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Second-hand car prices in Ireland continue to soar

Dublin: Second-hand car prices continue to soar. In the first three months of this year, prices increased by 4.6%. According to Donedeal data, used car prices have risen by 77.5% since March 2020, during the COVID-19 period.

Donedeal data reveals that demand for used cars increased significantly between December 2022 and March 2023. In January, it increased by 21%, and in February, it increased by 15.5%. However, there was no significant increase in car supply. It was just 5.3%.

There was also an increase in the import of used cars. There was a 6.4 percent increase. During this time, 12,385 vehicles were imported. This is the first annual increase since 2019. Imports of used cars from the UK also fell significantly, down 32.7% compared to the first quarter of 2020.

Imports of used cars from the UK were at 93.6% earlier. Used car imports to Ireland fell by 53.5% compared to the first three months of 2019, the figures show.

58,107 new cars were registered in the country in the first quarter of this year. This represents a 16.5% increase over the previous year. Electric vehicle sales have increased dramatically, according to data. In the first quarter, 9303 EVs were registered in Ireland. This is almost a 50% increase from last year.

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