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.”
Johnny Hickey to be remembered at the Rally of the Lakes
The late Johnny Hickey will be remembered by his motor club colleagues at his beloved Assess Ireland Rally of the Lakes this weekend. The hugely popular Killarney and District Motor […]
The late Johnny Hickey will be remembered by his motor club colleagues at his beloved Assess Ireland Rally of the Lakes this weekend.
The hugely popular Killarney and District Motor Club (KDMC) member passed away two years ago.
He was one of the hardest-working volunteers within the ranks of KDMC and his contribution to the Rally of the Lakes is sorely missed in the two rallies that have run since his passing.
The accomplished rally navigator will be forever remembered by his family and friends within the sport after his daughter Alyson unveiled a new trophy in his name at the official launch of the 2023 event on Saturday night.
The Johnny Hickey Memorial Trophy will be presented annually to the highest-placed co-driver in a two-wheel drive car in the modified class – a category close to his heart.
Alyson (13), bravely spoke in front of a packed audience at the launch event, about her late father and what motorsport meant to him.
“My dad loved rallying from a very young age and his passion only grew stronger as he got older. He joined my granddad, Charlie Hickey, in the co-driver’s position when he was 16-year-old,” Alyson told those in attendance.
“For him, it was never just about the rally – it was about the people who shared his love for it. He believed that the spirit and friendship that comes with rallying was just as important as the thrill of the race.”
Alyson was accompanied by her granddad, rally driver Charlie, his grandmother Joan and his aunt Charlene when she unveiled the cup in the Gleneagle Hotel on Saturday.
She received a standing ovation for her powerful and tearful speech that remembered her late dad and rally legend Johnny.
Three local competitors to watch in this weekend’s Rally of the Lakes
Three local competitors will start the 2023 Assess Ireland Rally of the Lakes in state-of-the-art rally cars capable of winning the event. Defending champion Callum Devine will start at number […]
Three local competitors will start the 2023 Assess Ireland Rally of the Lakes in state-of-the-art rally cars capable of winning the event.
Defending champion Callum Devine will start at number one and he will have Muckross co-driver Noel O’Sullivan in a Volkswagen Polo Rally2 alongside.
They dramatically won the rally last year after chief rival Alistair Fisher crashed out in the final stage.
Two more local Volkswagens will start the rally in the hands of Rob Duggan and Alan Ring.
“It is an honour to carry number one on the doors,” said O’Sullivan. “The club have put on an incredible route, and it is great to see the two boys out in Polos. There is a very strong entry, and we will do our best to get a good result.”
Duggan is the defending modified category champion but has made a surprise step up to the top class.
“It has always been a dream since I was four or five-years-old to go up The Gap in a top machine,” he said.
“I have no idea what to expect, I will only see the car on Thursday morning, I have only done the rally in a modified car, so I guess this car won’t be as tail happy.”
He will be co-driven, as usual, by Ger Conway.
Duggan’s car will be run by Welsh outfit, Melvyn Evans Motorsport, the same team that will run Alan Ring who makes a welcome return to top-flight rallying after a few years contesting events in the historic category.
“The weekend should be good,” he said. “Myself and Rob will be teammates and it will be nice to have a proper car for the event.”
The rally gets underway with a ceremonial start in Killarney town centre on Friday evening before two action-packed days across 16 stages.
The Saturday run returns to the challenging Beara Peninsula while Sunday morning’s action takes place in South Kerry ahead of the grand finale on East Kerry roads on Sunday evening.
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