There are not so many newer cars on the market. / SUR

Used car sales drop for ninth month in a row

Sales of vehicles aged between one and three years picked up however, as hire car firms ramped up renewing their fleets

EUROPA PRESS MADRID.

The number of sales of second hand cars and SUVs continues to fall in Spain - in October sales dropped for the ninth month in a row, falling by 5.5% to 157,362. The figures are according to data from two industry bodies representing car dealerships and independent traders.

The total average drop in sales in the first ten months of 2022 is 4.8%, to just over 1.5 million vehicles changing hands. This translates into 2.3 used car sales for every new car bought in Spain.

One of the main issues behind the drop is the lack of supply of second hand cars to sell.

Sales of used cars less than a year old "dropped sharply"in October by 31.4% and in the year so far by 13.3 %.

There was brighter news for vehicles which were between one and three years old. Sales of these were still down 26.4% in the year to October, but did pick up in October itself by 11.4%. This surge was driven by hire car companies buying vehicles in October, said the report.

"After having to hang onto their vehicles longer than usual due to the lack of cars available, they are now renewing their fleets gradually at the same time as demand is rising."