Spanish used-car market Is both surging and ageing
The Spanish second-hand market continues to perform well – but most sales are of older vehicles. Used-car sales in the first eight months of the year were up 12.8% compared to the same period last year, and totaled a whopping 1.3 million transactions.
The surge in used-car sales in Spain is the result of the end of the scrappage bonus, the so-called Pive Plan, which was designed as a shot in the arm for new-car sales.
The used-car market’s recent success is a cause for worry for the Spanish government, which fears that consumers will flock to older used cars, thereby seriously ageing the fleet. And indeed, figures show that since the start of the year, 55% of used-car sales have been for cars of at least 10 years of age, leading to a growth of the over-10-year fleet by 14,7% since January.
Image: Raymond1922A, CC BY-SA 3.0