Used Cars Cost Nearly Half A Typical Brit’s Salary

New research suggests that the average cost of used cars has nearly reached half a typical Brit’s annual salary…

Used Car Costs Soar

The average price of a used car has soared by 25% in the last five years alone. That’s according to data compiled by Auto Trader. Separate research from Vanarama has confirmed that only three areas, concerning the cost of living, have been greater than used vehicles. Indeed, the associated costs have risen faster than those associated with alcohol and tobacco; both of which are infamously prone to inflation.

Rising prices for used cars are largely a result of the coronavirus pandemic. It’s caused a sharp decline in the production of new vehicles, increasing demand for used models. Moreover, cars clocked up fewer miles over the course of successive lockdowns; meaning that they command higher prices at the point of sale.

Vanarama has also investigated the rising prices in regards to typical salaries. In 2017, the average salary was below £29,000 – used cars cost under £12,000; that was the equivalent of 41.5% of a person’s annual income. Now, used vehicles are eating away at 6% more of our income – nearly approaching 50% of the total.

Faster than the Cost of Living 

Andy Alderson, Vanarama’s Chief Executive, has commented on the rising prices. He said, ‘generally, the UK cost of living increases year on year, but used car prices are rising quicker still, up 24 per cent in the past five years. Thanks to heightened demand and global supply issues, that’s likely to stretch into 2022′.

He added, ‘however, there are still deals to be had for those in the market. Current stock avoids lengthy delays and paying over the odds for a second-hand vehicle. It’s a tricky time to be on the search for your next car, but a little result and some patience will land you in good stead’.

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