Values keep rising for used cars

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.

Ready to cash in your car? #TeamArbury would love to help with a free, instant valuation or visit your nearest dealership to chat with our friendly team.  

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Financial Disclosure

Cathedral Motor Company Limited is an Appointed Representative of Automotive Compliance Ltd, who is authorised and regulated by the Financial Conduct Authority (FCA No 497010). Automotive Compliance Ltd’s permissions as a Principal Firm allows Cathedral Motor Company Limited to act as a credit broker, not as a lender, for the introduction to a limited number of lenders and to act as an agent on behalf of the insurer for insurance distribution activities only.

We can introduce you to a selected panel of lenders, which includes manufacturer lenders linked directly to the franchises that we represent. An introduction to a lender does not amount to independent financial advice and we act as their agent for this introduction. Our approach is to introduce you first to the manufacturer lender linked directly to the particular franchise you are purchasing your vehicle from, who are usually able to offer the best available package for you, taking into account both interest rates and other contributions. If they are unable to make you an offer of finance, we then seek to introduce you to whichever of the other lenders on our panel is able to make the next best offer of finance for you. Our aim is to secure the best deal you are eligible for from our panel of lenders. Lenders may pay a fixed commission to us for introducing you to them, calculated by reference to the vehicle model or amount you borrow. Different lenders may pay different commissions for such introductions, and manufacturer lenders linked directly to the franchises that we represent may also provide preferential rates to us for the funding of our vehicle stock and also provide financial support for our training and marketing. But any such amounts they and other lenders pay us will not affect the amounts you pay under your finance agreement, all of which are set by the lender concerned. If you ask us what the amount of commission is, we will tell you in good time before the Finance agreement is executed. All finance applications are subject to status, terms and conditions apply, UK residents only, 18’s or over. Guarantees may be required.

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