The recent surge in used car prices is unprecedented, with some models now costing up to 57% more than their 2019 prices, according to research from the AA. The primary driver behind this trend is a shortage of microchips and raw materials, which has caused delays in new car production. As a result, buyers are turning to the used market, leading to increased demand and higher prices.
Are used car prices expected to decline?
Used car prices experienced a significant surge in value over the past year and a half, but experts predict that this trend will start to reverse in the next few years. While the drop in prices is welcome news for consumers, it is important to note that it is not expected to completely offset the price increases that occurred during the recent surge.
According to industry analysts, the factors that drove up used car prices are starting to ease. This should lead to an increase in new car production, which in turn will reduce demand for used cars. Buyers can also expect to see more competitive pricing and a wider selection of available models.
It is important to note that the certain popular models may still hold their value well, while less popular models may see steeper price declines. Additionally, factors such as mileage, condition, and location can still considerably impact the value of a used car.
So, should I consider selling my car before prices drop?
If you're considering selling your car, now could be an excellent time to do so. The shortage of new cars has made used cars more valuable, and many popular models are fetching much higher prices than they were two years ago. If you no longer need your car or have stopped commuting, selling now could also be really beneficial.
Looking to sell your car? It can only be Sell 2 Swansway
If you’ve decided to take the plunge and sell your existing car to take advantage of the current high prices, then you need to contact Sell 2 Swansway to get a competitive quote. With over 55 years of experience, you can rest assured that you’ll get a great deal with Sell 2 Swansway.
And if you want to find a replacement, we have thousands of cars in stock across our 25 showrooms, so we’re confident that we have a car to suit your preferences and budget.
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Sell your next car with Swansway
If you’re looking to sell your car before it depreciates too much then get a competitive quote in under 60 seconds with Swansway. With over half a century of experience and nearly 8,000 positive reviews on Trust Pilot, you can trust that selling your car from Swansway is simple, risk-free and competitive.