The continued price growth trend leaves prices 77.5% higher when compared to the start of the pandemic
Asking prices for used cars rose 4.6% during the first three months of this year driven by a resurgence in demand from buyers and lack of supply, according to the latest report from listings website DoneDeal.
It means the annual rate of inflation in the second-hand car market is now running at 13.2%, just under half the level it was in the first quarter of last year.
The continued price growth trend leaves prices 77.5% higher when compared to the start of the pandemic in March of 2020.
The analysis found that demand continued to be strong over the first portion of the year, growing by 21% in January and 15.5% in February.
Despite this, the supply of vehicles remained tight, rising by just 5.3%, less than the rate of demand.
This had the effect of propelling the prices being sought higher, report author Dr Tom Gillespie said.
The environmental economist says Ireland is still struggling with a shortage of used cars:
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