Price of secondhand cars see massive jump in value as inflation soars

Prices for second-hand cars were up 67% in September this year when compared with March 2020, according to the latest analysis done by website DoneDeal.

The study has found that the annual rate of used car inflation now stands at 21%.

The analysis is based on listings on DoneDeal which show the rate of price inflation for lower-cost cars was higher than for more valuable vehicles.

The quarterly rate of inflation for cars under €6,000 in value was 6.4% compared to 3.3% for cars over €20,000, according to the report.

During 2022, used car prices increased 7.4% from January to March.

However, the rate of increase then fell to 3.1%, but rose again to 3.5% in the third quarter.

The rate of inflation in 2018 and 2019 averaged just 0.8%, figures show.