The average value of a used car has rocketed in just two years according to Auto Trader, the UK’s largest automotive marketplace.
When compared to pre-pandemic June 2019, a used car has seen a typical increase in value of a whopping £4,100.
That’s the findings from Auto Trader’s monthly Retail Price Index, which is based on daily pricing analysis of circa 900,000 vehicles and is set to be used by the Office for National Statistics to feed its measures of inflation.
It revealed that the average price of a used car was £17,173 in July, marking a 19.5 % increase on the same time last year on a like-for-like basis.
Given the recent acceleration in values, motorists might be surprised at just how much the car sat on their driveway could be worth today, regardless of its age.
In fact, depending on when it was bought, your car may be worth more than what was originally paid.
For example, the Suzuki SX4 saw a massive 82.1% year-on-year price increase, and other popular models such as the Seat Alhambra; Renault Scenic; Ford Fusion and Ford S-Max also sit high on Auto Trader’s top 10 list, all recording an annual increase in value of over 40%.
