Surprising Statistic: 20% of UK Used Cars Priced Higher Than Brand New Ones
It’s a common belief that buying a used car is a more affordable option than purchasing a brand new one. However, a recent study has revealed that this may not always be the case in the UK. Shockingly, 20% of used cars in the UK are priced higher than their brand new counterparts.
The study, conducted by the online car marketplace CarGurus, analyzed over 900,000 used car listings in the UK. The results showed that one in five used cars were priced higher than the manufacturer’s suggested retail price (MSRP) of a brand new version of the same model.
This phenomenon is particularly prevalent in the luxury car market, where used cars can often be priced higher due to their rarity and exclusivity. However, the study found that even mainstream models such as the Ford Fiesta and Vauxhall Corsa had used cars priced higher than their brand new counterparts.
So why are some used cars priced higher than new ones? One reason could be the added features and upgrades that come with a used car. For example, a used car may have a higher trim level or additional accessories that were not included in the base model of a brand new car. Additionally, some used cars may have low mileage or be in pristine condition, which can increase their value.
Another factor that could contribute to the higher prices of used cars is the current shortage of new cars due to supply chain disruptions caused by the COVID-19 pandemic. With fewer new cars available, some buyers may be willing to pay a premium for a used car that meets their needs.
Despite the surprising statistic, buying a used car can still be a cost-effective option for many buyers. It’s important to do your research and compare prices between new and used models before making a purchase. Additionally, consider factors such as the car’s condition, mileage, and history before making a decision.
In conclusion, the fact that 20% of used cars in the UK are priced higher than brand new ones may come as a surprise to many. However, it’s important to remember that there are many factors that can influence the price of a used car. By doing your research and considering all the factors, you can make an informed decision and find the best deal for your needs and budget.