Why are used car prices increasing?

Why have used Audi Q7 gone up in price in the last year or so?

Asked on 24 May 2021 by Gordon Maclean

Answered by Andrew Brady
We don't have exact figures but have seen a steady increase in used car prices across the board. Car dealers have been closed during the various lockdowns, which has led to fewer new cars being sold and a decline in the number of used cars being part exchanged. Combine that with an increase in demand for used cars (people are treating themselves to a used car rather than a holiday, or swapping their expensive lease cars for more affordable used models) and prices are up. A car like the Audi Q7 is likely to be popular with staycationers, too – it's a big, comfortable SUV that'll be ideal for driving a family to Scotland or Cornwall.
Similar questions
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....
I want to buy a new petrol car. Why would I if it is going to be worth zero in 2030? Should I ask for a 50% discount?
My insurer has declared my car a write off following an accident that was my fault (with no other vehicles involved). I am concerned that the market value they've quoted for my car appears low. I asked...
 

Value my car