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People need cheap cars but PCP and lease deals have become way more expensive due to interest rates increasing and supply of new cars dropping has pushed prices up. So the second hand market has had a massive increase in demand, which drives prices up.
If you have 5k to buy a car, you’ll still get a car for that money, you’ll just get “less” car. But if you only have £1000, the market is insanely competitive as supply is so shallow and demand so high.It’s also worth noting that the second hand market in the uk has been really cheap compared to Europe for quite a long time.
Nef
hugo7
Does anyone know why this is?
I get that low interest rates pushed loads of people into Porsches/similar as investments. But there are millions of old average cars like this, why are they worth so much more?