The German automotive industry has a new main sales driver after the value of used cars sold overtook that of new cars for the first time in 2016.
According to ZDK (Central Association of German Automotive Industry) data, traders sold €67.6 billion worth of used cars in 2016, up 17% year on year. This huge increase meant that while new car sales also rose, up 4.9%, this was not enough to beat the rise in used cars, with new car sales totalling only €61.1 billion.
This is the culmination of a major long-term shift for the German automotive industry, which just ten years ago saw new car sales bringing twice as much in sales as used cars. 30 years ago, this figure was three times as much.
There are two main drivers of the huge rise in used car sales growth that have led to this shift. Firstly, there has been a significant rise in average second-hand car prices. Secondly, the automotive industry has been able to substantially increase the size of the used car market, with 68% of second-hand cars traded, an increase of seven percentage points.
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