The Hungarian used car market grew 70 per cent in the period January-February 2016 compared to the same period of 2015. Data compiled by AAA Auto indicates that 113,300 more cars were made available for sale, with advertised prices falling over the past year by 9.6 per cent on average to HUF1.8m.
The age of the vehicles being sold has increased by 12.6 per cent on average to 11.6 years and the mileage is up 10.6 per cent on average at 178,956, AAA Auto reported.
“Even if we consider the seasonal effect of the rise in the number of vehicles offered in December, through traditional discounts offered by dealers before year-end, which generally carry over into the following January, the increase in the size of Hungary’s used car market over the last year is striking,”
A real-time monitoring system used by AAA Auto tracks movements in used car prices, the number of vehicles being advertised as well as other trends across the markets in which it operates.
In 2015 imports of used cars to Hungary jumped year-on-year by 36.8 per cent to 96,747, Customs Today reported. Light commercial vehicle imports increased by 43.3 per cent to 10,643.
More than half (58 per cent) of the imported cars were older than ten years and 20 per cent of them were newer than five years. In the case of light commercial vehicles, 41 per cent were older than ten years, while 27 per cent were newer than five.
The largest segment of imported cars, the equivalent of 25,118 units, was in the upper price range, with a smaller number, 21,247 belonging to the low to mid-range category.
As a producer of affordable cars, Suzuki has held the dominant market share for the past 11 years. The Japanese carmaker committed itself to various cooperative ventures with other companies in Hungary to extend its capacities.