Average prices in the secondary car market continues to decline

Specialists from the Institute for Macroeconomic and Regional Studies (IMRS) analyzed the average prices of cars in the secondary market for November.

Throughout the month, the average prices of local popular cars and foreign luxury cars decreased, while the prices of local luxury cars and electric vehicles saw no significant change.

Prices of local popular cars

In November, compared to October, the average prices of used cars in the secondary market were as follows:

• Onix: moderately used — decreased by 4.8% (from $14,600 to $13,900), low used — decreased by 5.4% (from $14,900 to $14,100);
• Lacetti: moderately used — decreased by 1.4% (from $14,700 to $14,500), low used — decreased by 1.1% (from $15,200 to $15,031);
• Nexia: moderately used — decreased by 0.9% (from $11,500 to $11,400);
• Spark: moderately used — decreased by 0.8% (from $10,485 to $10,400);
• Labo: moderately used — decreased by 2.4% (from $8,300 to $8,100);
• Damas: moderately used — decreased by 0.9% (from $8,200 to $8,125), heavily used — decreased by 1% (from $7,600 to $7,527).

Prices of local luxury cars

In November, the average prices of low- and moderately-used Malibu cars increased by 3% (from $30,100 to $31,000) and 1.7% (from $29,000 to $29,500) respectively, while the average price of heavily used Equinox decreased by 1.9% (from $27,000 to $26,500). The prices of Tracker cars remained unchanged.

Prices of electric cars

In November, the average prices of moderately used electric cars BYD Han and BYD Yuan Up decreased by 1.6% (from $36,500 to $35,900) and 2.4% (from $21,000 to $20,500), respectively, while the price of the new BYD E2 increased by 3.1% (from $16,700 to $17,216). The price of the BYD Song Plus EV Champion remained almost unchanged (new — $29,000, moderately used — $26,600).

Prices of imported luxury cars

The prices of low-used Hyundai Elantra and Kia Sportage cars decreased by 2.2% (from $23,000 to $22,500) and 1.5% (from $32,500 to $32,000), respectively, while the prices of moderately used cars decreased by 1.6% (Elantra — from $22,000 to $21,650, Kia Sportage — from $31,500 to $31,000).

Moreover, the prices of heavily used Kia K5 and Kia Sportage cars decreased by 1.2% (from $26,300 to $25,990) and 3.4% (from $31,000 to $29,950), respectively, while the prices of Hyundai Tucson (heavily used — $25,000, low used — $33,000) and Hyundai Santa Fe (heavily used — $35,000, low used — $45,900) did not change significantly.

For analysis, cars were classified according to the distance traveled and the year of manufacture into the following groups:

• Low-used cars: produced in 2023–2024 and traveled up to 20,000 kilometers;
• Moderately used cars: produced in 2023–2024 and traveled between 20,000 to 50,000 kilometers, or produced in 2021–2022 and traveled up to 40,000 kilometers;
• Heavily used cars: produced in 2023–2024 and traveled over 50,000 kilometers, or produced in 2021–2022 and traveled over 40,000 kilometers, or cars produced in 2020.

The data for price analysis was collected through web scraping from the olx.uz platform. After filtering offers for cars produced between 2020 and 2024, the prices for October (16,000 records) and November (17,300 records) were analyzed.