Used car prices record high! Time to switch?
The Great Price Jump
May looks like the month to see car prices rise an unprecedented 6.5% across the market following a 2% jump in April. Values are moving so fast that the monthly pricing guides are out of date before they arrive. Some models have risen well above the market average in May with the Mini Cooper S, for example, rocketing 15%.
Autotrader claim the average price growth has accelerated every week since dealers reopened on 12th April – now up for the 53rd week in a row! It says this steep rise is being fuelled by increased consumer demand with visits to its site up 41% on the same period in 2019. It is also unlikely that used car prices will decline at any time when consumer demand continues to be strong and supply does not show signs of easing.
Prices will most likely stay strong long into the summer and it’s likely to remain steady for some time yet. Demand may drop away – some of it is pent up demand at the moment. But there is not going to be a huge wave of cars coming through any time soon.
Here are some cars that have risen thousands of pounds in the last month alone:
- Mini Cooper S – up £3,000
- Audi A3 Cabriolet – up £2,000
- Land Rover Discovery Sport –up £2,000
- Audi Q2 Diesel – up £1,000
- Vauxhall Zafira – up £700
Mercedes GLA – The UK’s fastest-selling used car
The GLA is currently the UK’s fastest-selling used car while the Skoda Citigo sees the highest uplift in advert views. This could be the perfect time to make a switch with used car values so high, you could trade in your car for something more stylish/luxurious?
Figures published by Auto Trader show models registered in 2018, and fitted with a diesel engine and an automatic gearbox are disappearing off of forecourts. Apparently, demand for SUVs is climbing rapidly. Auto Trader’s latest market data shows demand for SUVs on the marketplace is up by 21.6%, the highest level of for any body type, with supply down 18.9%.
Small and Electric – More fun than you think!
With the GLA doing so well, it may seem silly to look at something like the Citigo, but the Skoda Citigo has been seeing a surge in attention from buyers, with advert views for the little car up by 68.84% over the last month alone!
The top 10 list of vehicles by advert also includes three alternative fuel vehicles with the recently released all-electric Mazda MX-30 and Volkswagen ID.3 being joined by the hybrid Toyota Prius+ showing a growing appetite among customers for electric alternative vehicles.
Compare the price of your car and find out if luck has landed your way! You could have a higher value car than you were expecting. Why not let CarMoney take the stress away, with our full concierge service, we can find you the perfect new car for you at the right price! Put us to the test…
