Data from online car selling and buying platform carwow shows that the average price of used cars sold using its Sell My Car service has risen by over £1000 since May 2022 to nearly £15,250, a 9% increase. The rise in the average price of used cars is even sharper looking back to the start of the year. Since December 2021, the average used car price has increased by 22%, from £12,500.
According to carwow, these figures show that now is a good time for Brits to sell their used cars if they wish to cash in on prices being at some of the highest levels in recent years. It points out that the used market has remained competitive throughout the wider economic turmoil over the last two years, not least as buyers do not have the same lengthy wait times that those buying new vehicles have experienced.
Commenting on the findings, carwow’s consumer editor, Hugo Griffiths said: “For anyone looking to sell a used car, or weighing up whether to do so, now represents a great opportunity to cash in. The rise in used car values is good news for anyone with a second or third car they are thinking of selling, not least given the squeeze households across the country are feeling, but also for anyone looking to upgrade their main car.
“The increase in used car prices is a sign of their popularity at the moment. The wait times on new cars, combined with supply issues, has sent more people in search of used models they can snap up straightaway.
“Car buyers have shown themselves to be flexible in recent times, and while new car supply issues are easing up, we expect this trend to continue for the coming months. I’d urge any motorist thinking about whether to sell up to explore what price they can get. It might be more than they think.”
