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Date Published: 11/10/2021

ARCHIVED - New car costs set to increase in Spain

ARCHIVED ARTICLE

The increase in Registration Tax in Spain will push up the monthly bill by 12 euros

<span style='color:#780948'>ARCHIVED</span> - New car costs set to increase in Spain

As if it wasn’t bad enough that petrol and diesel prices in Spain are continuing to rise, there is yet more bad news on the horizon for drivers as the average monthly price of financing a vehicle is set to increase by 12 euros when the Registration Tax rises in January 2022, according to Sumauto. This figure is five euros higher than was predicted at the beginning of the year due to the lack of cars available on the market.

The tax increase will put further pressure on the Spanish automotive industry, with many manufacturers having to decrease working hours and production due to a global shortage of essential microchips known as semiconductors. The supply crisis is expected to continue well into next year and has already seen car sales drop by 9.7% in September. Likewise, the wait time for new vehicles has lengthened exponentially as prices continue to climb.

Sumauto has speculated that the key factor for a driver when purchasing a new vehicle is not so much its final price, but rather how much it will cost month to month, and this figure is sadly set to increase considerably. The average price of a new car in 2020 was 19,081 euros according to the Tax Agency, a significant 14% more than in 2016 (16,700 euros). This growth far exceeds the salary increase in Spain in recent years, which between 2016 and 2019 was just 5.3%.

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