With a noticeable increase in the number of vehicles traded, the car market showed another strong sign of recovery in 2023. Online marketplace AutoScout24 recorded a total of 9% more vehicle listings than in the previous year. Of particular note were new all-electric cars, with an impressive gain of almost 60%. Around 12% more new car registrations[1] compared to 2022, combined with over 750,000 changes of ownership[2], led to a marginal rise in the number of passenger cars in Switzerland[3] of just under 1%. Even though the sector is still lagging behind the record years prior to 2019 in terms of changes of ownership, new car registrations and used vehicle supply, these figures are a positive indication of the continued recovery of the Swiss automotive market. Although the supply bottleneck situation has largely eased and there were more vehicles on the market again, average asking prices continued to record moderate increases across almost all vehicle categories in 2023. The results of this annual review have been derived from a comprehensive analysis of market data collected and published by AutoScout24.
A rise in new car supply for the first time since 2019
For the first time since 2019, the year-on-year comparison of new cars listed on AutoScout24 revealed a positive trend once again. Supply rose by a whopping 13% compared to 2022. Of the 122,140 new cars on offer in 2023, SUVs (+18%) and minivans (+21%) recorded the strongest growth. Alberto Sanz de Lama, Managing Director of AutoScout24, says: “The increase in new car listings on our platforms is a clear indication that the stock situation at car dealers is changing, which is good news for car buyers. Improved availability not only provides more choice, but could also indicate that prices are likely to ease in the coming months.” The used car listing market grew by 8% compared to 2022 and AutoScout24 recorded over 700,000 listings for the first time since 2020. Here too, the effects of a long-term trend towards larger cars can be seen. Although all vehicle categories increased across the board, in nominal terms, estate cars (+7,400 vehicles) and SUVs (+32,400 vehicles) were the most likely to enter the used car market in 2023, as evidenced by the development of the level of listings throughout the year.
Electromobility: market shares show an upward trend, used car market grows
According to AutoSchweiz, the market share of newly registered electric cars[4] reached an impressive 57% in 2023. “One in five vehicles listed on AutoScout24 is now electric and the used electric car market on our platform has grown by 34% within a year. The increasing popularity of electric cars shows that Swiss motorists are ready to embrace innovative technologies,” says Sanz de Lama. According to AutoSchweiz, around 20% of newly registered vehicles were all-electric, while hybrid models further reinforced this trend. The number of new all-electric vehicles listed on AutoScout24 increased by almost 60% compared to the previous year.
Car prices reach a plateau
Although vehicle prices rose less sharply than in 2022, they increased by 5% for new cars and 4% for used cars on the listings market throughout 2023. A new car cost an average of over CHF 60,600 in 2023, while used cars set a new average asking price record of around CHF 37,000. Average prices for all body types recorded moderate increases of between 1 and 5%. Only the popular minivan category saw a price rise of more than 12%. A different picture emerged for the different drive types in 2023. For new cars in particular, petrol cars (+12%), plug-in hybrids (+6%) and all-electric vehicles (+10%) were noticeably more expensive compared to 2022. After a steady upward price spiral, used electric cars were around 2% cheaper, hovering at an annual average of around CHF 54,000. The only exception was full hybrids, where used models were also more expensive compared to the previous year and were listed on AutoScout24 for an average price of CHF 36,000.
Dataset
The analysis examined supply data for passenger cars for 2022 (01/01 – 31/12/2022) and for 2023 (01/01 – 31/12/2023) at 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).
Sources
1) According to AutoSchweiz
2) According to data from the Federal Roads Office FEDRO
3) According to provisional Federal Statistical Office data for 2023
4) Includes all-electric vehicles, standard, mild and plug-in hybrids
