Instant.ro: second-hand cars will get even more expensive in 2024

The selling prices of used cars will continue to rise this year in Romania, but not at the same level as in 2023, when, on average, used cars became 18% more expensive. Electric and hybrid vehicles are the main categories of used cars that will be traded at higher prices, due to their growing popularity, according to an analysis by Instant.ro, the first AI-based platform in Romania mediating used car sales.

The anticipated increase in the second-hand electric segment comes against the backdrop of the diminishing value of the Rabla Plus eco-voucher, which could lead to a downturn in the new electric car market. As the general interest in sustainable mobility and energy efficiency is at its highest point ever, the demand for electric and hybrid cars will thus be fueled by the second-hand market.

“There is an increased demand for used cars, especially for the more affordable ones, a context that will put pressure on prices, causing them to rise. Alongside the imbalance between demand and supply and governmental policies on eco-bonuses, inflation will continue to play a significant role and will amplify the price increases of second-hand vehicles. We anticipate higher prices this year and a high volume of transactions in the SH electric segment. On the other hand, cars with traditional engines will maintain their prices or even some categories will become cheaper, especially diesel, in the context of the transition to more ecological vehicles” says Andrei Duțulescu, CEO, Instant.ro.

What type of used cars will Romanians buy in 2024

In 2024, consumers will be more pragmatic and flexible in their choice, considering both practical needs and available budget.

The Total Cost of Ownership (TCO) will thus become an increasingly important indicator in the vehicle purchase decision. Therefore, cars with efficient consumption are increasingly sought after, whether they are gasoline, diesel, hybrid, or electric. Due to their convenient dimensions for urban traffic and low maintenance costs, compact and city cars will stabilize at the top of this year’s choices.

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Advanced technological configurations, such as driver assistance systems and enhanced connectivity, will be even more appreciated in 2024. There is already an increased interest in vehicles equipped with improved safety systems. Due to their comfort and efficiency, cars with automatic transmissions will follow in popularity, especially in urban environments.

In 2024, however, SUVs will remain the most sought-after class of second-hand cars, while electric and hybrid vehicles will increase in popularity, reflecting consumers’ growing interest in sustainability and energy efficiency.

The process of buying a used car will move increasingly online, with a growing demand for digital platforms that facilitate searching, comparing, and purchasing vehicles. As they are more cautious and look for vehicles with a verifiable maintenance history, more transactions will be made through dealers offering an extended warranty, according to the Instant.ro analysis.

In this context, the company will continue in 2024 to improve the platform’s functionality and aims to expand service offers, covering every county in Romania through local partnerships with dealers.

“This year, we will focus on refining our product to better fit the market, simplifying and adapting the platform based on market feedback, to maintain our relevance and competitiveness. In 2024, we aim to develop more revenue sources through new services and data products, with a focus on value-added services and monetizing Instant Best Buy offers,” adds Andrei Duțulescu.

In 2023, Instant.ro focused on improving the platform to meet the evolving needs of users, with a focus on refining AI capabilities for more accurate pricing and more efficient transactions.

Last year, Instant.ro also launched a desktop version of the platform and exceeded 100,000 unique visitors per month, indicating a strong market interest in used cars and the Instant.ro platform.