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.
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
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.
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.
I only drive around 4000 miles a year most journeys are less than 40 mile round trips. I am in the market for a quality car. Must be an Auto saloon with decent build quality, I’m not into the new car every couple of years thing for instance my last two cars have served us well for just over 10 years.
I don’t follow car fashion or prices so looking for some guidance and / or advice.
Budget around 10K
