Donegal Daily
  • News
  • Sport
  • Courts
  • Jobs
  • Business
  • Lifestyle
  • Travel
  • Politics
  • Features
  • Donegal County Council News
Friday 24°CSaturday 27°C

Donegal Daily Donegal Daily

sponsor banner
sponsor banner
  • News
  • Sport
  • Courts
  • Jobs
  • Business
  • Lifestyle
  • Travel
  • Politics
  • Features
  • Donegal County Council News
News

Price of second-hand cars up over 50% since Covid-19 pandemic began

written by Staff Writer July 21, 2022
FacebookTweetLinkedInPrint

The price of second hand cars continue to rocket across Ireland with prices now 63.7% higher than they were before the Covid-19 pandemic began.

A survey carried out by listings website DoneDeal shows asking prices for used cars rose 29% in the year to the end of June, new research from DoneDeal has found.

The rapidly rising costs are being driven by an ongoing supply demand imbalance, caused by Brexit, shortages in global car components that are hitting new car supplies and a boost in demand driven by household savings accumulated during the pandemic.

An average 5.9% increase in asking prices for used cars every quarter over the two years that Covid-19 has driven prices up.

This compared to average quarterly increases of 0.8% in the two year period before the pandemic began.

However, Dr Tom Gillespie, who compiles the data for the website, said that inflation in the wider economy along with increasing interest rates are having an effect on reducing demand.

“An analysis of demand related metrics on DoneDeal indicates that car demand is down 2.4% year on year but still 12.4% above pre pandemic levels,” he said.

“On the supply side, although the deficit for new cars is still very acute when compared to pre-pandemic levels…year-on-year it is up slightly at 2.1% for the first 6 months.”

With used car imports down a third so far this year, a new balance is being reached between supply and demand that has moderated the used car inflation rate to 3.9% in the period between April and June.

The asking prices for used hybrid cars rose 2.8% in the second quarter, compared to 6.6% for electric vehicles.

Price of second-hand cars up over 50% since Covid-19 pandemic began was last modified: July 21st, 2022 by Staff Writer
FacebookTweetLinkedInPrint
Staff Writer

LEAVE A COMMENT

You may also like

Rare fire warning issued for hot spell

3 minutes ago

A new look for Manor roundabout?

48 minutes ago

Letterkenny councillor seeks correction to ‘annoying and...

2 hours ago

Rocco’s family dedicates heavenly birthday to helping...

12 hours ago

Specsavers Letterkenny to support young people of...

13 hours ago

Work continues on much-needed new Letterkenny graveyard

14 hours ago

Suicide crisis nurse service for teens begins...

14 hours ago

Park wardens sought in Letterkenny after women...

15 hours ago

Dunfanaghy Golf Club plans to extend courtse...

16 hours ago

Donegal organisations told to reapply for Children’s...

17 hours ago
Advertisement
Advertisement

Donegal County Council

Facebook
Donegal County Council
Advertisement
Advertisement
Donegal Daily Jobs

Read More

  • News
  • Sport
  • Courts
  • Jobs
  • Sales & Services
  • Obituaries
  • Features
  • Business
  • Politics
  • Council News

Information

  • Contact Us
  • About
  • Advertise WIth Us
  • Privacy Policy
  • Disclaimer
  • Terms & Conditions

Our Sites

Donegal Woman
Donegal Woman
Donegal Daily

© 2025 Donegal Daily. All rights reserved.
Website by owenod


Back To Top.

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.