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How Much More Is Your Used Car Worth?

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Vehicle data expert CARTELL.IE and Car Sales platform CARSIRELAND.IE reported recently on the state of values in the Used Car Market in 2022. The company has released data which shows that the average vehicle owned for the last 12 months is now valued at 8 per cent more than its market value for the equivalent period in 2021. Instead of depreciating, most owners’ vehicles have increased (appreciated) in price.

Taking a sample size of 5,000 vehicles Cartell looked at the retail price of each vehicle, assuming average mileage, in November 2020, and used this as a control to test the value of each of the same vehicles in 2021 and in 2022 by running all three years through the Cartell Price Guide (CPG) a vehicle valuation service available to users of its service.

The results show that, on average, the year-over-year increase stands at 7.78 per cent. This is a decline on the rate of increase between the years 2020 and 2021 which stood at 15.2%. It should be noted this is the price difference between the various vehicles today compared with the same price for each respective vehicle in the previous two years. Cartell used actual vehicles which, although they were one year older, or, two years older, actually appreciated over their equivalent 2020 value.

Among the results were the following vehicles:

Ross Conlon, CEO CarsIreland.ie and Group Director New Business at Mediahuis Ireland says:

“These results show that vehicle values in the used market have continued to push upwards since we last published results in 2021. While the rate of increase has declined it is still a significant event that values have risen – cars are considered a depreciating asset after all. While micro ship shortages appear to be levelling out there are still issues around availability of new vehicles and this is consequently pushing values up in the residual market. We expect to see the rate of increase decline further over the next 12 months.”