Values keep rising for used cars
So far this year, prices on used cars have risen to unprecedented amounts, and the market is unlikely to slow down any time soon. Used car prices have grown by an incredible 26% year on year, going up by 5.9% in September alone (compared with August) – that’s hundreds of pounds on a three-year-old car in just a few weeks
Several factors are behind this rise, such as pent-up demand and those who saved more in lockdown deciding to splash out. But no matter the reason, if you’ve been thinking about selling your car, now is definitely the time to do so!
Head of Valuations at Cap HPI, Derren Martin, advises sellers to cash in now: “I would sell it…you can wait – I don’t think prices are going to come crashing down any time soon – but you can sell them and make strong money now.”
What’s more, what better time to part-exchange your car for a brand-new vehicle? By selling your car for more, that means additional savings off a new car – win, win!
The demand for used cars is unlikely to drop any time soon. Cars in the wholesale trade market (where dealers buy their stock) are down by around 20% in volume on this point last year, and there are fewer lease models in the market ready to return and trade on, pushing prices up even above their new counterparts.
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