Press Releases
AUTO1.com survey: Used car dealers are expecting prices to decline in 2024, making used cars more affordable
12 January 2024
• In 2023, used car prices remained overall stable with a slight decrease by 1.6% from January to December, the AUTO1 Group Price Index shows.
• On a European level, the majority of dealers (61.1%) believe that used car prices will decrease in 2024. One quarter (25.9%) of the dealers think that used car prices will remain stable and the minority (13.0%) think prices will increase again.
Berlin, 12 January 2024 - The AUTO1 Group Price Index, which shows the monthly evolution of used car prices across Europe by leveraging the AUTO1 Group’s used car transaction data, continues to show a stable used car price environment in December 2023. The index moved from 146.6 in November to 146.9 in December, ending the year with a slight increase of 0.2% month over month.
Throughout 2023, prices remained overall stable with a slight decrease by 1.6% from January to December. Prices in December were still 25% higher than in December 2019, before the COVID-19 pandemic.
According to AUTO1.com’s latest survey among European partner dealers 1, 7.6% of European used car dealers perceive the current price level as very positive for their business, while 38.0% of the dealers state that current used car prices impact their business in a very negative way. 54.4% of dealers perceive the current price level as neutral for their business.
Used car dealers expect prices to decrease in 2024
Even though used car prices remained overall stable throughout 2023 as the AUTO1 Group Price Index shows, only a quarter (25.9%) of the survey participants think that used car prices will remain stable in 2024. Few dealers (13%) think that prices will increase this year, while the majority (61.1%) of AUTO1.com partner dealers states that they think that prices will decrease in 2024. Particularly German (64.8%) and Italian (72.2%) dealers are convinced that prices will decrease this year. In comparison, only half of French (52.6%) and Dutch (51.9%) dealers think that prices will decline.
“Heading into 2024, more than 60% of our European partner dealers expect used car prices to decline this year. We welcome lower used car prices, as it will lead to more consumers being able to afford used cars again. We expect positive effects on the market transactions and we are looking forward to supporting and working with our partner dealers for a successful 2024,” says Moritz Lück, SVP Sales & Operations AUTO1 Group.
1 AUTO1.com ran two online surveys from 1-6 December 2023, with a combined audience of more than 9,500 European partner dealers (more than 4,400 answered the current price level question, more than 5,100 answered on price expectations) in AUTO1.com main markets (DE, IT, FR, ES, BE, NL & PL)
About AUTO1 Group
Founded in 2012, AUTO1 Group is a multi-brand technology company that is building the best way to buy and sell cars online. Its local European consumer brands like wirkaufendeinauto.de offer consumers the fastest and easiest way to sell their car. Its merchant brand, AUTO1.com, is Europe's largest wholesale platform for car trading professionals. With its retail brand Autohero, AUTO1 Group is using its technology, scale and operational excellence to develop the best consumer experience to buy a car online. AUTO1 Group is operating in over 30 countries and generated a revenue of EUR 6.5 billion in 2022. Following its successful IPO in February 2021, the group's shares are trading on the regulated market (Prime Standard) of the Frankfurt Stock Exchange under the trading symbol AG1 and the ISIN DE000A2LQ884.
For more information please visit www.auto1-group.com
About the AUTO1 Group Price Index - The European Used Car Price Report
The AUTO1 Group Price Index shows the monthly evolution of used car prices across Europe. By analyzing AUTO1 Group’s database of around 3.6 million used car transactions Europe-wide, AUTO1 Group has developed a pioneering index to improve data transparency in the used car market and give insights into wholesale prices. The starting point of the AUTO1 Group Price Index is January 2015 with a reference value of 100. The AUTO1 Group Price Index is published on a monthly basis. Please find the methodology here.
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