Demand is outstripping supply in the Spanish used car market with estimates suggesting sales would be nearly 2% higher if more vehicles were available.
Used car sales to the end of Q3 2016 increased by 12.2% compared to the same period in 2015.
According to the Spanish dealers’ association Faconauto, the increase in demand is highest for vehicles up to three-years-old, but supply remains low because of low new car sales as the Spanish car market recovered from its post-recession slump.
Faconauto reports that without stock restrictions, used car sales could be 19,000 units higher.
Low stock levels have helped to push up residual values for all vehicle segments, according to Diesel Intelligence, a new report from Autovista Intelligence that analyses the residual value performance of diesel vehicles in France, Germany, Italy, Spain and the United Kingdom.
Jaume Roura, president of Faconauto, said used car demand could have increased because of the end of the Programa de Incentivos al Vehículo Eficiente (PIVE), which provided incentives towards the cost of a new car for owners who scrapped old vehicles.
He said: ‘The pre-owned car is again an option for buyers, who do not see much appeal in acquiring a new one because it is now more expensive. The result is that we are seeing the car fleet is aging rapidly.’
Detailed analysis of the impact of the end of plan PIVE is available in a new insight report from Autovista Intelligence.
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