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Spain sees biggest rise in car prices for 26 years

By April 26, 2022No Comments

For new cars the year-on-year increase in March was 5.3%, the highest since records began.

The Consumer Price Index for cars in Spain shows that in March there was a rise of just over 5% compared with the same month last year, and this was the biggest increase since March 1996, when it reached 7%, according to the National Institute of Statistics.

The increase is in line with the rise in the price of raw materials and the shortage of supply, due to the crisis in the supply of semiconductors which has made the price of new and used cars go up.

It is also in line with the increase in the CPI in general, which has shot up by 9.8% in a year and 3% in a month and is the highest since 1985.

Used car prices
With new cars, the year-on-year increase was 5.3%, the highest figure since data for this sub-group began (2018), and it rose by four points compared with the previous month. The price of used cars also rose by 4.1% compared with a year ago and 1.1% compared with February.

Tow wheels
Motorbikes also went up in price in March, to levels of nearly 20 years ago with a year-on-year increase of 4.5%, the highest since April 2003 when they rose by 5.4%, and they were 1.2% higher than in February. So far this year, the price of motorbikes has risen by 2.8%.

Replacement parts and vehicle accessories are also 5.7% more expensive than they were in March last year, and 0.8% more than in February. So far this year, their price has risen by 2.4%.

Vehicle maintenance and repairs have also become more expensive, although to a lesser extent than cars and other groups in the sector. There has been an increase of 3.1% compared with March 2021, 0.6% compared with the previous month and 1.5% so far this year.