Aston Barclay reported a record 25% price increase for late and low mileage cars to £18,350 and a 16% price rise for ex-fleet cars to £12,109 in Q2.
It said younger dealer part exchanges between 55 and 75 months experienced a 17.3% price rise to £8,435, while the older part exchanges between 78-125 months reported a 9.5% increase to £4,113.
Aston Barclay MD customer said in 30 years working in remarketing he had never seen prices rise so quickly in the used car sector.
The budget sector at 126 months+ experienced a fall of £92 to £1,412 mainly due to a 57% increase in volume during Q1.
Aston Barclay said semiconductor production challenges were causing leasing companies and manufacturers and many business and personal contracts are being extended for six to 12 months to manage the restricted new car supply.
“In over three decades of working in the remarketing sector I’ve never seen used car prices rise so dramatically in a three-month period.
“Many dealers are desperately short of stock which is compromising their businesses, but there is no change on the horizon,” said Martin Potter, Aston Barclay’s MD – Customer.
“The majority of new cars being delivered into late 2021 and 2022 will be EVs so it will be interesting to see how demand from consumers for used zero emission cars shapes up over the coming 12 months,” he added.