February 3, 2023

Athens News

News in English from Greece

New cars on the brink of extinction: Long delays push up used car prices

Used cars are now sold in Greece for the price of new ones, due to a significant reduction in production lines over the past two years.

This paradoxical situation has caused great distortions in the market to the detriment of car dealerships that deliver with a delay of 7-8 months or even 1 year, and to the detriment of buyers who prefer used ones, not paying due attention to their condition, writes dikaiologitika.gr.

Speaking to Dnews, car dealerships general manager Dimitris Pacios is advising consumers to either wait a few months for new car production to pick up due to covid restrictions, or follow 2 guidelines in good faith:

a) check the dealer car before buying;

b) On the invoice, the dealer must clearly state that the mileage of the car is real and that he delivered it in perfect condition.

“This is the only way they can get registered, go to court and receive full compensation if it turns out that the car has problems after the purchase,” says Mr. Patsios. The expert also notes that the legislation clearly states the responsibility of the seller within 2 years from the date of sale of the goods.

Regarding the prevailing conditions in the industry, Mr. Patsios highlights that in 2021, the number of new car registrations was 100,000 (compared to the existing demand of 125,000). “Demand is very high and supply is limited. Something similar is expected to happen in 2022,” he says.

The phenomenon, of course, is not only Greek, but also international. UK used car prices are reported to have risen more in 2021 than any other European country, up 32.6%. In Spain they increased by 19.9%, in Poland by 20.9%, in Germany by 15.2%. In Greece, the growth rate is 14%.

Source link