It now appears the norm that used vehicles cost more than brand new models. In the UK secondhand car prices have soared by 30 per cent according to Auto Trader.
In Ireland the asking prices for used cars are now 56 percent higher than they were before Covid according to the buy and sell website DoneDeal.
According to DoneDeal, the extreme inflation means in some cases a second-hand version of the same model of a car is being listed for a higher price than a new one.
Supply shortages caused by lack of electronic chips used in car manufacture, combined with very strong demand from consumers who believe owning a car now is more important than it was before the pandemic - are driving the soaring costs.
It seems like this peculiar situation is going to continue for some time yet.
Time to appreciate the value of that banger sitting on your front drive!
