Average prices for new and second-hand cars remain high at the start of the year. The range of vehicles on offer is gradually increasing, providing more comparison options for car buyers. Consumer confidence is slightly more restrained than a year ago when it comes to cars and people prefer to buy second-hand vehicles.
Average asking prices showed no significant change across all vehicle categories in January and February compared to December 2023. The average price for second-hand vehicles on the AutoScout24 online marketplace was CHF 37,818 (+0.1 percent), and CHF 60,891 (+0.4 percent) for new cars. The range of new and second-hand cars on offer increased by 1,121 (+3.3 percent) and 7,065 (+4.2 percent) respectively compared to December 2023. Vehicle searches also increased again. ‘We’re continuing to see strong asking prices, even though more retailers are offering discounts again. However, the trend also shows that searches are increasing at a disproportionately lower rate than supply. We therefore assume that buyers are generally still holding back and that retailers’ stocks will increase slightly in the weeks ahead,’ says Alberto Sanz de Lama, Managing Director at AutoScout24, summarising the new year figures. The results of the AutoScout24 market index are generated from a comprehensive analysis of market data collected and published by AutoScout24.
AutoScout24 price indices reveal a mixed picture at the start of the year
Despite stable average values in January and February, pressure on prices for both second-hand and new cars is rising. Overall, prices for new cars are performing slightly better, as shown by the AutoScout24 price indices. When it comes to second-hand vehicles, only petrol cars recorded positive movement among the drive types, with an average asking price of CHF 37,517 (+0.1 percent). Average prices for diesel vehicles (CHF 25,931/–0.5 percent), all-electric cars (CHF 50,340/–1.1 percent), plug-in hybrids (CHF 56,372/–0.3 percent) and full hybrids (CHF 36,197/–0.6 percent) were down slightly compared to December. Prices for vehicles in luxury segments and the upper middle class tended to increase, while small cars and those in the lower middle class became cheaper.
The range of new and second-hand cars on offer continues to grow
Compared to the same month last year, there was a sharp rise in the range of vehicles on offer on the AutoScout24 online marketplace. In January 2024, 35,236 (+16 percent) new cars and 177,272 (+7 percent) second-hand vehicles were listed. Compared to December 2023, the range of new and second-hand cars on offer on AutoScout24 rose by 3.3 percent and 4.2 percent respectively. New car retailers in Switzerland listed more mild and full hybrids, diesel and petrol vehicles in January, while the supply of long-range electric vehicles, such as all-electric cars and plug-in hybrids, dropped slightly. When it comes to used cars, an entirely different picture emerged at the beginning of the year. The range of second-hand electric vehicles on offer has been steadily increasing for five months now and is growing much faster than petrol and diesel cars in percentage terms. The current larger selection of second-hand vehicles on the market is mainly due to increased supply in vehicle categories such as SUVs (+4.5 percent), small cars (+5.6 percent) and saloons (+3.5 percent).
Consumer trend: demand for second-hand vehicles is outstripping that for new cars
When looking at purchasing cycles during the year, it is evident that searches and comparisons have fallen by 2 percent overall compared to January 2023. The searches analysed by AutoScout24 reveal that buyers were more interested in second-hand cars than new vehicles at the start of 2024. Declining new car registrations in January in Switzerland, coupled with increasing changes of ownership, highlight the fact that car buyers were increasingly opting for good second-hand vehicles rather than new cars at the start of the year.
Dataset
The analysis examined supply data for passenger cars for December 2022 (1 to 31 December 2022), 2023 (1 January to 31 December 2023) and 2024 (1 January to 22 February 2024) on autoscout24.ch. For the supply and price analyses, the supply data was segmented according to new and second-hand vehicles, according to fuel type (divided into new and used cars) and according to vehicle type (also divided into new and used cars).
