Coches.com has presented the first edition of its Annual Study ‘Accelerating change’, a detailed analysis of the evolution of the automobile market in our country. Among the results of the study, the contraction that the market is suffering stands out. 12,000 million euros is the amount that individuals have stopped spending on vehicles in the last two years in Spain. And it is that, since January 2019, the spending of individuals has been reduced by 8,763 million euros in the case of new vehicles and 2,748 million euros in second-hand vehicles.
“The market for new and second-hand vehicles has not yet recovered after the pandemic and the component crisis. In the case of second-hand vehicles, the loss was concentrated only in the months of confinement. The new vehicle market, however, is greatly affected by both crises and accumulates a loss of 9,000 million euros”, stated Gerardo Cabañas, general director of Coches.com, during the presentation of the study.
However, internet searches related to new car brands have remained the same compared to 2019, which shows us that the interest of buyers remains, despite the economic and social situation. In fact, in the case of second-hand vehicles, searches have increased by 41% compared to 2019.
The consequences: less second-hand stock and higher prices
The component crisis has affected the market, tripling the maximum delivery times for new vehicles, going from 3 to 9 months. A situation that stresses the second-hand car market.
The stock of second-hand vehicles has been reduced by 22% in the last 10 months. Now the market is more liquid and second-hand cars are selling faster than a year ago. Proof of this is that the percentage of cars sold in less than 7 days has grown by 34%.
The reduction in stock has also resulted in the aging of our fleet, reaching an average of 10.9 years, and in an increase in prices, both for new and second-hand vehicles. By age groups, new and older cars are the ones that have become more expensive, climbing up to 20% more than the prices set in 2019.
Geographically, the highest prices are concentrated in the north of Spain, with Asturias in the lead, followed by Castilla y León, Cantabria and Galicia. The best offers are found in the Canary Islands, Madrid and Aragon.
The growth of electrified vehicles
Despite the withdrawal, cars with electrified engines are increasingly present in our fleet. The Annual Study reflects that sales of electrified cars to individuals have grown by 173% in the last 4 years, concentrating above all in Navarra, Catalonia, La Rioja and Castilla y León. “These vehicles have enormous potential for second-hand sales and it won’t take long to see the effects of their entry into the market,” Cabañas pointed out.
Brands with the most loyal users
Finally, the Annual Study includes information on drivers in our country and their favorite makes and models, highlighting the growth in the number of women drivers -which currently represents 42.9%- and the growth in sales of SUV models , to the detriment of utility vehicles or compact cars, which already account for 55% of last year’s sales.
In 2021, for the first time Asian manufacturers have dominated the market in Spain, but two European manufacturers -Mercedes and Peugeot- are among the top four in the ranking of the brands with the most loyalty from their users.
In addition, the great strength of the brand that exists in the new vehicle market stands out, since 59% of users request information on a single brand.
Peugeot and Mercedes are also among the most searched brands on the web, although with differences between searches for new and second-hand vehicles.