Used car prices rise 24% in a year, Auto Trader says

Inflated costs for second-hand autos have been highlighted in new knowledge, as producers proceed to wrestle to satisfy manufacturing calls for of recent vehicles. 

The common worth of a used automobile final week was 23.9 per cent larger in comparison with the identical week a 12 months in the past rising to £19,018 – the very best determine Auto Dealer says it has recorded.

And it says 17 per cent of ‘practically new’ second-hand fashions – these as much as 12 months previous – at the moment are being marketed for above what they price model new.

Second-hand automobile values proceed to surge: Auto Dealer says the common worth paid for a used automobile final week was over £19,000

The report comes after That is Cash and cap hpi revealed final week the year-old autos which are being offered on common for greater than the brand new producer record costs and which specific used fashions have risen most in worth within the final six months.

The current growth in used automobile values is a results of unprecedented demand on account of prolonged ready occasions for brand spanking new vehicles to be delivered. 

A scarcity of semiconductor chips wanted for the most recent fashions means producers merely cannot make them rapidly sufficient, with some – together with Jaguar Land Rover – quoting 12-month ready intervals for some fashions. 

Auto Dealer says the scarcity of recent vehicles has been the predominant issue that has sparked 76 consecutive weeks of common used automobile worth development.

It says ‘shopper demand’ for second-hand motors – primarily based on searches and advert views on its web site – is up 19 per cent in comparison with a 12 months in the past. 

{The marketplace} added: ‘This development is mirrored within the greater than 14.8 million cross platform visits to Auto Dealer, which marks a large 32 per cent improve on the identical week two years in the past. 

‘There was additionally a 20 per cent rise within the hours (2.2 million) customers spent researching their subsequent automobile on its market.’

The current growth in used automobile values is a results of unprecedented demand on account of prolonged ready occasions for brand spanking new vehicles to be delivered

The report says the very robust shopper demand out there can also be highlighted by the quicker pace at which retailers are promoting vehicles. 

Final week, it took a median of simply 23 days for inventory to depart forecourts, which is 17 per cent quicker than the pace of sale recorded throughout April.  

Auto Dealer says this implies retailers aren’t having to decrease their costs practically as a lot as they normally do so as to shift autos.

Of the two,218 retailers who made each day worth changes final week (202 fewer than in the identical interval in 2019), the common was a discount of simply £96 – in the identical week of 2019,  retailers have been trimming costs by a median of £304 (68 per cent extra). 

Auto Dealer mentioned that regardless of a current fall in inflation will increase it doesn’t anticipate to see used automobile worth development slowing anytime quickly

Nearly one in 5 year-old vehicles marketed above new worth 

Such is the huge acceleration in used automobile costs, virtually one in 5 of ‘practically new’ examples obtainable out there are at the moment costlier than their brand-new equivalents. 

These are vehicles which are as much as a 12 months previous and would have usually skilled sizeable depreciation – as is the case for many autos within the first 12 months. 

Such is demand that 17 per cent of those motors at the moment are promoting for costs above what they might price model new. 

That may be a enormous leap on the earlier all-time excessive of 11 per cent recorded in August, and over 4 occasions as many than in January (4 per cent). 

Remarkably, 37 per cent of practically new vehicles are at the moment priced inside 5 per cent of their brand-new counterparts, up from 28 per cent in August and 13 per cent firstly of the 12 months, says Auto Dealer.

Final week, That is Cash solely revealed the year-old used vehicles which are being offered for greater than they’re priced new

The 25 vehicles listed right here all have common year-old used sale values larger than their new record worth. This ranges from 3.7% to 19.4% over the producer’s model new worth. Supply: Cap hpi knowledge correct as much as finish of September 2021

Richard Walker, its knowledge insights path, mentioned: ‘With a lot consideration focussed on inflation proper now, there’s enormous curiosity amongst economists on these elements which are recording substantial worth rises, not least used vehicles which have been a notable driver of current UK inflation charges. 

‘With ranges of used automobile worth development as soon as once more smashing earlier data, there’s loads of hypothesis round how lengthy this growth may final. 

‘While inflation in itself does pose a possible danger to shopper demand, we don’t anticipate to see worth development gradual anytime quickly. 

‘That is primarily based on the continued acceleration we’re monitoring throughout the market – fuelled, partly, by elevated ranges of family financial savings, a constructive sentiment shift in direction of automobile possession, and the 1.5 million ‘misplaced’ transactions final 12 months – coupled with the continuing scarcity in each new and used automobile provide.’

REVEALED: The second-hand vehicles which have risen in worth most within the final 6 months   

Final week, That is Cash and cap hpi listed the fashions which are at the moment seeing the most important rise in worth within the final six months – March to September.

The info is predicated on three-year-old autos with a median of 30,000 miles on the clock.

All vehicles listed have seen values improve by round 48 per cent and extra, with some priced round 60 per cent larger than they have been in March 2021.  

20. Vauxhall Astra (2015-2020)

A 3-year-old model of the previous-generation Astra has, on common, elevated in worth by greater than £3,300 within the final six months, says cap hpi

Vauxhall’s common household hatchback creeps into the record of massive movers over the past six months.

Used values for the previous-generation automobile have risen by virtually 48 per cent, which suggests the common worth of a three-year-old instance with 30,000 miles on the clock is greater than £3,300 larger than it was in March.

19. Skoda Yeti (2009-2017)

The Yeti was discontinued by Skoda in 2017 to make means for the likes of the Kodiaq, Kamiq and Karoq, that are extra conventional SUV fashions. Nonetheless, Yeti residuals have at all times been robust

The Yeti was discontinued in 2017, with Skoda switching its SUV vary to a extra typical design. That mentioned, the Yeti’s quirky seems to be and sensible structure means it has a powerful fanbase, which has stored residual values excessive ever since manufacturing ended.

Cap hpi says a three-year-old mannequin with common mileage has gone up in worth by greater than £5,000 within the final six months. 

18. Jaguar XF (2015- )

If there’s one automobile phase that tends to boast poor residual values it’s luxurious fashions, however the quick provide of recent XFs to market has pushed common second-hand costs 48% larger within the final six months – the equal of £7,000

Luxurious fashions aren’t the vehicles that normally prime lists for holding their worth properly. Costly to start with, they depreciate relatively rapidly.

Nonetheless, Jaguar’s XF is the one motor to characterize the executive-car class on this record, with common values of three-year-old examples rising by 48.2 per cent between March and September. That interprets to an additional £7,000 in an proprietor’s pocket. 

17. Mini Cooper (2018- )

House owners of Mini Coopers which are three years previous and have 30,000 miles on the clock may gain advantage from the current surge in used automobile values, cap hpi says

The scarcity of semiconductor chips is hitting UK automobile makers laborious, together with Mini’s Plant Oxford, which was pressured to halt manufacturing earlier this 12 months as a result of lack of elements.

It means construct numbers of the present Mini Cooper are behind, which is forcing used values larger. House owners prepared to promote immediately can anticipate to pocket £5,350 greater than they might have achieved in March.

16. Ford Kuga (2012-2020)

The previous-generation Ford Kuga is a sensible and common household SUV, which helps to maintain demand excessive

Ford not too long ago launched a brand new model of its Kuga SUV, with sleeker seems to be and the addition of a plug-in hybrid drivetrain.

Nonetheless, the previous-generation automobile, with its extra conventional boxy dimensions and heaps of inside area, stays a well-liked selection amongst Britons. Those that already one shall be happy to listen to the common worth of a three-year-old instance has risen by 48.8 per cent within the final half 12 months. 

=14. Mini Cooper S (2018- )

The Cooper S narrowly pips the Mini Cooper for a rise in used values within the final six months, with second-hand sale costs up virtually 50%

Mini’s reply to a scorching hatchback, the Cooper S, is bettering the usual Cooper relating to rising residual values in current months.

House owners of this nippy motor would pocked an extra £6,187 in the event that they offered now in comparison with six months in the past, primarily based on cap hpi’s knowledge for three-year-old vehicles with 30,000 miles on the clock. 

=14. Kia Soul EV (2014-2019) 

This Kia Soul EV is an efficient instance of how quickly electrical vehicles are creating, with it providing lower than half the vary of the present automobile offered in showrooms. However drivers wanting to get their arms on used EVs in 2021 has pushed the worth 50% larger in six months

Cap hpi informed us that few electrical vehicles function on this record as a result of their used values are already so excessive. But the previous-generation Kia Soul EV clearly had some room for motion in 2021.

The common worth of a three-year-old second-hand instance with as much as 30,000 zero-emission miles totted up has risen by virtually 50 per cent within the earlier six months. With an official vary of 132 miles, it falls fairly a way quick of the present Soul EV (280 miles).

13. Nissan X-Path (2015-2019)

Three-year-old Nissan X-Trails have elevated in worth by virtually 50% within the final six months, with house owners capable of reap the rewards of surging second-hand costs – granted they will discover a substitute with out having to pay over the chances

With demand for large SUVs going robust, the Nissan X-Path is one mannequin that’s seeing second-hand values rise this 12 months.

House owners may promote a three-year-old X-Path with 30,000 miles for £5,650 greater than they might have achieved again in March, with common values for these off-roaders rising 49.6 per cent. 

12. Nissan Qashqai (2018-2021)

If there’s one automobile there are many on our roads it is the Qashqai, with it being the best-selling SUV for properly over a decade. But regardless of such ranges of availability, used examples of the previous-generation mannequin are going up in worth

The Nissan Qashqai has been the most well-liked SUV within the UK ever because it first hit the market within the mid-2000s. Regardless of there being loads on the highway – and a brand new mannequin hitting showrooms this 12 months – values of second-hand examples are going up.

A 3-year-old Qashqai with 30,000 miles tallied up in that point has risen in worth over the past six months – on common – from £12,000 to virtually £18,000.

11. Renault Kadjar (2015-2019)

The Renault Kadjar has marginally outperformed its sister automobile – the Nissan Qashqai – for share used worth will increase, although the latter nonetheless instructions the next worth

The Kadjar and Nissan Qashqai are mechanically very comparable, sharing the identical platform and engines as a part of the partnership between Renault and its Japanese sister model. 

It is not a lot of a coincidence to see values for the French compact SUV rising at an analogous charge to the Qashqai, with there clearly being attraction for second-hand motors of this sort. This has pushed used Kadjar costs larger by 50.4 per cent within the final six months, primarily based on three-year-old examples. 

10. Peugeot Associate Tepee (2008-2018)

An incredible selection for households but in addition a well-liked automobile for these utilizing the Motability scheme and want a automobile that may present wheelchair entry

choice for these with small households and in addition a very fashionable mannequin through the Motability schemes, with the van-turned-mini-MPV able to taking wheelchairs with some adaptation. 

Diesel variants have seen a growth in worth in current months, with a three-year-old Associate Tepee value simply over £8,000 in March and now promoting for over £12,000. 

9. Volvo V40 (2012-2019)

Volvo not builds the V40 – or any typical hatchback. Market knowledge exhibits that used values have risen by 52% within the final six months

Volvo might need binned its V40 a few years in the past, basically changing it with the compact XC40 SUV, nevertheless it’s nonetheless an achieved motor for anybody out there for a conventional household hatchback.

House owners who purchased one new three years in the past and pushed round 30,000 miles shall be happy to listen to values have climbed by 52 per cent within the final six month, including over £5,000 in financial phrases.

8. Toyota Prius Hybrid (2015-2019)

The Prius is the unique inexperienced automobile, and patrons nonetheless need them immediately – each new and used. Second-hand examples which are three years previous have risen in worth by 53.3% since March, says cap hpi

The unique poster automobile for greener motoring, the Prius remains to be going robust immediately. These dwelling in cities will know that the hybrid Toyota stays the best choice for trip hailing companies, with the automobile offering good reliability and low operating prices in city areas.

It is the standard hybrid that we’re focussing on right here (not the plug-in hybrid), with cap hpi saying the worth of a three-year-old used instance with 30,000 miles racked up has grown from just below £11,600 in March 2021 to a fraction beneath £17,800 by September.

7. Hyundai Ioniq Hybrid (2016-2020) 

A used Hyundai Ioniq Hybrid’s worth has elevated by round 53% within the final six months, with house owners of three-year-old examples capable of promote for over £15,000 immediately

One other used hybrid hovering in worth is Hyundai’s Ioniq, which, just like the Toyota Prius, is a big household automobile boasting eco credentials for individuals who dwell in built-up areas.

With extra drivers contemplating various gasoline autos, the Ioniq has seen an enormous surge in worth within the final six months. In March, it’s best to have anticipated to pay round £10,000 for second-hand instance from 2018 with 30,000 miles on the clock. In September, used costs rose to £15,680 – a 53.5 per cent improve. 

6. Ford Galaxy (2015-2020)

A 3-year-old Ford Galaxy can promote immediately for over £21,000, which is sort of £7,500 greater than second-hand costs commanded in March

In case you drive a Ford Galaxy – particularly a black one – you have seemingly been mistaken for an Addison Lee worker a couple of occasions. However it’s the house owners of Ford’s massive MPV which are getting the final snort by way of used values.

A 3-year-old diesel Galaxy with 30,000 miles on the clock is value 54 per cent extra immediately that it was six months in the past, such is the demand for large, family-transporting, motors. 

5. Vauxhall Mokka (2012-2020)

The primary-generation Vauxhall Mokka is not produced, however demand for used examples is excessive. The common second-hand sale worth for a three-year-old automobile is 54% larger than it was six months in the past

There is a new Mokka in Vauxhall showrooms immediately, and – in our opinion – its daring seems to be are much more engaging than this comparatively mundane first try. But there’s rising demand for the model’s preliminary try at a compact SUV on the used market.

Cap hpi knowledge exhibits {that a} three-year-old Mokka with common mileage has gone up in worth by 54 per cent within the final half 12 months – that means house owners may make £4,500 extra promoting immediately than in the event that they offloaded in March. 

4. Vauxhall Combo Life (2018- )

Just like the Peugeot Associate Tepee, the Vauxhall Combo Life is a van-inspired MPV that is additionally a succesful Motability choice. Values of used vehicles are up by 56%, says cap hpi

One other used Vauxhall gaining in worth within the final half a 12 months is the Combo Life – the model’s reply to a van-shaped MPV that’s mechanically an identical to its industrial automobile.

Values for three-year-old examples are up virtually 56 per cent in six months. It means an proprietor promoting immediately would make £4,500 extra on common than in the event that they did in March. 

3. Mercedes-Benz V-Class (2014-2019) 

A used Mercedes-Benz V-Class is risen in worth by £14,400 on common within the final six months, says cap hpi

From a compact MPV to one of many largest available on the market – the V-Class is predicated on Mercedes’ Vito industrial automobile, providing seating for as much as seven with ample area for baggage within the boot.

Residual values are at all times excessive, given the small manufacturing outputs and the actual fact many are purchased up by taxi companies. But those that personal a V-Class and are prepared to promote may make £14,400 greater than they might have achieved in March, with common values of three-year-old examples up 57 per cent.

2. Vauxhall Zafira (2012-2018)

Cap hpi says it’s ‘actually laborious to understand’ {that a} three-year-old Vauxhall Zafira may improve in worth by 58% in six month, however that’s the case for the earlier six months

Even cap hpi says it’s ‘actually laborious to understand’ {that a} used Vauxhall Zafira has gone up in worth by as a lot as they’ve, however that is the sizable affect the semiconductor chip scarcity is having on the broader motor market immediately.

A 3-year-old Zafira would have offered for simply over £8,500 round March, however a near-58 per cent rise in worth since means some automobile patrons are paying as much as £13,500 for a used one.

1. Toyota Auris Hybrid (2012-2019)

Toyota’s Auris Hybrid is the most important worth riser of all used vehicles within the UK proper now. Second-hand costs are up 60%, in response to cap hpi’s knowledge

The largest used-car worth riser within the final six months is Toyota’s Auris. It has since been changed by the Corolla – which is inbuilt Burnaston, however demand for second-hand hybrid variations of the inexperienced household hatch have gone sky excessive. 

Costs being paid for three-year-old variations with 30,000 miles clocked up are up 60 per cent within the final half 12 months, pushing common values from simply over £9,600 in March to just about £15,500 final month. 

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