The price of a used car in Spain is now competing with that of a new car, especially models coming from China. For years, buying a second-hand vehicle was the logical choice for those looking to save money. But that balance is starting to shift, and the reason is clear: new cars are becoming increasingly competitive in both price and features.
According to a study by Ganvam (the National Association of Car Dealers and Repairers of Spain), the price of nearly-new cars (up to one year old) has dropped by nearly 10% over the past year, settling at around €23,865 on average. This is not a temporary adjustment but a direct response to commercial pressure from car brands.
Deals on affordable new cars, particularly in segments like compact cars and urban SUVs, are narrowing the gap with used vehicles. When that price difference shrinks, many buyers start considering making the leap to a new car.
The price drop isn’t uniform across all segments. Cars aged between two and five years have also fallen, with decreases of over 4%, now averaging around €19,400. This bracket is especially sensitive because it directly competes with entry-level new cars. In segments like B and B-SUV, new models are already available between €13,000 and €21,000, reducing the appeal of young used cars.
However, older cars follow a different logic. Beyond ten years, prices drop significantly (averaging around €10,500 or less) but then stabilize. In this case, buyers are purely focused on the lowest price, not comparing it to new models.
**Which engines retain value best?**
Beyond age, the type of engine remains key to understanding depreciation. Non-plug-in hybrid cars continue to hold their value best, retaining around 66% after three years. Though still leading, they are starting to give ground compared to previous years due to market pressure.
Gasoline cars maintain a middle position, with a residual value of just over 58%, though this represents a significant decline from the past. Diesel continues its downward trend, hovering around 55%, reflecting shifting market preferences and restrictions in some cities.
For plug-in hybrids, retention is similar (around 58%), but with higher average prices, exceeding €29,000. Finally, second-hand electric cars depreciate the most, with values often falling below 50%, driven by rapid technological evolution and the constant arrival of more competitive new models.
**A market in transformation**
All this reflects a profound shift in the Spanish car market. Used cars no longer compete solely on price; they need to offer more. Improved equipment in new cars, the arrival of new brands (especially Chinese ones), and commercial campaigns are forcing the second-hand market to adapt. The prices of new Chinese cars have directly influenced used car values.
This means adjusting prices, but also strengthening other aspects: more warranty, better financing conditions, and greater buyer confidence.
**A new balance**
The used car is not disappearing, but its role is changing. It is no longer automatically the most logical choice, especially for younger vehicles. Now it competes directly with a new car that offers more technology, more safety, and a smaller price difference than expected. And that changes the buying decision.