If you’ve been thinking about buying a used car, it’s important to know what’s happening with prices right now. According to the latest report from Motorway, prices for second-hand vehicles are holding steady, but the type of car you’re interested in could make a big difference.
James Wilson, COO at Motorway, said:
“Manufacturing supply chains, consumer finances and government decisions all play a role in pricing trends in the used-car market. Motorway's new Inside Track report provides an insight into the changes, based on data from sales on our online marketplace."
Overall, used car prices have seen a slight increase of 0.4% in the last quarter. That means you might pay just a bit more now than you would have a few months ago. But not all cars are following the same trend.
For instance, the ever-popular MINI Cooper, Volkswagen Golf, and Ford Fiesta have become even more in demand, with their prices rising by 3.69%, 3.87%, and 4.65% respectively. If you’re eyeing one of these models, you might want to act sooner rather than later, as prices are climbing.
Hybrid vs. Electric:
If you’re considering a more eco-friendly car, the price trends are interesting. Hybrid cars, which use both a combustion engine and an electric motor, have seen a price increase of 2.9%. This suggests that more people are starting to see the benefits of hybrids, perhaps as a middle ground between traditional gas-powered cars and fully electric vehicles.
On the other hand, the prices for used fully electric vehicles (EVs) have dropped significantly, by about 8.1%. While this might sound like a good deal, the drop in price is partly due to some concerns in the market—things like whether there are enough charging stations and how reliable the battery life is.
If you’re in the market for a used car, it’s important to understand these trends. The rising prices of hybrids suggest growing confidence in these vehicles as a practical choice. Meanwhile, the drop in EV prices could be a great opportunity if you’re willing to navigate some of the uncertainties surrounding electric cars.
Regardless of what you’re looking for, staying informed will help you make the best choice for your needs and budget. Whether you’re drawn to the reliability of a petrol car, the efficiency of a hybrid, or the sustainability of an electric vehicle, there are good options out there—you just need to know where to look.
