Shortages of new cars and components, combined with the pandemic causing us to use less public transport, means one thing – the price of old vehicles is soaring
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Your old car could be worth a small fortune, as the price for used vehicles has rocketed by up to 50% more in a year.
And while many of them were pricey to begin with, there are some surprisingly common cars on the list.
Car sales platform Autotrader said the average used car is now worth £16,000 due to rising prices due to shortages of cars generally.
Richard Walker, of Autotrader, said: “What we’re seeing in used car pricing is extraordinary. In any normal circumstances a car begins to lose its value as soon as it’s driven off the forecourt.
“However, exceptionally high levels of consumer demand in the market, coupled with new and used car supply constraints, mean what is traditionally a depreciating asset has become an appreciating one.”
There has been a rising demand for cars in the last year.
This is partly due to government advice not to use public transport during the pandemic.
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The pandemic also caused disruption to the supply of new cars and components, hiking the price of old ones.
These are the cars that rose in value most in the year to September – is yours on the list?
1) Jaguar XK
The slinky two-door Jag sold for £28,196 on average, up a stonking 52% in a year.
2) Hyundai i30
This family car sells for around £12,051 – up 38% on last year.
3) Mazda MX5
The sporty two-door vehicle from Mazda goes for £12,544, an increase of 34.1%.
Heritage Images via Getty Images)
4) Mitsubishi Shogun
The trusty 4×4 from the Japanese car brand has always been popular for giving more offroad comfort than more traditional 4x4s.
But it’s good for reselling too, with second-hand ones costing £17,876 on average – an increase of 33.7%.
National Motor Museum/Heritage Images via Getty Images)
5) Audi RS3
This punchy model comes in a range of editions, all of which hold their value.
Autotrader says these sell for £40,443 second-hand, up 33.5% in one year.
The other cars that have the highest resale values are the Jeep Grand Cherokee (£21,360), Jaguar XKR (£27,059), Ford Focus (£12,727), Kia Sorento (£19,105) and Citroen Grand C4 Space Tourer (£22,203).
Last month The Mirror reported the used car sale to end all used car sales – as a mystery car enthusiast sold off his £1million dust- covered collection of classic motors .
The 174 cars were hidden in a London warehouse for more than 10 years, where they were left by their previous owner.
And the businessman, who wants to remain anonymous, opted to sell up as warehouse where they are kept is needed by its council owner.
The collection, which dates back to the 1940s and has gradually grown on a business park in Tottenham, has been auctioned off with guide prices of up to £25,000.
The most expensive car, organisers say, is a 1960 MG MGA red sports car, but others include a 1975 Mercedes 350SL for £18,000, a 1989 BMW 635CSI for £16,000 and five cars for £15,000 each – including a 1973 Porsche 911, a 1983 Mercedes 280SL and a 1981 380SL.