Unbelievable used car price rises have seen some vehicles add thousands to their value in May
Find out why used car prices are rising at considerable levels
Used car prices are rising at the sharpest rate in recent memory, with experts left reeling at how steeply costs are increasing.
Vehicle valuation firm Cap HPI has reported that May could see the average price of a used car increase by 6.5 percent, following on from a two percent increase in April.
It could mean that some drivers might not realise how much their vehicle has increased in value.
Speaking to CarDealerMag.co.uk, Derren Martin, Cap HPI’s head of valuations, said: “We’ve not seen anything like it and have been moving cars up in value every day.
“It is unbelievable out there at the moment. We have not seen anything like this before – the nearest comparison would be the recovery of 2009, which pre-dates me. Certainly in my time here we have not seen anything like it.”
Cap HPI’s figures revealed that the Mini Cooper S had seen the highest increase thanks to a rise of £3,000 in the past month. This was then followed on by the Audi A3 Cabriolet and Land Rover Discovery Sport, which have both had £2,000 added to their value.
Prior to the previous record increase last month, the last highest price rise was just one percent in 2018.
In conclusion, Martin said he believes these prices could be here to stay for some time, adding: “I think we’ve got strong values for the summer, at least… that’s not to say they’ll be going up by six percent every month, but this month we’re expecting around six-and-a-half percent and maybe then they’ll just stay stable, but they could go up further over the next few weeks as well.”
Published: June 10, 2021