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Second-hand cars sell for 52pc premium as supply of new models disappears

Motorists have taken advantage of rising used car prices to sell their old engines in record numbers, with cars outselling new models by up to 52 percent.

The UK used car market grew 5.1 per cent in the first three months of the year compared to the same period in 2021, with 1,774,351 cars changing hands, according to the Society of Motor Manufacturers and Traders, a trade body.

But buyers face a distorted market. Used cars are now more expensive than new cars as delivery problems mean that drivers are forced to pay more to buy the vehicle they want without having to wait.

The most extreme case is the Porsche 911 GT, which is currently selling for £194,500 second-hand versus a list price of £127,820, a premium of 52 per cent according to Cap HPI, an automotive analyst.

Not only super sports cars suffer this fate. The second-hand Dacia Sandero will sell for £12,481, a premium of 23 per cent on its £10,173 list price, while the Land Rover Defender will sell for £72,608, an 18 per cent premium on its £61,872 new model retail price.

Audi, Kia and Ford are also on the list of 72 cars selling above the used car list price.

https://www.telegraph.co.uk/money/consumer-affairs/second-hand-cars-sell-52pc-premium-supply-new-models-disappears/ Second-hand cars sell for 52pc premium as supply of new models disappears

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