Used cars more expensive in 2022

The economic crisis did not make it cheaper to buy a used car last year. On the contrary!

In 2022, used car prices hit new records. Our customers have been so eager to buy that the price increase for the whole year landed at 14.1 percent. When we closed in 2022, price levels were the highest ever.

- It may seem contradictory that prices are rising so sharply at the same time as households have lost purchasing power. But the price increase for new cars* has been even greater and it has spilled over into the second-hand market, says Daniel Odsberg, sales manager Kvdbil.

Reduced waiting times

A total of 1,383,624 cars were sold on the used market in 2022, divided between the car trade, the private market and companies. 189351 (-13.7%) fewer compared to 2021. In the fourth quarter, however, the decline was somewhat smaller (-9.0%).

- Behind the decline are mainly the major delivery problems with new cars, as this meant fewer replacements. Now the waiting times have been greatly reduced and we started to see the effects of that in the fourth quarter. In addition, we are facing high comparative figures, sales records were broken in both 2020 and 2021, says Daniel Odsberg.

Used electric cars are attractive

Used electric cars have been popular in 2022, purchases increased by 78 percent compared to the previous year. And as the new car market fills up with more cars, this supply spills over into the used market.

The prices of used electric cars increased more than the average, in 2022 the prices of electric cars rose by 18.7 percent.

Stable market in 2023

We predict that 2023 will be the year when the used electric car gets its really big breakthrough. Because even if sales have been strong in 2022, the increase is coming from low levels. Otherwise, we predict a stable used market in 2023, used cars usually do relatively well in economic downturns.

- In times when the wallet gets to decide, more are drawn to second-hand. It kind of comes naturally because the prices are lower and more affordable, says Daniel Odsberg, sales manager Kvdbil.

Sales statistics for the passenger car market, Q4 2022

* The prices of new cars rose 18.4 percent in 2022.
Source: The Swedish Tax Agency's new car price list

About the compilation
Kvdbil's statistics on used car purchases in Sweden are obtained from the Swedish Vehicle Registry via the statistics company Vroom. The price trend is based on sales at Kvdbil (around 30,000 per year) and is measured by the BPI (Car Price Index) by sister company Bilpriser.se.