The used vehicles overtaking new cars in price

The used vehicles overtaking new cars in price

With post-lockdown demand for used cars booming, partly caused by the microchip shortage which had created a delay in new car production, we have seen used cars values increase steadily over the last few months.

Research from valuation specialists CAP HPI found nearly 50 different cars for sale – around 6 months old with 5,000 miles on the clock – that were listed for more than the list price of the new version.

Some used car prices have shot up by up to 20% on their pre-covid valuations. These were mainly sports cars, superminis and electric vehicles.

Some of the prestige & performance car dealers Magnitude work with are reporting that they are buying good stock back from customers at more than the price they paid for them 1 – 2 years ago, and they don’t expect this to change any time soon.

Derren Martin, Cap HPI’s head of valuations said: ‘It’s unprecedented, crazy, illogical – throw any superlative you like at it.”

For those willing to sell now, this is a great time to realise the best possible price for your car.

CarDealerMagazine has compiled a handy list of cars that are currently selling for more than their new counterparts.

Top 10 used cars selling for more than new

1. Dacia Sandero

Dacia Sandero Feb 2021

Average price new: £10,173
Average price used: £12,398
Percentage difference: 21.8%

2. Porsche 718 Spyder

Average price new: £74,850
Average price used: £90,500
Percentage difference: 20.9%

3. Porsche Cayman GT4

Porsche Cayman GT4

Average price new: £76,780
Average price used: £91,900
Percentage difference: 19.6%

4. Porsche Macan

Porsche Macan

Average price new: £56,083
Average price used: £66,850
Percentage difference: 19.1%

5. Toyota GR Yaris

Average price new: £30,963
Average price used: £35,967
Percentage difference: 16.1%

6. Ford Mustang

Average price new: £45,253
Average price used: £50,167
Percentage difference: 10.8%

7. Tesla Model X

Tesla Model X with doors open

Average price new: £98,358
Average price used: £108,833
Percentage difference: 10.6%

8. Porsche 911 Turbo

Porsche 911 Turbo on the track

Average price new: £149,764
Average price used: £165,275
Percentage difference: 10.3%

9. Ford Mustang Convertible

Average price new: £46,819
Average price used: £51,560
Percentage difference: 10.1%

10. Lotus Elise

This image has an empty alt attribute; its file name is Elise.jpg

Average price new: £46,090
Average price used: £50,420
Percentage difference: 9.3%

In conclusion, as long as the factors mentioned previously continue to be present, then we believe this unusual trend will continue for a while longer before returning to normality.

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