The average price of used cars has increased by 15.2% year-on-year, with some vehicles increasing by over 50%. This is according to new data provided by the retailer. This is also the 66th consecutive week of price increases for second-hand cars.
Richard Walker is the Director of Data and Insights at AutoTrader. He blames delays in new car production for why there has been so much demand.
Road users are not ready to wait because of shortages in semiconductor.
According to him, the delay means used car dealers can anticipate a sustained period of additional demand.
He stated that “used car demand is fuelled not only by consumer confidence but also low unemployment, safety concerns on public transport and the current supply limitations in the new market.
READ MORE: More Britons desire an electric second-hand vehicle
AutoTrader data indicates that Jaguar XK used models are now valued at more than PS26,000.
Audi RS3 was the second-highest price increase, up over 35 percent.
During this time, all four models of the Mazda MX-5 were up more than 30%, including the Mitsubishi Shogun and Citroen Grand Tourer.
Sellers are reporting record sales as a result of the surge in interest.
Publited at Fri, 20 August 2021 23:06:00 +0000