Recovery of used car market continues in May
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A total of 323,000 used cars were sold in Hungary in January-May 2021, which is just 1% below the number of sales registered in the same period of 2019, according to data by joautok.hu.
The sales until May this year are also 7% higher than in January-May 2020.
"Following the strict lockdown last spring, the used car market recovered from the shock of the coronavirus in practically one or two months, and the momentum has been sustained ever since," explains Bertalan Halász, CEO of JóAutók.hu. "This was helped by the increased demand for cheap secondary cars during the epidemic, but buyers from other segments also came over. Because of the border closure, many people found their next car domestically this time instead of importing. In addition, in a situation of uncertainty, many motorists chose to buy a cheaper second-hand car rather than new cars, which were already significantly more expensive."
Demand shifting from other segments will gradually disappear as the used import and the new car market is expected to pick up again over the rest of the year as the opening and economic recovery takes hold. However, the bulk of the cars replaced will also drive the domestic used car market, so the general economic upturn is expected to continue to drive slow but steady market expansion. As a result, by the end of the year, total sales could be close to the record 808,000 set in 2019, joautok.hu argues.
The Hungarian used car market is dominated by lower-middle-range cars (29% of cars sold) and small cars (23%). The Opel Astra, Ford Focus, and Volkswagen Golf are the most popular models in the lower mid-range segment. The Suzuki Swift tops the list of small cars, followed by the Opel Corsa and Volkswagen Polo.
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