The price of used cars in the Republic has risen more than 79 per cent since the pandemic ushered an era of “unprecedented” vehicle price inflation
This has helped to reduce wait times for new vehicles, easing pressure on the second-hand market in turn. Some 19,440 new cars were registered in the second quarter, he said, representing an increase of 27.4 per cent compared to the same period last year.
However, the proportion of imported vehicles coming from the UK declined to a new low of 28 per cent in the three-month period “in stark contrast” to the first quarter of 2020 when the share of all imported used cars coming from the UK was 93.6 per cent. On the demand side, analysis of advertising metrics indicated a 9.7 per cent increase in demand for used vehicles in the second quarter of the year, down from 14 per cent jump in the first three months of the year, a typically busy period for buyers and sellers.
Meanwhile, the number of electric vehicles and hybrid models hitting the second-hand market is also beginning to increase. The first quarter saw a tripling of the number of used EVs listed on DoneDeal to 1,500, which increased to 1,700 in the three months to the end of June.
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