CARS almost always lower in value once you buy them, as their value dips from the moment you drive them off the dealer forecourt.
Some cars can even lose three-quarters of their value in the first three years of ownership.
But thanks to supply chain disruptions, the pandemic, and an increasing number of drivers on the road, that’s started to change.
Second hand car prices are up by 21% compared to September 2020, and there’s no sign of this stopping.
Normally, the only cars that increase in value are rare classics and sought-after supercars.
But this year, the cars that have gone up in value include ordinary hatchbacks and affordable sports cars.
Some models have risen in value by almost £10,000 in the past year.
Richard Walker, Data & Insights Director, Auto Trader, said: “We’ve been tracking used car prices across the market for over ten years, and we have never seen the level of growth we’re currently reporting.
“In September, the average price of a used car increased over 21% year-on-year, which is really quite extraordinary as traditionally a car will begin to lose its value as soon as it’s bought.
“What’s behind these huge shifts are the exceptionally high levels of consumer demand in the market, which is being fuelled, in part, by the increased levels of household savings, a positive sentiment shift towards car ownership, and the 1.5 million lost transactions last year, in addition to strong underlying economic factors.
“Combine this with a shortage in both new and used car supply, what is traditionally a depreciating asset, has become, in many cases, an appreciating one.”
Here are the second-hand cars that have got more expensive.
Jaguar XK – up 52%
The XK is one of Jag’s most recognisable sports cars.
It replaced the iconic XJS in 1996 and stayed on sale – after being upgraded at various points – until 2014, when the F-Type succeeded it.
Prices for this model have accelerated from £18,550 to £28,196 – a change of £9,645.
Hyundai i30 – up 38%
This sensible hatchback is one of Britain’s favourite cars.
The Korean family car comes with a five-year warranty, which is one of the best in the business, and it looks great too.
Prices for this model have risen by £3,318, up from £8,732 to £12,051.
Mazda MX-5 – up 34%
The Mazda MX-5 is one of the best sports cars you can buy.
This little two-seater was modelled loosely on the British roadsters of yesteryear, but with a punchy little Japanese engine.
Prices for the MX-5 have gone up by £3,436 from £10,107 to £13,544.
Mitsubishi Shogun – up 34%
The Shogun is an iconic 4×4 which has found favour with farmers and caravanners alike.
Mitsubishi’s old-fashioned off-roader is retro compared to a lot of cars in this list, but there’s still demand for the old car.
Prices have gone up from £13,340 to £17,876. That’s a change of £4,535.
Audi RS3 – up 34%
The Audi RS3 is a powerful car, with phenomenal performance and a price tag to match.
This year, that price has risen even further, making it one of the most expensive performance hatchbacks you can buy second-hand.
Prices have soared from around £30k to just over £40k. That’s a huge price increase of over £10,000.
Jeep Grand Cherokee – up 33%
The Grand Cherokee is an old-school American family SUV with a comfortable interior, imposing design – and big cupholders.
Buyers enjoy the chunky looks and go-anywhere off-road swagger.
Prices for this big beast have risen to £21,360, up from £16,060.
Jaguar XKR – up 32%
Jag’s old-fashioned grand tourer is a comfortable, sporty car, perfect for trips to the countryside – or further afield.
It’s one of the best cars in its category, even though it hasn’t been sold for over half a decade.
Prices for this old British cruiser have hit £27,059, up from around £20,000 last year.
Ford Focus – up 32%
It’s one of the few cars that needs no introduction. Ford’s legendary Focus has been the family chariot of choice in Britain for over ten years.
Demand for this car remains strong, with prices rising by almost a third over the past 12 months.
Second-hand examples are fetching £12,727 on average, up from just shy of £10k.
Kia Sorento – up 31%
The Kia Sorento is a large Korean SUV built for big families, and is one of only a handful of seven-seaters on the market.
Its seven-year warranty makes it a great used buy for families that grew over lockdown.
Prices are now hovering around £19,105, up from £14,583.
Citroen Grand C4 Spacetourer – up 31%
The Grand C4 Spacetourer is an old-fashioned French people-carrier.
Most manufacturers have stopped selling this type of car in Britain, opting for the more fashionable – and profitable – SUV.
But buyers are still interested in MPVs, which is why prices for this model have risen by over £5,000, from £16,948 to £22,203.
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