In a period marked by economic uncertainty and declining consumer confidence, many Poles are determined to proceed with their car purchasing plans, according to the latest OTOMOTO Insights report for July.
Despite a drop in consumer sentiment, as highlighted by the Central Statistical Office (GUS), the desire to buy cars remains strong. The report indicates that 8.55% of respondents still intend to purchase a vehicle soon, underscoring the resilience of Polish consumers.
Economic Concerns vs. Car Buying Plans
The GUS survey revealed a 6 percentage point decrease in confidence regarding household finances and a 4.4 percentage point decline in the outlook for the national economy compared to June. However, these economic concerns have not significantly dampened car-buying intentions. This persistence is supported by data from the Central Register of Vehicles and Drivers (CEPiK), which reported over 365,000 car registrations in July—a 35% increase from the same month last year.
Shift in Fuel Preferences
The OTOMOTO Insights report shows that gasoline vehicles continue to dominate the market, making up more than half of the listings on the platform. However, diesel car listings are steadily declining, with a 0.7 percentage point drop from June 2024 and a 1.4% decrease from May 2024. The time needed to sell a vehicle remains similar for both fuel types, depending largely on whether the seller is an individual (average 41 days) or a business (43-44 days). Vehicles sold by private sellers are generally more affordable, averaging nearly 30,000 PLN less than those sold by professional dealers.
Rising Car Prices and User Activity
In July, OTOMOTO saw 23 million visitors, each spending an average of over 11 minutes on the platform. Users frequently employed filters to search by brand (84%) and model (71%). This high activity aligns with rising average car prices. Professional sellers listed cars with a 5% price increase, while private sellers’ prices rose by 3% compared to previous months.
Higher Car Loan Values
The consistently high supply of cars, up 18% year-over-year, is driven by individual buyers increasingly using loans for their purchases. The average loan amount via OTOMOTO Pay rose to 45,700 PLN in July, a 2.5% increase from June. Interestingly, women are taking out slightly higher car loans (46,200 PLN) compared to men (45,500 PLN), with women constituting 30% of those seeking car purchase financing.