Used Car Market Started the Year with Buoyant Turnover

The used car market was buoyant at the beginning of the year; in January, almost 69,000 cars changed hands, 3.7% more than a year earlier, the JóAutók.hu [‘Good Cars’] used car market portal said in its analysis on Monday, citing DataHouse's newly published preliminary data.

It expects that in 2023, the number of transactions on the domestic used car market will be slightly above the 829,000 peak set last year.

The CEO of JóAutók.hu, Bertalan Halász said in the statement that after a slight decline in the last 3-4 months of last year, the used car market is picking up again, which could be an important sign that the uncertainty caused by overheads and inflation is slowly fading among buyers.

The more positive sentiment is likely to continue in the coming months, with buyers again seeing higher inventories and shorter waiting lists, while companies are also starting to catch up on fleet replacements that were delayed last year. This could also stimulate the used car market through replacement cars.