Wednesday 29 September 2021

Tokunbo car prices rising in Germany as chip shortage persists

An international microchip shortage was not only affecting car production, but also making itself felt in the wallets of new and used car 

buyers in Germany, according to experts.


Because fewer cars are being produced and put on the market, there were also fewer discounts, according to industry analyst, Ferdinand Dudenhoeffer.


A typical new car became more expensive by some 360 euros ($420) in August and September.

Dudenhoeffer expects the current trend to continue.

“In the next few months, too, new car buyers will have to reckon with falling discounts,’’ he says.


Customers who wanted to switch to a used car, however, would have to reckon with even larger price increases.


In July and August, typical three-year-old used cars became about 2.5 per cent more expensive, according to figures from the market analysts, Deutsche Automobil Treuhand, DAT.


Data for September is not yet available, but DAT also expects a further increase.

“The used car market is currently experiencing a surge in prices,” a DAT spokesperson said.


And here, too, the chip shortage is partly to blame, because, due to the supply bottlenecks, many prospective new car buyers are switching to a newer used car.


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