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Among the 23 countries that participated in the study, Portugal ranks first.
The data reveals that, in Europe, Portuguese drivers are the ones who would need to work the longest to buy a standard second-hand car - up to 22.4 months. Behind Portuguese drivers come Romanians (15.4 months) and Serbians (14.7 months).
On the other hand, Finns would be the ones who would have to work the least to buy a used car (only 2.7 months), followed by Germans (6 months) and Swiss (6.1 months).
In Spain, drivers would need to work less than half as much as Portuguese drivers to buy a used vehicle. This amounts to an average of 10.4 months.
In Portugal, the average net salary is 1,079 euros and, according to Standvirtual, those who bought a used car on the platform in the first half of 2024 spent an average of €24,214.
"We have seen a progressive increase in the prices of used cars since the dramatic situation of lack of stock on the market. However, in 2024, we were able to see a slowdown in this growth and prices are expected to remain constant or even reduce slightly in the near future. The average price of second-hand vehicles grew by 4.3% in 2023 compared to 2022, much less than the 16.7% compared to 2021", says Ricardo Cardoso, marketing manager at Standvirtual.
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Portugal is a country where a good used car still has a good value, even after 10 years. That will change with the EVs, but who cares. If I wanted to buy a cheaper used car then I would have a look in Germany and import it. That's always an option and might be worth the while.
By Tom from Lisbon on 29 Aug 2024, 07:29
@Tom, the only reason old cars hold more value in Portugal is tax. This has several large negative consequences: having more old polluting cars on the road, making cars less affordable and creating legal obstacles for residents (e.g. a resident is not legally allowed to drive a car registered in another EU country).
By Alex James from Algarve on 29 Aug 2024, 10:08
Second cars here are expensive and often v high mileage. It can be costly to import a car (up to 10% of the car value in tax) and a lot of admin. Either way it's not good value for money!
By Angela Roberts from Beiras on 29 Aug 2024, 12:23
No big deal. If you have a job, the bank will finance your fancy car.
By Nick from Lisbon on 29 Aug 2024, 17:54
Second hand car buyers are not charged the IVA tax (23%) that new car buyers are charged, but most sellers add it to the asking price and most buyers do not aggressively negotiate with vendors. Also, Portugal continues to illegally charge import duties for cars registered at least 6 months and imported from other EU countries because the fine paid to the EU is less than the revenues generated by these import duties. Therefore, second hand car values are being artificially kept higher by this practice.
By Peer from Lisbon on 24 Sep 2024, 11:21