Did you have a bit of a sticker shock when you came in for a repair? It's not just because of inflation, either. Spare prices have shot up by a hefty sum over the past eight years, at least if you're in Germany. According to the German Insurance Association (Gesamtverbands der deutschen Versicherungswirtschaft or GDV), prices have gone up by six percent compared to last year.
But the more shocking figure is the price increase over the past couple of years. The GDV said auto spare parts have jumped by 44 percent compared to 2013 prices. Inflation has also been taken into account in this case. That's not all, either. The agency says the spare parts prices are nearly three times the general inflation rate in Germany. To say that spare prices have skyrocketed over time is an understatement per the agency.
So what is the factor for the sharp increase? The GDV says it's because of a 'quasi-monopoly' of sorts from manufacturers. As a result, the GDV claims that third-party have no choice but to raise prices due to 'design protection' from the automakers. "Motorists and workshops can only buy many spare parts from the manufacturer of the car, there is no free and fair competition in this market", said Anja Käfer-Rohrbach, deputy managing director of the GDV.
There are other interesting findings from the GDV. Their findings revealed that prices for trunk lids shot up by 60 percent. As for tail lights, those went up by a whopping 67 percent. Of course, there may be other factors as well. Vehicle lighting systems are far more complex than they were compared to 2013 parts. Some materials are also more expensive, and aluminum is used more often than not these days. Still, the price jump is big enough Germany's insurance association to take notice.