Data from the online car marketplace BuyaCar.co.uk reveals that the average price of cars being reserved for purchase when lockdown is eased has shot up to a record level.
Average prices paid on BuyaCar.co.uk fell to a three-year low of £11,366 during April this year – down from £13,590 paid during April 2019. But the first week in May has seen the average price of a car reserved for future delivery rocket to nearly £16,000.
Analysts at Buyacar.co.uk point out that this is despite an increase in the proportion of cheaper ‘budget’ cars available on the site. They are now speculating that enforced slowing of car-buying activity since March has created not only pent-up demand but a stronger consumer appetite to splash out on a better car than they originally planned to buy.
BuyaCar has continued to deliver cars during the Covid-19 pandemic but restricted its sales to key workers, tradespeople and those for whom a car is essential to looking after their family or vulnerable people. But the data released this week relates to cars reserved on BuyaCar.co.uk in recent days which will be delivered after restrictions are eased.