8:40 am, September 20, 2021
Record demand, a shortage of stock and a depressed new car supply is pushing up some used cars values above the advertised prices of their new equivalents, new data shows.
Cap HPI has found nearly 50 six-month-old used cars with 5,000 on the clock are fetching higher prices than the list prices of like-for-like brand new versions.
Price hikes of over £10,000 or 20 per cent were common in the chart, which covered exotic sports cars and superminis and electrics.
Leading the data was Britain’s cheapest car.
Six-month-old Dacia Sanderos are fetching on average as much as £12,398, according to Cap HPI.
Brand new Sanderos are on average selling for £10,173 – so used examples are going for nearly 22 per cent more.
Some used Porsches are selling for around £15,000 more than brand new examples.
The top 10 list of the largest prices increases is revealed below.
Cap HPI’s head of valuations Derren Martin said: ‘It’s unprecedented, crazy, illogical – throw any superlative you like at it.
‘Used cars are supposed to depreciate but the chip shortage, coronavirus and supply chain hold-ups have reversed that.’
Martin is expecting used car values to rise by as much as five per cent in September.
If that happens, the UK used car market will have experienced an unprecedented seven months of used car price rises.
Last month, Cap HPI revealed to Car Dealer that values had already risen by a total of 20.3 per cent in the past five months, and on average a vehicle’s value has increased by a whopping one-fifth.
Speaking to Car Dealer at the time (which you can watch in the video above), Martin said the market was ‘on steroids’ as an expected summer lull actually translated to a massive uptick in demand and prices.
Cap HPI data for the past six months showed prices had risen across the board and included humdrum motors which would usually depreciate actually rising in value.
Prices for a three-year-old Mercedes-Benz V-Class, for instance, risen by an astonishing £10,954 on average in the past six months, or 43.9 per cent.
Looking ahead to September, Martin said: ‘There’s not going to be loads of stock coming back in September because of the shortage of semiconductors with new cars, and shortage of part-exchanges and fleet returns off the back of that. I think demand will continue to stay strong.’
Top 10 used cars selling for more than new
1. Dacia Sandero
Average price new: £10,173
Average price used: £12,398
Percentage difference: 21.8%
2. Porsche 718 Spyder
Average price new: £74,850
Average price used: £90,500
Percentage difference: 20.9%
3. Porsche Cayman GT4
Average price new: £76,780
Average price used: £91,900
Percentage difference: 19.6%
4. Porsche Macan
Average price new: £56,083
Average price used: £66,850
Percentage difference: 19.1%
5. Toyota GR Yaris
Average price new: £30,963
Average price used: £35,967
Percentage difference: 16.1%
6. Ford Mustang
Average price new: £45,253
Average price used: £50,167
Percentage difference: 10.8%
7. Tesla Model X
Average price new: £98,358
Average price used: £108,833
Percentage difference: 10.6%
8. Porsche 911 Turbo
Average price new: £149,764
Average price used: £165,275
Percentage difference: 10.3%
9. Ford Mustang Convertible
Average price new: £46,819
Average price used: £51,560
Percentage difference: 10.1%
10. Lotus Elise
Average price new: £46,090
Average price used: £50,420
Percentage difference: 9.3%
