Buying a car is usually the second biggest purchase someone can make after buying a house, but used cars have grown exponentially in price recently. In the last three years alone, the price of some of the UK’s most popular cars has grown massively in price, according to Channel 4’s Disptaches.
The Fiat 500 has increased by 19 percent, the Nissan Qashqai up by a quarter and the Vauxhall Astra growing by 26 percent in price.
Ginny Buckley, motoring journalist and CEO of electrifying.com, analysed how expensive used cars have become and whether prices may come down anytime soon.
In the last few years, prices of many different aspects of vehicles have exploded in price.
The cost of rubber has increased by 72 percent, energy prices have risen by 50 percent and the price of nickel has doubled.
After searching through car dealerships, Ginny found an ID3 being sold for £59,000, more than £25,000 more expensive than the price of a new model.
She questioned whether car manufacturers and dealers were taking advantage of consumers.
Erin Baker, Editorial Director at Auto Trader, said even the most common cars are growing in price.
The Vauxhall Corsa, one of the UK’s best-selling cars, has grown 249 percent in price year-on-year, with the Volkswagen Golf seeing a 200 percent rise.
On one forecourt in the north of England, a dealer was selling a used car for £25,000 more than its retail price.
Used car sales are down nearly a fifth compared to last year, but as of now, prices haven’t fallen in response.
Dispatches: Why Is My Car So Expensive? is available to watch on All4.
Published at Mon, 15 Aug 2022 20:12:00 +0000