Determining car values on a country to country basis requires complex pricing models. For used cars, this can be even more complicated. The rate of devaluation from one car to another begins the moment the car leaves the dealership and can fluctuate in an indeterminable number of ways. At Carspring, we’ve made it our mission to understand those complexities to enable our car buyers to experience transparency when it comes to purchasing a used car. We took on the challenge of studying and representing the variations of the global used car market as this had yet to be done, and we wanted to be the first.
The path to compiling the study was not easy, as comparing the value of used cars across nations presents many obstacles. For instance, major car manufacturers often tailor car models to each individual country. As an example, General Motors manufactures the Vauxhall Corsa in the UK, Opel Corsa in Europe and Chevrolet Spark in the US. These vehicles are all technically similar. However, from varying branding to market specifications they can differ in ways that makes direct comparison difficult.
Fortunately, with months of research and evaluation by seasoned industry experts, the Global Used Car Price Index 2017 is now available, with interesting results reflecting differences across nations in VAT, currency valuations and tariffs, among other mitigating factors. The Index represents an insightful overview of the perceived value of various brands across different economic regions.
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Author: Digital Dealer
Digital Dealer exists to help dealers and their managers sell more vehicles more profitably by creating the best live events and media in the industry.