According to recent research, used car prices in Europe have fallen significantly. Find out more about how this trend may affect the automotive market in Ukraine

Take out a car insurance policy at Visit Ukraine and get fuel as a gift

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The used car market in Europe is showing a downward trend. This dynamic causes concern among both buyers and sellers of vehicles. The Institute for Automotive Research reports that this phenomenon is due to numerous factors, including economic conditions, changes in consumer preferences, and the impact of new technologies.

Earlier, we reported that since the beginning of 2024, Ukrainians have imported $1.1 billion worth of cars from abroad to Ukraine.

Statistics on used car prices in Europe

According to AUTO1 Group, in June 2024, the price index for used cars showed a slight increase. The index rose from 137.9 in May to 138.2 in June, an increase of 0.2%. 

However, compared to last year, prices decreased by 9.2%: from 152.2 in June 2023 to 138.2 in June 2024. Since the beginning of the year, the index has also decreased by 2.7%: from 142.0 in January to 138.2 in June.

Despite the overall decline, prices are still 16.6% higher than before the COVID-19 pandemic. In June 2019, the index was 118.7. Moritz Luck, Senior Vice President of Sales and Operations at Auto1 Group, notes that this dynamic is in line with the expectations of partner dealers. He also emphasizes the stability of diesel prices in the first half of the year.

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How will this trend affect the Ukrainian car market?

Ukraine is experiencing a similar trend. Prices in the domestic used car market are declining, while prices for cars imported from Europe remain stable due to the "entry price".

The Auto1 Group Price Index is based on the analysis of more than 3.6 million used car sales transactions in Europe. The base value is 100 points in January 2015. This information is an important indicator for dealers and buyers, as it reflects the general trends in the used car market.

After a successful purchase of a car, the owner faces everyday issues. For example, the purchase of motor third party liability insurance (MTPL), which is mandatory by law.

It is better to buy insurance online because it is quick and easy. On the Visit Ukraine portal, you can take out an MTPL policy from a licensed insurer. Packages with a franchise of 3,200 hryvnias, 1,600 hryvnias and 0 hryvnias are available. 

What are the advantages of registering an MTPL policy on the Visit Ukraine portal?

- Fair market rates that guarantee payments. 

- A single pricing policy with service station partners that guarantees the restoration of the victim's car.

- Possibility to conclude a contract with a franchise of 0.00 hryvnias.

- One of the best Contact Centers in Ukraine that provides information support.

- One of the best settlements in Ukraine, which guarantees the protection of the budget of the Insured/Guilty party in a road accident.

In addition, all car owners who take out an MTPL policy on the Visit Ukraine portal will receive a certificate for free fuel as a gift: 

➤ When buying in the first 3 days of the promotion – 20 liters of fuel (for purchases from June 21 to June 23)

➤ In the next 7 days – 10 l (for purchases from June 24 to June 30)

➤ From 11 to 24 days - 5 l (for purchases from July 1 to July 14)

The promotional offer is valid from 05/21/2024 to 07/14/2024. 

We remind you! The President of Ukraine has signed a new law on compulsory motor third party liability insurance, which provides for a gradual increase in insurance amounts and ensures prompt payment of claims to injured parties. Read more about how the new law will affect motorists in Ukraine.

Want to know more? Read the latest news and useful materials about Ukraine and the world in the News section.

Darya Rogova is the head of the Visit Ukraine insurance department

A Green Card is not only a mandatory document for traveling abroad by car, but also a guarantee of financial security and safety for the driver and passengers. To avoid risks and fines, take out international insurance on the Visit Ukraine portal. We cooperate only with reliable insurance agents.