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Car Price Inflation since 2017

  • 07-06-2024 2:02pm
    #1
    techdiver
    Registered Users, Registered Users 2 Posts: 3,291 ✭✭✭


    So, in early 2017 I purchased a new Skoda Octavia RS for €34,000. I'm not a huge "car guy", so have been happily using this as our family car since. I was browsing around prices of electric vehicles and thought they were still crazy high until I looked up the equivalent ICE cars.

    I was shocked to see that my latest model of my car is now at a starting price of €47,845!! To me that is some crazy inflation in car prices in 7 years. Is this reflected across the board or have I found an outlier here?



Comments

  • #2
    Allinall
    Registered Users, Registered Users 2 Posts: 7,009 ✭✭✭Allinall


    It's an average of 5% per year, so not too excessive given the rates of inflation over the last few years.



  • #3
    bazz26
    Registered Users, Registered Users 2 Posts: 51,360 ✭✭✭✭bazz26


    All car prices have risen since Covid, not just down to inflation though.

    Covid had an impact on supply chains as well as the price of materials, etc.

    Short supply and high demand of certain models pushed prices up.

    The Ukraine war pushed prices up too as many car components this side of the world were produced there.

    The Government also fiddled with VRT rates about 2 years ago which pushed some prices of certain models mostly (ICE cars) up on top of inflationary increases.

    Car manufacturers also got greedy and increased prices to maintain profit levels.

    EV prices have dropped somewhat and supply has now outstripped demand so sales are struggling and prices have dropped again.



  • #4
    NSAman
    Registered Users, Registered Users 2 Posts: 3,454 ✭✭✭NSAman


    Nope, its not an outlier. I bought my car in 2021, was looking to change it this year. Same specs on the "new" model are 50K more.

    I am not changing at the moment for the same type of car.

    Prices are seriously out of line with inflation.

    I have noticed that the other car I have has increased also by 20K for the same spec on the "newer" model. my 2020 version will also do nicely thank you.



  • #5
    Gumbo
    Moderators, Society & Culture Moderators Posts: 40,340 Mod ✭✭✭✭Gumbo


    https://www.boards.ie/discussion/2058355002/car-price-inflation-since-2017

    Still think EV’s are high?

    A Model 3 RWD with 300bhp and probably as mush space as the VRs is €38,609.

    BYD Seal RWD is €46k but that’s alot closer to the VRs in fairness.

    ID4, while not the same calibre as the above or your VRS is €40k’ish

    Would an EV suit you?



  • #6
    techdiver
    Registered Users, Registered Users 2 Posts: 3,291 ✭✭✭techdiver


    Yeah we would be the ideal family for an EV. Car mostly used for short journeys. An odd longer journey now and again (around 100 miles every few months).



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  • #7
    Gumbo
    Moderators, Society & Culture Moderators Posts: 40,340 Mod ✭✭✭✭Gumbo


    https://www.boards.ie/discussion/comment/122232042#Comment_122232042

    Every EV available now would suit you then. Just depends on style and budget to suit your needs.



  • #8
    colm_mcm
    Registered Users, Registered Users 2 Posts: 73,520 ✭✭✭✭colm_mcm


    the VRT on cars has gone up a good bit since they changed to WLTP emissions standard, also they’ve jacked up prices.

    Waybackgenerator allows you to look at websites from years ago, you can see €21k Golf’s 6 years ago for example.



  • #9
    techdiver
    Registered Users, Registered Users 2 Posts: 3,291 ✭✭✭techdiver


    https://www.boards.ie/discussion/comment/122232112#Comment_122232112

    I just find the prices crazy. How can so many afford new cars or are they all on finance?



  • #10
    User1998
    Registered Users, Registered Users 2 Posts: 7,682 ✭✭✭User1998


    https://www.boards.ie/discussion/comment/122232216#Comment_122232216

    Mostly on finance



  • #11
    colm_mcm
    Registered Users, Registered Users 2 Posts: 73,520 ✭✭✭✭colm_mcm


    trade in prices are strong enough too, so that helps.



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  • #12
    Sam Russell
    Moderators, Science, Health & Environment Moderators Posts: 20,144 Mod ✭✭✭✭Sam Russell


    I find it very hard to get prices on new cars from the importers websites.

    It appears to be harder than the Third Secret of Fatima. They all give finance figures and interest rates.



  • #13
    colm_mcm
    Registered Users, Registered Users 2 Posts: 73,520 ✭✭✭✭colm_mcm


    https://www.boards.ie/discussion/comment/122232517#Comment_122232517

    it’s even harder to get trim levels or standard equipment.



  • #14
    Sam Russell
    Moderators, Science, Health & Environment Moderators Posts: 20,144 Mod ✭✭✭✭Sam Russell


    https://www.boards.ie/discussion/comment/122233423#Comment_122233423

    The only benefit is to confuse the customer.



  • #15
    pah
    Registered Users, Registered Users 2 Posts: 3,663 ✭✭✭pah


    The thing that annoys me is, for example a 2022 Kia Sorento which was about 52k new is being listed now with 50k kms at…… 50 to 55k 🙄 cos a 2024 model is now 64k - fuk off like



  • #16
    colm_mcm
    Registered Users, Registered Users 2 Posts: 73,520 ✭✭✭✭colm_mcm


    https://www.boards.ie/discussion/comment/122235295#Comment_122235295

    How about a 7 year old Dacia Sandero with 152000km for €1240 less than it cost new in 2017?

    It was actually advertised for €9950 until last week.

    IMG_2699.jpeg



  • #17
    Buddy Bubs
    Registered Users, Registered Users 2 Posts: 4,474 ✭✭✭Buddy Bubs


    https://www.boards.ie/discussion/comment/122235295#Comment_122235295

    Yeah it's annoying, but it does make sense, if you're a seller you'll take what the market will pay. I almost got my money back after 4 years on an Audi A6 (4 years old when I bought it, 8 when I sold it). Sold very, very quickly too.

    Was a great deposit for my EV, which, looking back, was overpriced but you win some and lose some.

    I'm sure at some stage it was worth more than I paid for it.



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