Used car buyers are snapping up Teslas and supercars, driving used car prices upwards new data reveals.
Motorway.co.uk’s latest monthly used car barometer shows Tesla had the biggest price increase in September compared to the same month last year. Average used prices of Teslas were up by 11 per cent, or £4,746 per vehicle.
Tesla prices in September were also up by three per cent on August, which dovetailed with used electric cars overall priced some 34 per cent higher than September 2019.
While electric car priced rocketed, so did supercars and sports cars, said Motorway.co.uk.
September was a strong month for used Ferraris, Lamborghinis, Bentleys and Aston Martins, with prices up by between six and 16 per cent.
The firm puts the increase in prices down to low interest rates.
However, prices for used Porsches were 10 per cent down on August and four per cent on September 2019.
Other high risers in the month included Peugeot, Skoda, Mercedes and Volvo, with average prices rising between three and five per cent on August prices.
Peugeot made the top of the list, with the highest rising prices at six per cent compared to August, while it is also seven per cent up on the same month last year.
Used prices of diesels bucked their decline in September and rose by three per cent compared to August. Petrols fells by nine per cent and hybrids dropped by five per cent.
Meanwhile, in terms of colour, black is still the most popular paint shade for used cars, followed by grey and then white.
But turquoise came out the highest rising colour of the month, up 46 per cent up on August and almost 30 per cent up on last year.
Purple, meanwhile, averaged 20 per cent less than August and 50 per cent less than last year.
Tom Leathes, CEO of Motorway.co.uk, said: ‘Since coming out of lockdown, the used car market has seen incredible month-on-month growth.
‘With an uncertain economic outlook, many people are moving away from buying a new car and choosing used to find more value.
‘Not only are the majority of brands in our barometer achieving prices higher than the previous month, they are up on the same time last year, before the pandemic hit.
‘Dealers, hungry for quality stock they can sell at affordable prices, are also pushing prices up. From Tesla and Mini, to Peugeot and even showstoppers like Ferrari and Lamborghini, sale prices show no signs of slowing down as we near the end of the year.
‘Consumers that usually go for new cars have woken up to the benefits of the used car market, and we expect strong market growth to continue long into the future.
‘In highly uncertain times, that is real cause for celebration.’