Prices of used cars are rising by 30 pieces as supply is still limited

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Price of used cars it increased by almost a third last year, so one in four models is more expensive than their new counterparts.

The global shortage of computer chips has forced carmakers to slow production, and buyers have been waiting up to 12 months for some models.

According to Auto Trader, this has encouraged many to opt for vehicles under one year old. The average price of a used car jumped 30.5 percent in December to 17,816 pounds, the 21st consecutive month.

The increase in prices is driven by more spacious vehicles such as the Seat Alhambra people carrier, for which the average asking price rose from £ 15,130 to £ 19,038.

The Renault Grand Scenic has risen 47 percent to £ 10,152, while the Škoda Octavia now costs £ 16,826, up 47 percent.

The rise in used car prices also reflects a desire to avoid public transport limit possible coronavirus exposure and slow down production.

Auto Trader said a third of its customers believe car ownership is more important now than before the pandemic.

Richard Walker of Auto Trader said: “The two main factors driving this growth, supply constraints and strong consumer demand, both show no signs of easing any time soon. Allegations of an imminent “bubble burst” do not take into account this key dynamic. “

Car production in the UK fell to a 37-year low of 29 per cent in November, according to the Association of Engine Manufacturers and Dealers, as manufacturers struggle to obtain the computer chips needed to make their cars.

Only top car manufacturers like Bentley and Rolls-Royce avoided distress, as they can pay more for components than their mass market competitors can justify

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