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Makes sense.
I guess also these things change. When I was younger 2nd hand cars were no were near as cheap as they were a few years ago - price for price, let alone from a purchasing power perspective.
hugo7-
It's also worth noting that the Great English Britain has historically had one of, if not the, cheapest second-hand car markets in the world, due in no small part to right-hand-drive and a rabid new-car culture.
After the USSR folded, my grandad spent years coming to visit us in London from Kyiv, buying relatively dirt-cheap cars, sometimes converting them to LHD himself with scrap parts, then driving them back to Ukraine and selling for multiple times the purchase cost. It was the only work available to him during this time, and he earned handsomely.
My mum's also always had a taste for tangy motors, and ran a 1986 Toyota Celica Supra with a 2.8 litre straight-six that she bought in 1997 for £1000.
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I sold my 05 plate Astra with 130k miles for £500 with a years MOT. It had a newish set of tyres, was mechanically and cosmetically sound, a proper service history, the only minor thing was the front callipers needed a service soon but had newish pads and discs.
Makes me laugh every time a tank of diesel costs me £100, that’s 20% of my old car!
ectoplasmosis
Nef
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.