Second-hand cars being sold for more than they were worth a decade ago
Second-hand car owners are selling their used vehicles for more than they paid for them almost a decade ago – due to a huge supply shortage and surging demand.
With used car prices up 49 per cent on 2019, motorists are enjoying bumper windfalls on vehicles bought years ago.
In one example uncovered by the Sunday Express a driver was offered £7,000 by car buying site We Buy Any Car for a 2014 G-reg Nissan Micra. The valuation is £1,000 higher than the £6,000 the owner paid for the car nine years ago.
Experts say the reason is a simple case of supply and demand. During the pandemic, used car supply was squeezed and a world shortage of microchips brought car manufacturing almost to a halt.
New car buyers had to compete with used car buyers in a competitive market. Mark Oakley, director of AA Cars, said: “We rarely see cars increase in value as they age. Some of the most in-demand Ulez-compliant models are still appreciating even as they sit on the drive.”
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