Used Car Market Exceeded Previous Peak by 10% in 2024

According to preliminary data, the domestic used car market saw an all-time high of 909,000 cars changing hands in 2024. This figure exceeded the previous record by 10.2%: 825,000 domestic transfers in 2022, JóAutók.hu summarized in an analysis published on Monday. Prices also fell significantly in the supply market that developed last year, Das WeltAuto adds.

Last year, some of the population made up for the lack of car purchases in the previous period, with many people also preferring to buy used cars instead of new ones. The unfavorable exchange rate trend drove second-hand car buyers away from foreign markets and into Germany.

Outstanding turnover in the used car market resulted in 21 out of every 100 cars being sold there in 2024.

Prestige brands such as BMW (37% of 100), Mercedes (31%) and Audi (29%) were on the market at a much faster rate than average.

Of the brands that topped the list, Volkswagen (23%) was above average, while Opel (20%) was slightly below average, and Suzuki and Toyota cars only accounted for 18% of all vehicles changing hands, according to an analysis by JóAutók.hu.

The latest figures from Datahouse show that cars from six brands still accounted for 49% of total sales in the domestic used car market in 2024.

Of Opels, 98,000 changed hands, representing a 10.8% share. Volkswagen held steady in second place with a 10.2% share since 2019. Suzuki was in third place with 8.3% of annual sales. Ford was fourth with 7.9%. BMW was fifth with a share of over 6.2%, and Skoda sixth for the second year in a row with 5.5%.

The average age of cars on the road in Hungary is 16 years, and more than 36% of vehicles changing hands in the used car market were at least 20 years old, they added.