Used Volkswagen Golf Prices in Germany Fall After Years of Outpacing Income Growth
Used Volkswagen Golfs in Germany have seen a significant price increase since 2017, outpacing income growth. However, prices have started to decrease in 2024, making the popular car more affordable.
According to a study, used cars in Germany have become 31.7% more expensive since 2017, rising by €4,794. Meanwhile, net incomes have increased by 26% in the same period. This trend has made it relatively harder for Germans to afford a used car compared to other Europeans. For instance, Belgians can buy one in just 5.7 months' income, while Italians need 9.6 months.
A Carwow survey revealed that comfort and price are top priorities for buyers, with climate protection being less of a concern. In 2024, used car prices have started to drop across Europe. Belgium saw the most significant decrease of 13.5%, followed by the Netherlands at 10.9%. In Germany, the average price is now around 8.7 months' net income, a decrease of 0.7 months from 2023. Last year, the average price was €19,912, a decrease of €715 or 3.5% from 2022.
Despite recent price drops, used cars in Germany remain relatively expensive compared to other European countries. However, the decreasing trend offers some relief to potential buyers.
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