Used car values drop fastest for EVs, hybrids hold value best

Electric vehicles are depreciating the fastest among used cars in Hungary, losing an average of 7.8% of their value annually. Diesel cars follow closely, depreciating at 7.5%, while gasoline cars lose 7% of their value each year. Hybrid vehicles demonstrate the slowest depreciation, retaining their value better with an average annual loss of 5.8%.

Factors like mileage also significantly impact depreciation. Statistics indicate that every additional thousand kilometers driven reduces a car's value by an average of 0.2%. Conversely, larger engines and higher performance increase a car's price. Each additional 100 cubic centimeters of engine displacement raises the asking price by an average of 3.6%, and a 10-kilowatt increase in power boosts it by 3.4%.

The used car market in Hungary experienced robust activity in July, with nearly 85,200 passenger cars changing hands, a 7% increase compared to the previous year. This marks the second-strongest monthly result for the year. Year-to-date, approximately 574,900 used cars have been sold, a 5.7% rise from the same period last year.

Imported used vehicles are playing an increasingly significant role in market growth. July set a new record for imports, with 15,800 used passenger cars registered in Hungary after their foreign plates were replaced. The strong Hungarian Forint exchange rate is cited as a key factor making foreign car purchases more favorable. In the first seven months of the year, 91,300 used cars were imported, a substantial 24.7% increase compared to the previous year, significantly outpacing the domestic market's 5.7% growth.