The UK’s most popular used cars have risen in price by more than a quarter in the past 12 months, according to one used car marketplace. CarGurus’ analysis of its own data found the average price increase for its 20 most popular models between January 2021 and January 2022 was just over 26 percent.
Using average listing price data, CarGurus compared the price of its 20 most searched vehicles between January 24, 2021 and January 24, 2022. The data was then refined to mitigate the effects of new models, but it revealed an average price increase of 26.3 percent.
The most popular car on the site – the Nissan Qashqai – saw prices rise by 29.6 percent, while the average price of a Mercedes-Benz C-Class rose by 32.5 percent. None of the cars in the top 20 saw their price fall, but the lowest increase was the Range Rover, which ‘only’ went up by 8.6 percent.
The car with the highest average price increase was the Ford Focus, which saw its average listing price hit £16,250 in January 2022 – up 50 percent on the same day 12 months earlier. The smaller Ford Fiesta saw the second-highest price jump, up 36.7 percent, while the Mini Hatch was third, with prices up by 34.9 percent.
Kevin Roberts, the director of industry insights and analytics at CarGurus, said the considerable price increases were down to a number of issues facing the car industry, including the global chip shortage and the ongoing issues caused by the coronavirus crisis.
“Buyers should be aware of a number of factors contributing to recent appreciation levels of Britain’s most popular cars,” he said. “The semi-conductor shortage has contributed to the worst year for UK new car production since 1956 which, in turn, has led to an increase in demand for used vehicles. The resulting decline in available stock has therefore naturally driven up prices.
“The outlook for 2022 will remain dependent on vehicle production; if it can come back to a pre-Covid level we’ll likely see a stronger recovery in sales and a potential reduction in pricing, otherwise we’re looking at a further continuation of 2021 trends.”