Any used cars will soon be worth more than a brand-new version of the same model due to a chronic shortage of vehicles.
A lack of cars coming off production lines is pushing drivers into the secondhand market, and lifting prices.
Car production has been stymied by a global shortage of microchips, which are needed for the electronic systems. The head of Intel’s chip division in the US has said that semiconductor supply will lag behind until 2023 at the earliest.
Some nearly new luxury cars are already selling for more than their list prices, and the phenomenon is set to extend into mass-market cars according to car dealers.
The average sale price of all used cars has risen by more than a fifth in the UK over the past year according to AutoTrader. In Ireland reports suggest that used car prices are up by a whopping 50 percent since the start of the pandemic.
That banger outside could be worth more than you think!
