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Why are the prices of used cars rising?

I have been looking at buying a large, used SUV for the last three months: Volvo XC90, Land Rover Discovery, Audi Q7 etc. I now notice that the exact cars I have been looking at have gone up in price. Is there a reason for this?

Asked on 12 May 2021 by Tony Masters

Answered by Andrew Brady
It's something we're seeing across most car types. There's a lot of pent-up demand following the latest lockdown, with buyers looking to splash out on a new car instead of a holiday etc. People are buying cars rather than using public transport, too, and many buyers are considering second-hand cars rather than new lease cars. Cars are generally making a lot more than the book price at auction, which is leading to high retail values. It'll probably calm down within a few months.
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