Bulgaria: 50% Jump in the Prices of Used Cars, People Wait for Months to Buy a New One

Business | August 19, 2022, Friday // 10:15
Bulgaria: Bulgaria: 50% Jump in the Prices of Used Cars, People Wait for Months to Buy a New One @Flickr

Due to the lack of import of new and old cars, the prices of used cars on the market have risen by over 50%, and for a new car, you have to wait several months. This was shown in a report on BNT this morning.

Client Stefka Nikolova told the media that she has been looking at showrooms in the country for several weeks to choose a new family car. Despite the serious increase in prices and the long wait for a new car, she is determined not to invest her money in a used car again.

However, between 4 and 6 months is the average time to wait after ordering a brand new car, regardless of brand. Among the main reasons for the long wait are reduced production by the auto giants worldwide and slowed trade. The sum of all these factors also affects the prices.

"The increase in materials of all kinds and types - from metals to finished products - has grown significantly. The price increase of 10 - 15% in one year is quite sensitive, but it also seriously hampers our customers, and the increase in fuels and energy in general on the other hand, it leads to an even greater burden on users," says Vasil Novoselski, new cars dealer.

The delayed import affects the prices of used cars in our country accordingly. At one of the largest car markets in Dupnitsa, BNT shows a car that only a year ago cost BGN 5,000, and the price is currently BGN 7,000.

"There are no cars at all. What we have in the used market is dwindling and at some point, it will be empty. It is like a well in the desert - everyone drinks water from it, and it does not fill up. This is the used car business in the moment," says Georgi Grozdanov, a used car dealer.

Due to inflation, the car market, like that of real estate, is one of the preferred investment sectors for Bulgarians. For this reason, the demand will continue to be more than the supply, and the prices of cars will continue to rise, according to the forecast of experts.

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