Used cars that have most risen in value

New car shortage has seen asking prices for the most in-demand used cars grow by as much as 80% over the last year

It’s a good time to be selling a car, with the value of used cars having grown significantly over the last couple of years.

According to the latest findings from Auto Trader, the car marketplace, the average value of a used car on the market in July was a whopping £17,173.

That’s up by a starling 19.5% on the same time last year on a like-for-like basis. It also suggested that, compared to the prices on offer in June 2019 (back before the pandemic), the average value has jumped by £4,100.

At the core of this jump has been the way that demand for motors outweighs the supply.

The pandemic has crippled the production of semiconductors, which are used in so many new cars. While these new cars are not being produced, there are plenty of motorists who still need to upgrade their motor.

And as they can’t get a brand new car, they are instead turning their attention to used cars that meet their needs, which is driving up the values.

The used cars that have seen the biggest value increases

While the overall increase in used car values is extraordinary, it’s worth remembering that that’s just the average ‒ there are some particular models that have seen even more substantial jumps in value.

According to Auto Trader, these are the vehicles that have seen the largest jumps over the last year:

That’s an incredible rise when you consider that cars are generally recognised as a depreciating asset ‒ it’s unusual for cars to grow in value over time.

The wide variance in price points is also notable, ranging from a little over £2,000 to more than £18,500.

The used cars that have seen the biggest value decreases

Of course, not all used cars have seen such incredible jumps in value. Some have instead seen the prices on offer drop, or at least barely move. Here are the 10 models that have seen the smallest increases ‒ or in fact decreases ‒ in asking price over the last year.

It’s also clear that premium vehicles are more likely to have seen a fall in asking prices ‒ four of the six cars to drop in asking price go for around £30,000 or more.

Getting the best value for your vehicle

It’s one thing to have a highly sought after car to sell; however, the way that you go about selling it will have a big impact on the price you actually get.

If your priority is to get the highest possible price, then you will have to sell it directly yourself, perhaps even through a site like Auto Trader. This will involve more work though, and could take a while in order to find an interested buyer willing to pay the price you want.

A faster option will be to make use of a car buying website like Motorway or WeBuyAnyCar. You’ll have to take a smaller price, but it will happen far more swiftly and at least you can guarantee getting a deal.

The last option will be part exchanging the car with a dealership you’re using to purchase your new vehicle. Again, it’s a straightforward option, but it tends to work out the worst possible value for you.

Check out our comprehensive guide to getting the best price for your used car.