Britain continues to face product shortages due to Brexit and the pandemic, with even the car industry being affected. Thanks to a shortage of new cars, owners of old or used models could now sell their vehicles for more than 20 percent of what they would have cost only a few months ago.
The value of second-hand cars has been rising since the start of the pandemic, with costs having increased for 18 consecutive months.
They have now reached record highs, with used motors costing £2,000 more than they did this time last year.
The average value of a second-hand car listed on Auto Trader last month was £16,067, up from £13,829 in September 2020.
This is an annual increase of 21.4 percent.
But Mr Martin added this year it has been “normal” models that have risen in costs because of high demand, saying: “With usually fairly low residual values it means there has been plenty of room for their values to go up.
“Dealers are really buying anything because there is such a shortage of cars but incredibly high demand.
“We’ve even had reports of double the number of buyers to the number of cars being sold to the trade at auction.
“Unfortunately for the buying consumer, the higher costs paid by dealers will be passed on, meaning it will only force second-hand car prices up.”
But this is good news for those wanting to sell their cars, especially if they own one of the models which has increased most in value.
For example, Vauxhall’s Zafira MPV has gone up by £5,000 in the last six or seven months, according to Mr Martin.
He added: “Figures like that are really hard to comprehend but it’s due to demand being strong and a constraint on new car supply.”
Full list of cars that have increased by more than £3,300 in value since March 2021 (highest to lowest)
Toyota Auris Hybrid (2012 – 2019)
Vauxhall Zafira (2012 – 2018)
Mercedes-Benz V-Class (2014 – 2019)
Vauxhall Combo Life (2018 – )
Vauxhall Mokka (2012 – 2020)
Ford Galaxy (2015 – 2020)
Hyundai Ioniq Hybrid (2016 – 2020)
Toyota Prius Hybrid (2015 – 2019)
Volvo V40 (2012 – 2019)
Peugeot Partner Tepee (2008 – 2018)
Renault Kadjar (2015 – 2019)
Nissan Qashqai (2018 – 2021)
Nissan X-Trail (2015 – 2019)
Kia Soul EV (2014 – 2019)
Mini Cooper S (2018 – )
Ford Kuga (2012 – 2020)
Mini Cooper (2018 – )
Jaguar XF (2015 – )
Skoda Yeti (2009 – 2017)
Vauxhall Astra (2015 – 2020)