The lack of chips makes new cars more expensive. Because fewer cars are produced and come onto the market, there are also fewer discounts, as industry expert Ferdinand Dudenhöffer says. A typical new car became more expensive for the consumer by a total of 360 euros in August and September. At the same time, the prices for used cars are rising even more.
Dudenhöffer expects the current development to continue. “In the next few months, too, new car buyers will have to reckon with falling discounts,” he says. Customers who want to switch to a used car, however, have to do with even more significant price increases. In July and August, typical three-year-old used cars were around two and a half percent more expensive, according to figures from the market watcher Deutsche Automobil Treuhand (DAT). Data for September are not yet available, but the DAT is also expected to increase further.
“The used car market is currently experiencing soaring prices,” says a DAT spokesman. And here, too, the lack of chips is partly to blame, because the delivery bottlenecks mean that many people interested in new cars switch to a young used one – and come across a market that has already been sold out. “Young used cars are often in short supply as fewer new cars have been built and registered because of the pandemic,” says the spokesman. In particular, there is a lack of company cars, rental vehicles and short-term registrations from manufacturers and retailers, which normally fill the market for young used cars.
“The trade needs these revenues”
At least for the auto trade, the current development is a “positive signal”. During the corona-related closings, used vehicles had been in stores for a long time, which resulted in high costs. “The trade needs these revenues,” says the DAT spokesman.
A quick relaxation in the vehicle market is not to be expected. Because that would require significantly more cars. But their construction will continue to be slowed down. According to today’s figures from the Munich Ifo Institute, 96.7 percent of companies in the auto industry are currently complaining about delivery bottlenecks.
An average new car costs 36,500 euros
To calculate the current price increase, Dudenhöffer assumes an average new car for which the buyer pays 36,500 euros. The calculation also includes state subsidies, self-registration from manufacturers and retailers, as well as the prices and range of offers for car subscriptions. The DAT is based on vehicles with three years and 45,000 to 60,000 kilometers. (The DAT gives their residual values as a percentage of the list price. Both cars with diesel and cars with gasoline engines have recently risen by 1.3 percentage points. Converted to the final price, this results in an increase of around two and a half percent).
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