A used vehicle costs 8.4% more in the Canary Islands than a year ago

To buy a second-hand car in the Canary Islands, an average of 10,971 euros was needed in March, which represents an increase of 8.4% compared to the same month of 2022.

If compared to February, the prices of used cars rose by 1.3% in the islands and in the national market they decreased by 0.5% in monthly terms.

This was detailed in a statement by the National Association of Vehicle Dealers (Ancove), which details that nationwide the price was 12,635 euros, with an increase of 3.6% in annual terms.

For cars over 8 years old, the price in the Canary Islands was 7,892 euros, a 2.7% increase in annual terms, while at the national level it was 9,545 euros, a 4.4% increase.

Compared to the previous month (February 2023), the price in the Canary Islands registered an increase of 0.9% and the national average increased by 0.4%.

The weight of cars over 8 years old was 64.2% of the total second-hand market in March in the community, compared to 63.1% nationwide.

Las Palmas was the province with the highest price increase last month, 8.7%, while Santa Cruz Tenerife had the lowest increase, 8.5%.

Ancove reiterates that the prices of used cars "are stabilizing, with an increase of 3.6% in annual terms", although compared to 2019 the increase is 5.8%.

In this period there has been an accumulated average annual inflation of 11.9%, says the president of the National Association of Vehicle Dealers, Eric Iglesias, who says that used cars "have risen half as much as the cost of living".

In relation to the national market, used cars rose last March by 3.6% compared to the same month last year, with an average price of 12,635 euros, 5.8% more than in 2019.

In monthly terms, the price of the used car market has registered a decrease of 0.5%.