Second-hand cars cheapest in Spain and Italy, says AutoScout24

At present, the average price for a used car – bearing in mind the vast difference between a 12-year-old Ford Fiesta and a one-year-old Mercedes or BMW – is 12,600 euros, just 0.1 per cent higher than this time last year, says the report.

This slight increase is partly due to the decline in supply of used fleet cars – former company, courtesy or hire cars – and also due to long-term rental schemes which now work out cheaper than buying a car.

Last year, the second-hand vehicle market closed with a growth of 4.6 per cent and a total of 1.6 million cars sold, according to the European Price Observatory, published which by AutoScout24.

A financial assistance plan, known as a PIMA, which provides an incentive for used car purchase is helping the market to grow, as are moves to prevent depreciation of new vehicles.

Whilst the old adage claims that the second one drives a brand-new car off the forecourt, it has already lost thousands, in Spain and Italy the price of a nearly-new car is very close to that of a straight-from-the-factory model.

And the cost of buying a used vehicle in Spain and Italy can reach differences of up to 4,000 euros when compared to the same make, model, age and mileage in France or Germany, the Autoscout24 report claims.

The reason for this difference is that most of the demand in the two Mediterranean countries is found among average earners, who take home in region of 1,000 euros a month in salary, meaning they can ill afford a new car in cash or to meet monthly hire purchase payments for a brand-new vehicle.

And in fact, those on the average 1,000-euro-a-month wage, dubbed in 2005 as mileuristas or 'thousandaires', need to 'solve their mobility problems quickly' by buying any car they can afford without paying much attention to its age or mileage, according to the European Price Observatory.

But despite the typical mileurista car being over 10 years old and costing less than 3,000 euros, some of the most important features for a Spanish buyer include satellite navigation and the fact that the service history is up to date.

They also seek to buy from dealers who offer a guarantee, no matter what the age of the car.

These factors show the buyer market is 'becoming more mature' in its outlook, AutoScout24 says.

Currently, the most expensive second-hand cars are found on Spain's islands – the Balearics and the Canaries – possibly due to the extra cost of shipping from the mainland, whilst the central Spanish regions of Extremadura and Castilla-La Mancha have the cheapest used vehicles.

The average prices on the islands and in central Spain are 14,000 and 10,000 euros respectively.

Prices went up the most in the last year in the Balearics, followed by Valencia, Andalucía and Castilla y León, with Extremadura, the Basque Country and Madrid in the middle.

The greatest price falls were seen in the Canaries, Castilla-La Mancha, Navarra, Murcia and Asturias.