still 25.6% higher than before the COVID-19 pandemic began in July 2019.
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Overall, the AUTO1 Group Price Index data shows that average prices for used cars in Europe have stabilized and have not changed significantly since the beginning of the year for seven months in a row. Compared to January and July, they slightly decreased by 0.7%.
How prices are analyzed
The price index of AUTO1 Group, one of Europe’s largest used car operators, shows the monthly change in prices for used cars in Europe. The indicator was developed based on the company’s database, which contains records of about 3.6 million car sales transactions. This way, you can see how the average price of cars is changing. The starting point is January 2015 with a baseline value of 100, with which all further comparisons are made. Last month, prices in the EU stabilized and even declined slightly.
