The price of used cars soars in Lanzarote, Gran Canaria, and Fuerteventura

Canarias registered in May one of the largest year-on-year increases in the price of used cars in the country, with an increase of 8.2%, bringing the average cost to 12,874 euros, according to data released this Monday by the National Association of Vehicle Dealers (Ancove).

In the specific case of the province of Las Palmas, made up of Lanzarote, Fuerteventura, and Gran Canaria, one of the largest price increases in the country was registered in May, with a rise of 11.8%, the highest within the Canary Islands and the third highest nationally, according to Ancove.


The increase in prices in the archipelago contrasts with the trend in Spain as a whole, where the average price of used cars stood at 13,419 euros, 4% more than a year ago.

Furthermore, while in the Canary Islands prices increased by 3.9% compared to April, the national market saw a monthly drop of 0.9%.

In Canary Islands, the oldest cars, those over eight years old, were sold in May for an average of 9,534 euros, representing a year-on-year increase of 4.6% and 1.1% compared to the previous month.

At the national level, cars over eight years old reached an average price of 10,904 euros, with an annual increase of 5.5%, although with no change compared to April.

This segment represented 55.4% of the second-hand market in the Canary Islands, compared to 63.8% in Spain as a whole.

In Spain as a whole, the average price of used cars increased in all autonomous communities, with a maximum of 11.2% in the Balearic Islands and the smallest increase in Galicia (0.9%).

Ancove emphasizes that, despite the generalized increase in prices, a significant portion of transactions continues to be concentrated in the lower price ranges.

In May, 34.1% of the cars transferred in Spain were sold for less than 6,000 euros, and 22.2% did not exceed 3,000 euros.

Almost half of the market (47%) corresponded to vehicles with a price under 10,000 euros.

In contrast, sales grew in the higher value segments: 1.4% for cars between 15,000 and 21,000 euros, 6.3% between 21,000 and 26,000 euros, 10.6% in the segment from 28,000 to 36,000 euros, and 10% for those over 36,000 euros.