Car market Used car prices are rising rapidly

Status: 22.06.2021 2:17 p.m.

Because of the often long delivery times for new cars, the market for used cars is booming – also on the Internet. But consumers should pay attention to a few things, especially when buying online.

From Till Bücker, tagesschau.de

Buy or sell a used car from the comfort of your own home with one click: The online market for used cars is becoming increasingly popular. So it is not surprising that the Berlin trading platform Auto1 has risen to the MDAX. The company, which was founded in 2012, was only launched in early February dared to go public – with success. Because with 1.8 billion euros it was the largest IPO in Germany after almost one and a half years. The Auto1 Group claims to be Europe’s largest digital automotive platform with more than 450,000 cars sold last year. The company buys vehicles from private customers via wirkaufendeinauto.de as well as from dealers. These are then primarily passed on to other car dealers via auto1.com. But consumers have also been able to purchase new used vehicles through the Autohero brand since 2017. The private business is to be massively expanded with the fresh money from investors.

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That could be worth it. Because according to calculations by the Metzler bank, the European market for used cars reaches around 600 billion euros. 2020 was due to long delivery times and falling demand for new cars during the Corona crisis a real boom . In July alone, according to figures from the Federal Motor Transport Authority, there were almost 750,000 car ownership transfers – more than ever before in a month and almost 100,000 more than in July 2019. This year, too, the transfers are well above the previous year’s figures.

The high demand is also reflected in the price development: During the prices for used e-cars have recently plummeted , the asking prices for used cars reached a new record high in May with an average of around 22,600 euros per vehicle. The buyers paid almost 200 euros more than in April and even around 2200 euros more than in May 2020, according to data from the online portal AutoScout24. Experts expect an increase as the semiconductor shortage is delaying the delivery of new cars worldwide and the supply of used cars is falling.

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Platform growth opportunities

So far, however, only one percent of used cars have been sold online. “The used car market in Europe is still one of the last markets that go almost exclusively through brick-and-mortar retail,” said Tom Diedrich from the Metzler bank Deutschlandfunk . Therefore, there are still great growth opportunities for online platforms.

A first trend seems to be emerging. “We are seeing a real boom,” said Stefan Schneck, sales manager for the German market at AutoScout24. For example, the number of contacts made by potentially interested parties shot up by 40 percent at times in May. According to a current AutoScout24 survey of more than 1000 users, car fans see a good alternative to buying completely online: almost one in two (47 percent) would “definitely” or “maybe” order their car from the sofa. A year ago, only 35 percent of those surveyed were ready to do this.

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Extreme bargains should make you suspicious

Buying a used car on the Internet has the advantage that interested parties can quickly and easily fall back on a huge range. A contract can be concluded at the push of a button, and the car is delivered to your doorstep. But regardless of whether it is on digital platforms such as Auto1 or via an exchange such as AutoScout24 or mobile.de, on which dealers or private individuals sell their vehicles directly: Consumers should pay attention to a few things when buying a used car.

First the price. For used cars, this depends on the model, year of construction, equipment, kilometers driven, wear and tear, extras and preferences. But how can a fair offer be recognized? “If you watch the market for your desired vehicle for a week or two, you get a very good feeling for a reasonable price,” explains Silvia Schattenkirchner, Head of Consumer Law at ADAC. Some exchanges such as mobile.de are now also giving ratings for offers from private individuals. Consumers should generally be cautious about extreme bargains. In addition, there is possible manipulation of the mileage. According to ADAC estimates, the so-called odometer has changed in every third used car. Verification is not easy. “It is best to have the mileage guaranteed,” advises Schattenkirchner. Otherwise, consumers could have repair invoices or TÜV certificates shown. Even comparing the kilometers driven with the year of construction is already informative in some cases.

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Test drives essential

The expert considers test drives to be particularly important. “Buying a pig in a poke without a test drive, especially when it comes to used cars, is a big risk.” Only then should a contract be concluded. Schattenkirchner also advises against high down payments or other advance payments as well as purchases from abroad. In addition, consumers should be aware that contracts concluded online are also binding – for example by email. There are numerous scams on the Internet. The most common problems are listed on the website of the initiative “Safe car purchase on the Internet” from ADAC and the police crime prevention.

It is also not always easy for sellers of used cars. Platforms often promise higher prices than are ultimately paid. In order to find out how much one’s own car is still worth, the lawyer Schattenkirchner has two tips ready: “On the one hand, sellers can search for their own car and comparable offers. The other option are ADAC test centers.” Most of the time, only the initiation of business deals takes place on the Internet. “With mobile.de or AutoScout24 it is usually still the case that both parties are mediated,” said Schattenkirchner. The contract will still be concluded outside of the Internet. It remains to be seen whether the newcomer Auto1 will bring about long-term change