A study by Carspring reveals the sharp difference in the value of used automobiles around the world.
• The UK is the 2nd most affordable country to buy used cars worldwide
• Singapore is the most expensive country to buy every model
• Car depreciation varies significantly depending on the market
Online used car dealership Carspring conducted a study to better understand the depreciation of second-hand cars around the globe. While comparing the value of used cars between nations is known within the industry to be a challenge, Carspring have made it their mission to understand the global market and to offer transparency on the subject for the public. The Global Used Car Price Index 2017 offers an insightful overview of the value of various brands across different economic regions and car markets.
The 40 countries researched include the majority of the largest car producing nations, plus other countries of automotive interest, whilst brands were selected based on global popularity. Where no direct model comparison was available between nations, they identified comparable global models per brand and selected models with similar mileage and engines. With these conditions defined, they researched all used cars currently available in the market for each model, plus those sold in the past 12 months from hundreds of online outlets and brick and mortar retailers in 5 of the biggest cities in each market.
Determining car values on a country to country basis requires complex pricing models. For used cars, this can be even more complicated. The rate of devaluation from one car to another begins the moment the car leaves the dealership and can fluctuate in an indeterminable number of ways. At Carspring, we’ve made it our mission to understand those complexities to enable our car buyers to experience transparency when it comes to purchasing a used car. We took on the challenge of studying and representing the variations of the global used car market as this had yet to be done, and we wanted to be the first.
The path to compiling the study was not easy, as comparing the value of used cars across nations presents many obstacles. For instance, major car manufacturers often tailor car models to each individual country. As an example, General Motors manufactures the Vauxhall Corsa in the UK, Opel Corsa in Europe and Chevrolet Spark in the US. These vehicles are all technically similar. However, from varying branding to market specifications they can differ in ways that makes direct comparison difficult.
Fortunately, with months of research and evaluation by seasoned industry experts, the Global Used Car Price Index 2017 is now available, with interesting results reflecting differences across nations in VAT, currency valuations and tariffs, among other mitigating factors. The Index represents an insightful overview of the perceived value of various brands across different economic regions.
The findings of the study can be found in the table below.
“The fluctuating value of used cars around the world has always mystified buyers and experts alike,” states Carspring's Co-founder Maximilian Vollenbroich, “But we took it upon ourselves to make the complicated simple and present a snapshot of the current global value of used cars.”
The results for Portugal are as follows:
NB: As Renault is not available in the US and Canada, the Renault column is ranked out of 38.
The overall findings of the '2017 Used Car Price Index' are as follows:
Further findings include:
• Singapore is the most expensive country to buy a used car for every model due to the country’s extremely high taxes on automobiles.
• India is the most affordable country to buy a used General Motors Chevrolet / Opel / Vauxhall at an average price of €4,519.
• Denmark is the second most expensive country to buy a used General Motors Chevrolet / Opel / Vauxhall at an average price of €14,662.
• Bulgaria is the most affordable country to buy a used Renault vehicle at an average price of €7,838.
• Denmark is the second most expensive country to buy a used Renault vehicle at an average price of €18,814.
• Czech Republic is the most affordable country to buy a used Hyundai vehicle at €8,370.
• Denmark is the second most expensive country to buy a used Hyundai vehicle at an average price of €18,647.
• Canada is the most affordable country to buy a used Ford vehicle at an average price of €6,415.
• Norway is the second most expensive country to buy a used Ford vehicle at an average price of €16,903.
• Croatia and Slovakia are the most affordable countries to buy a used VW vehicle, tied at an average price of €9,700.
• Denmark is the second most expensive country to buy a used VW vehicle at an average price of €21,493.
• USA is the most affordable country to buy a used Fiat at an average price of €5,800.
• India is the second most expensive country to buy a used Fiat in at an average price of €18,765.
• Bulgaria is the most affordable country to buy a used Land Rover at an average price of €27,687.
• India is the second most expensive country to buy a used Land Rover at an average price of €55,641.
• Mexico is the most affordable country to buy a Mercedes at an average price of €16,000.
• Denmark is the second most expensive country to buy a Mercedes at an average price of €40,312.
• India is the most affordable country to buy a Pickup at an average price of €5,008.
• Hungary is the second most expensive country to buy a Pickup at an average price of €32,709.
• Latvia is the most affordable country to buy a Hybrid vehicle at an average price of €13,800.
• Denmark is the second most expensive country to buy a Hybrid vehicle at an average price of €41,011.
information provided by https://www.carspring.co.uk/global-used-car-price-index/euro/.
