Desperate car buyers are sending the price of used cars higher than new ones as the production of new cars dramatically falls. If are you desperate to buy a used car then this article for you.
The average price of second hand cars has risen by 31 per cent in a year
More than one in five cars that are up to a year old are selling for more than they cost new, a report showed yesterday. The average price of second-hand cars has risen by 31 per cent in a year as record numbers change hands.
Figures from Auto Trader show from the 8,000 used cars registered in the past year, 21 per cent of the total, are on sale for more than the showroom price.
Figures show that the price of secondhand Fords is up by 42 per cent in a year
The price of second-hand Fords is up by 42 per cent in a year; Skodas are up 41 per cent; and Suzuki’s are up 39 per cent.
The ongoing squeeze on new and used car supply, combined with exceptionally strong consumer demand has ensured that the record price growth witnessed last year has continued into 2022.
Second-hand prices have been driven by a fall in new car production
Second-hand prices have been driven by a fall in new car production caused by a shortage of semiconductor chips, a key component. Impatient buyers have turned to the nearly-new market.
It is the 22nd consecutive monthly rise in second-hand car prices. Last summer, production of cars slumped by more than a third due to the semiconductor chip shortage.
The chips are used for controlling functions such as winding down windows electronically and cars cannot be built without them. But the shortage shows no sign of abating.
Help to buy right!
If you want to save on the inflated prices present in the used car market then we can help.
Here at Car Auction Buying Service, we’re dedicated to finding the very best deal for you by working with our extensive list of auction partners and trade contacts including British Car Auctions, Manheim, Aston Barclay and G3.
To find out more or to inquire about buying your next vehicle from a nationwide or local auction, please give us a gallon 07999 728009. Alternatively, you can fill out our online form.
