Filenews 15 November 2025 - by Theano Thiopoulou
Many consumers in Europe prefer to buy used cars rather than new ones, a trend that is also true in Cyprus, as shown by the recent data announced by the Statistical Service.
The consumer expectations survey published by the European Central Bank (ECB) answers key questions that concern prospective buyers and may also represent the choice of car by Cypriots.
More specifically, the survey shows that in July 2025, 47% of respondents who had bought a car in the previous 30 days reported buying a new car and 53% reported buying a used one. Internal combustion engine (ICE) vehicles accounted for about 43% of new car purchases, while hybrid and all-electric cars represented 31% and 25% respectively. In contrast, in the used market, the vast majority of purchases were ICE cars (70%), with hybrid and all-electric cars making up only about 15%.
But what are the reasons why many consumers prefer to buy a used car? For all respondents, concerns about the rapid depreciation of the value of a new car were the main reason for buying a used car instead of a new one, while, for low-income households, limited access to affordable finance played the biggest role. This suggests, according to the survey results, that any recovery in car demand may be slow.
At the same time, the limited interest of households in fully electric vehicles indicates that the transition to electric mobility is likely to continue to be gradual.
In July 2025, of survey respondents who had purchased a used car in the last 30 days, 22% cited concerns about the depreciation of the value of a new car as the main reason.
The next most frequently cited reason was limited access to affordable financing options (14%), followed by waiting for electric vehicles to become cheaper (13%), economic and financial uncertainty (12%), and concerns about new environmental regulations (8%).
These factors differed significantly between income groups. For low-income households, the main barrier to purchasing a new car was limited access to affordable financing options, with 27% of respondents in this group citing it as the primary reason for choosing a used car. Funding constraints were much less significant for high-income households, with only 4% citing it as the main reason.
Most respondents had no plans to buy a car within the next year, with economic and financial uncertainty and a preference for alternative modes of transportation playing a role in their decision, especially for low-income households. 42% of respondents planning to buy a car within the next year intended to buy a car with an internal combustion engine and 41% intended to buy a hybrid. In terms of the origin of cars, 81% of respondents planning to buy a car within the next year wanted their vehicle to come from an EU country, while 19% preferred cars from non-EU countries.
