A lack of chips makes new cars more expensive – used cars are on the rise

Released on 29.09. 2021

  • For delivery, a Volkswagen ID.4 drives through a parking lot in Zwickau with other new vehicles. Photo: Jan Woitas

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Anyone who wants to buy a car currently has to dig deep into their pockets. The lack of chips slows down new car production, the used car market has been bought empty – that drives up prices.

Duisburg (dpa) – The shortage of chips not only affects the car industry, but is also noticeable in the wallet of new car buyers.

Because fewer cars are produced and come onto the market , there are also fewer discounts, as industry expert Ferdinand Dudenhöffer says. A typical new car became more expensive for the consumer by a total of 360 euros in August and September. At the same time, the prices for used cars are rising even more.

Dudenhöffer expects the current development to continue. “In the next few months, too, new car buyers will have to expect falling discounts,” he says. In July and August, typical three-year-old used cars were around two and a half percent more expensive, according to figures from the market watcher Deutsche Automobil Treuhand (DAT). Data for September are not yet available, but the DAT is also assuming a further increase.

«Soaring prices»

“The used car market is currently experiencing soaring prices,” says a DAT spokesman. And here, too, the lack of chips is partly to blame, because the delivery bottlenecks mean that many people interested in new cars switch to a young used one – and come across a market that has already been sold out. “Young used cars are often in short supply, as fewer new cars have been built and registered because of the pandemic,” says the spokesman. In particular, there is a lack of company cars, rental vehicles and short-term registrations from manufacturers and retailers, which normally fill the market for young used cars. During the corona-related closings, used vehicles were left in stores for a long time, which resulted in high costs. “The trade needs these revenues”, says the DAT spokesman.

A quick relaxation on the vehicle market is not to be expected. Because that would require significantly more cars. But their construction will continue to be slowed down. According to figures from the Munich Ifo Institute on Wednesday 60, 7 percent of companies in the auto industry are currently complaining about delivery bottlenecks.

For the calculation of the current price increase, Dudenhöffer assumes an average new car for which the buyer 36. 500 pay euros. The calculation also includes state subsidies, self-registration from manufacturers and retailers, as well as the prices and range of offers for car subscriptions. At DAT there are vehicles with three years and 45. 000 until 60.000 kilometers.

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