Yes you heard right. Used car prices in Israel are going down. How could that be in a country where prices don’t usually go down, especially given that new cars are going up in price? One of the factors is that during Covid many laid off employees were forced to give up their leased company cars, creating a glut of cars in the used car lots.
However the real story here is the new used car price list that just entered the market. The “Mechiron Ha’Am” is a new price list published by Israel’s Department of Transportation. Its prices are based on real world car sales in Israel.
Surveys conducted show that the prices are on average 10% lower than Israel’s car pricing bible, the “Levi Yitzchak Price List”. There are a few cars that are slightly more expensive than the Levi Yitzchak list, but those are the exception.
So no, this is not any economic trend, but with car prices rising it is nice to see the bar on the graph has been lowered!
