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According to Carsmile, the monthly subscription is the metric that best shows the actual cost of using the cars offered in the market at a given moment, and thus the observed inflation in the automotive sector.
As noted by the platform’s vice president, Michao Netter, When car catalog prices go up, interest rates go up, dealer discounts disappear, insurance and vehicle service become more expensive, the rent shown in ads also increases. “This applies to new contracts, because already serviced contracts are sporadically indexed ”- he explained.
He stated that according to the data of the Central Bureau of Statistics, published before the weekend in May, Consumer inflation in April came in at 12.3%, topping analysts’ expectations.
“On Thursday, the MPC raised interest rates again, this time by 0.75 points While the 3-month WIBOR index, which shows the magnitude of the price hike so far, has increased since September 2021 from 0.23%. up to 6.24 percent at present. For this reason alone, the rental premium increased by PLN 261 per 100 thousand zlotys in eight months. Granting PLN from financial leasing “- announced.
He pointed out that fuel prices rose in April of this year, according to the Central Bureau of Statistics. by 28 percent each year.
Who waited, lost
Summer’s latest calculations show that the average catalog price of a passenger car sold in March amounted to 154.7 thousand. PLN was down 13.5 percent. higher than last year, because car catalog prices are growing faster than inflation in Poland – he emphasized.
He explained that also taking into account other factors affecting the amount of the monthly premium for a car, such as the suspension of dealer discounts, an increase in interest rates and an increase in insurance costs, it will become clear that car prices have not actually increased. by 13.5 per cent, but by 24 per cent. y / y, which is almost double what results from increases in catalog prices alone” – emphasized Knitter.
He added that in Poland at least three out of four new cars are purchased with external financing (lease, lease or credit), where the actual cost of purchase is affected by the interest rate. “The remaining costs included in the monthly subscription (insurance, services) affect all car buyers” – he noted.
He noted that in April of this year, for the first time in Carsmile’s history, the average monthly premium for a newly ordered vehicle was 2,000 PLN 64 net. “This is the average monthly subscription cost for new models ordered by platform users in April 2022, an increase of PLN 388 over April 2021.” – He gave.
According to the expert, a user who postponed the order for a car a year ago, who is discouraged by, for example, long waiting periods for car delivery, will pay more per month. “Today, average waiting times are 6-8 months, but there is a waiting period of about a year for many models. Who ordered the car a year ago and collects it today enjoys a much lower subscription ”- he indicated.
He added that significant increases in the cost of car use have been recorded since the beginning of this year, because in 2021 the situation was still stable, as evidenced by Carsmile chart of the annual growth rate of the average subscription fee. “The rise in list prices was offset by attractive dealer discounts and favorable financing offers on a virtually zero WIBOR basis. Today, the situation has changed radically, and every month delay in the planned purchase of a car means much higher costs” – assessed Knitter.
He explained that it is affected by many factors, the most important of which is higher production costs, which are related to more stringent emissions requirements and equipment with mandatory safety regulations. “This is intertwined with the costs of raw materials and components, which have increased significantly in the wake of the pandemic and the war in Ukraine. Another factor is the exchange rate, which is now having a pro-inflationary effect,” he said.
He stressed that the increase in premiums applies to newly concluded contracts and does not apply to paid cars.
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