Some used car values have gone up by more than £8,000 in the past three months as the market is gripped by high demand and short supply, Car Dealer can reveal.
Data collated for Car Dealer by Cap HPI shows staggering value increases for cars at the three-year/30,000-mile mark.
Values have risen by as much as £8,000 and 32 per cent individually in some cases, and cars right across the board are booming – from MPVs and hatchbacks through to sports cars.
Even hybrids and electric cars are experiencing a rebound.
Topping the data compiled by Cap HPI is the Mini Cooper S.
Examples of the retro supermini registered between 2018 and 2021 have seen an average price increase of just over £4,000 at three years/30,000 miles.
In percentage terms, the Cooper S is seeing a 32.2 per cent uplift. It means values have gone up by over £4,000 or 32 per cent since April 2021.
Following the Mini is the current-generation Mercedes-Benz C-Class Cabriolet. Prices for the drop-top Benz are up by £5,850 or 31.6 per cent.
While Cap HPI data recently revealed trade and retail prices for the 2018-2020 Suzuki Jimny are above the car’s original RRP – exclusively revealed by Car Dealer – the previous, less-fashionable Jimny is also experiencing a price boom.
Values of the long-running third-generation Jimny (cars registered between 2005 and 2018 in Cap HPI’s data) are up by 29.7 per cent, or £3,417, at the three-year/30,000-mile mark.
Following the tiny Japanese off-roader are the 2014-2019 Audi A3 Cabriolet (+£4,659/+28.9 per cent) and the 2015-2019 Fiat 124 Spider (+£3,140/+27.7 per cent).
The A3 and 124 were the two highest-placed drop-tops in the top 25 list – others include the 2015-present Mazda MX-5 (+£3,382/+27.4 per cent) and the 2013-2020 Jaguar F-Type.
Values of the British two-seater have shot up by a staggering £8,604 or 24.1 per cent.
MPVs have also seen an uplift with cars such as diesel-engined BMW 2 Series Active Tourers up by 25.6 per cent, or just under £3,000, and the 2012-2018 Vauxhall Zafira, which is up by £2,052 or 24 per cent.
Even eco cars such as the 2014-2019 Kia Soul Electric and 2012-2019 Toyota Auris Hybrid feature – up by £2,750/25.7 per cent and £2,455/25.4 per cent, respectively.
Meanwhile, mass-market cars such as the Vauxhall Mokka and Honda Jazz, which rarely experience value increases, are booming as well.
The full list can be viewed by watching the video at the top of this story.
‘Everything is going up,’ Cap HPI’s head of valuations Derren Martin told Car Dealer Live in our interview.
‘These are the biggest movers in percentage terms, but there are cars in this list which are commodity cars which have so much volume in previous times.
‘Astra, Mokka and Jazz don’t tend to go up in value but they are.
‘There’s not so much stock out there and dealers are worried about the next few months for stock. They’ve been buying these cars and have been having to pay top dollar for them.
‘There have also been remarketers who have been pushing their prices up constantly, trying to take advantage of the fact that there isn’t a lot of stock out there – and why wouldn’t they? They’re just trying to achieve the best returns they can.’
Martin added: ‘Because of the shortages of semiconductors and other components, there are concerns over shortages of stock over the next few months.
‘Prices have just gone through the roof in the trading market. Retail market hasn’t followed it quite to the same degree, but the retail market is now catching up as well.’
Martin revealed that the current used car market was experiencing a ‘black swan moment’ as values are set to rise for four months on the trot.
July is expected to finish with values up three per cent, meaning that as dealers head into August, the market will have been up by 14 per cent over four months.
Click the video at the top of this story for the full interview