Used cars are now holding their value better than any time in recent Irish history.
New research by TCD and NUIG economist Dr Tom Gillespie for classified car sales website
DoneDeal reveals that, potentially, a 2015 registered used car purchased on January 1, 2020 may now be worth more in July 2021, even after adding 20,000km to the car.
Dr Gillespie said that there are several reasons behind the value increase, including a shortage of new cars due to pandemic factory closures, less UK imports as a result of Brexit, pandemic savings by the general public, and the decreased usage of cars during lockdowns.
According to the newly developed data, used car prices have increased by 40% in the year from June 2020 to June 2021.
This increase in prices has outweighed depreciation rates for most vehicles and is having the greatest impact on the lower end of the market said the report.
However, David Randles, of Randle Bros on the Muckross Road and chairman of the Kerry branch of the Society of the Irish Motor Industry (SIMI) said that these figures only applied to ‘in-demand' cars like a Nissan Qashqai or a Ford Focus or similar or cheaper ‘starter' cars.
“The reality is it has never been a better time to buy new,” Mr Randles told the Killarney Advertiser. “A customer with a trade-in worth €15,000 a year ago might get €16,000 or more for certain models.”
Beginner cars are also increasing in value, mainly due to scarcity in the market.
“Two years ago, a 10-year-old car might make €2,000, now they could get up to double that,” he added. “Someone with a second car that they don’t need could get the most benefit out of all this if they chose to sell.”
One Killarney entry in Déjà Vu Ireland West
Killarney garage owner Johnny O’Sullivan is the only Kerry driver to enter Déjà Vu Ireland West in Mayo next month. Johnny was part of the organising team on the Déjà […]
Killarney garage owner Johnny O’Sullivan is the only Kerry driver to enter Déjà Vu Ireland West in Mayo next month.
Johnny was part of the organising team on the Déjà Vu Tralee event in May. He and his son John drove a Mazda RX-8 as a sweeper car in the event that visited old rally stages in West Kerry earlier this summer.
Déjà Vu Ireland West was originally supposed to run in 2021 but was postponed several times as a result of the pandemic.
After many false starts the Westport-based event will finally get underway next month. This great motoring re-union of 130 historic rallying and supercars, will leave The Mall in Westport at 10am on October 1 and will follow a non-competitive 180km run through Connemara.
Spectators are in for a treat as the fabulous array of World Rally, Group 4, and Group A cars travel over some of the special stages that were used on the Circuit of Ireland and Galway International Rallies in the past.
“I really enjoyed the Tralee event, it was great to be part of it but this time we are going as participants,” said Johnny, who will be co-driven by his son John.
They will use the same Mazda that they drove in Tralee earlier this year.
Déjà Vu Motorsport is an organisation set up by former motorsport TV personality Alan ‘Plum’ Tyndall and former international rally co-driver Beatty Crawford. Their events raise funds for local charities and after the Tralee meeting they donated €40,000 to Recovery Haven cancer charity in Tralee.
Entries for the Mayo event close today (Friday) and at the time of publication there was only one Kerry entry.
Replica Ghostbuster car star attraction in Cannonball run
By Sean Moriarty A replica of the 1960 Cadillac that starred in the 1984 Hollywood hit ‘Ghostbusters’ will be one of the star attractions when Cannonball rolls into Killarney next […]
By Sean Moriarty
A replica of the 1960 Cadillac that starred in the 1984 Hollywood hit ‘Ghostbusters’ will be one of the star attractions when Cannonball rolls into Killarney next Friday evening.
Cannonball is the largest organised road trip in Europe and this year the event will have the highest ever number of car entries including Lamborghini, Ferrari, McLaren, Aston Martin Porsche, Rolls Royce Bentley and Maserati.
Spectators will get up close and personal with 200 of the finest cars on the planet and enjoy the unique festival atmosphere that Cannonball is renowned for with both drivers and spectators in fancy dress.
The event, which raises money for the HOPE Foundation, will overnight in Killarney on Friday, September 9.
Among the varied cars will be the first Irish built ‘Ghostbusters’ Cadillac Ecto-1 including the iconic roof rack, Proton Packs for all of the crew, Ecto Goggles, P.K.E. Meters, and a slew of ghost traps.
“The first finish line and overnight stay will be at the Brehon Hotel. On Saturday September 10 the convoy will leave Killarney at around 10am,” said an event spokesperson.
After Killarney the road run will visit Limerick and Galway before another overnight halt in Sligo ahead of the finish line at Trim Castle in County Meath on Sunday, September 11.
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