3 août 2022 · Car prices nearly 64% higher than just before Covid-19, with prices rising at rates never before documented in Ireland, report finds.
Will car prices drop in 2022 Ireland?
Average prices were up 42.5% in September 2022 vs. February 2020. Used car prices have likely peaked, but new car prices are set to remain elevated through end-2022. In 2023, prices are expected to decline by 2.5% to 5% for new cars and by 10% to 20% for used cars.
Will car prices drop in fall 2022?
Automotive analysts from J.P. Morgan agree that used-car prices have most likely peaked after climbing 43% from February 2020 to September 2022. As new-car production improves, demand for used cars will ease up and prices will continue to fall in the new year.
Are car prices going down in Ireland?
Used vehicle prices have been falling for most of 2022 That's good news for potential car buyers, however not great for companies such as embattled retailer Carvana that purchased vehicles at record highs and are now trying to sell them at a profit.