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Date Published: 15/11/2021
ARCHIVED - Car prices in Spain rise for the fourth consecutive month
The cost of vehicles in Spain is at the highest point since 2017
As 2021 nears its close the automotive industry is celebrating a small success after a disastrous year plagued by a shortage in raw materials and soaring energy costs which delayed production and hampered sales.
The sector experienced a slight turn-around in October, however, as the price of cars sold in Spain registered an increase of 2.4% in the year-on-year rate, its fourth consecutive monthly increase and the highest figure reported since 2017.
Good news for the car dealers, bad news for consumers, who are now paying through the nose as a result of the global supply crisis.
According to the National Institute of Statistics (INE), the cost of motorcycles followed the same trend last month by increasing 2.6%.
In addition, spare parts and accessories for vehicles also became more expensive in October (+2.4%), a staggering 70% higher than in September, while the cost of fuel has skyrocketed 24.4% since the beginning of the year.
Lastly, vehicle maintenance costs and repair service process also posted a significant 2.2% price increase compared to the same month last year.
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