The prices of used cars have gone up at an alarming rate to UK citizens which sees a 24% price increase on average with used car sales.
With recent studies done by AutoTrader and AA, the statistics around used car prices are climbing at a fast rate due to a shortage of new car models.
Some of the research studies have concluded the price of the UK’s most popular cars has soared by up to 57% since 2019. As an example, a Ford Fiesta could have been bought for around £7 448 in 2019 whereas in 2021 the average price on a 2016 model fiesta will cost a buyer £9 770.
A shortage of computer chips used in car production is seen as one of the major factors involved in causing fewer new vehicles to be produced in the UK. Some of the other factors include a shortage of materials such as cobalt, aluminium, and copper.
The study done by AA Cars has concluded that Mini Hatch vehicles up to 5 years old have gone up 57% in price since 2019 and a 3-year-old model has gone up to about 15% compared to 2019 prices.
The shortage of new cars has forced many buyers in the UK to purchase second-hand cars causing used car dealers to increase the prices on some of the most popular used models.
Some of the cars which have gone up in price the most include Audi A3, Ford Focus, VW Polo, and Nissan Qashqai with the Audi reaching a 46.09% value increase.
Statistics prove that the dire situation may conclude late into 2022 which means the market may stay the same with the increased value for up to a year. The situation is adding a lot of pressure on the used car market as manufacturers are struggling to meet consumer demands in the UK.
As car manufacturers are struggling to produce cars due to the shortage of certain materials, the price has only grown since the start of the situation and statistics cannot prove exactly when the situation will calm down.