Second hand car prices

My friend mentioned to me last week that the value of his car had rocketed in recent months. He’s coming to the end of his lease and his car is worth £2000 more today than it was 6 months ago.

As a result I just looked up my car on Autotrader. I bought my car in August 2019. Cars with the same spec, same age and mileage now are now priced £1500 - £2000 higher than I spent two years ago.

Does anybody have a clue what the reasons are behind this rise? Is it just down to the semi-conductor shortage increasing demand for second hand cars?

I don’t think it can be as my car is over 6 years old now so I think it unlikely that its price will have risen as a result of unfulfilled demand for new cars.

Lack of new cars (due to chip shortage) pushing up used prices.

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I do know my 2007 330i appears to have gone up in value, potentially due to being ULEZ compliant now.

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My only guess is that people might be scared to buy new with the current uncertainty of brexit and covid, and are looking to buy 2nd hand

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But as I said, I can’t see unfulfilled demand for new cars pushing up the price of a 6 year old car like mine.

Ok

Mine is ULEZ compliant too. That may well be a factor in making it more attractive on the second hand market. £30 annual road tax for the win.

I can. Prices all move together like house prices do.
It has been going on for months
Camper vans and the like have gone through the roof with Staycations

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My 2016 Toyota Auris Hybrid has gone from about £9k to £12500 today in about 6months.

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My 2006 Kia has gone up in value by £2.90* since September.

Genuinely thinking about cashing in. :moneybag: :moneybag: :moneybag:

*could be the new air freshener I installed.

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WeBuyAnyCar offered me £150 for my car recently. Maybe I should hold out for £155?

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My 06 Corsa (one lady with acute dementia owner) is quite regularly left unlocked on the side of the road.

Has anyone (in SE London, mind) even tried to nick it? Have they buggery.

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Pretty much this, it’s had limited news coverage, but as well as car makers stopping production in the UK (e.g. some Ford, all of Honda), a number of brands are leaving - notably Mitsubishi, or pulling many of their less popular lines. Add to that Brexit bureaucracy and import delays and it’s the full clusterfuck.

The rest of it is supply-and-demand - an unhealthy spiral similar to house prices.

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I don’t necessarily disagree with any of that… but prices are lively in big chunks of Europe and its actually affecting inflation in the US. With older cars, there seems to be an argument that accrued furlough cash is finding an outlet there in countries that have been paying it.

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