In recent years, the secondhand car market has been thriving. Supply chain problems have caused significant problems in the new market, with waiting lists going on for months. As such, many motorists have elected to go second-hand instead.
This, combined with more general inflation felt across the entire economy, has helped to push up the average price of a used car. Data from AutoTrader suggests that the price of the average used car has risen by an astonishing 31% in a single year. Some cars, like the Land Rover Defender, are worth more now than they were brand new!
Of course, the picture changes depending on where in the country you are. Since we’re talking about major purchases here, these differences can often make it worth travelling hundreds of miles in order to pick up a bargain!
Let’s look at a few popular manufacturers and models, and see where you might track them down for the lowest possible price. Whether you’re in the market for a Ford, a BMW, an Audi or a used Mercedes, it’s worth researching ahead of time, and determining whether the price you’re quoted is a fair one.
Popular vehicles
According to data from the HPI vehicle check service, the UK’s most popular car is cheapest in the Northwest. There’s a general trend upward in price the further south you go, though the East of England tops the list.
If you’re shopping for a BMW, the picture is slightly different. They’re cheapest in the East Midlands and the South of England.
The Nissan Qashqai is a popular budget model that’s cheapest in Yorkshire, while Audi echoes many of the trends we’ve outlined by being cheapest in the East Midlands and Northwest.
Myth busting
One thing we might notice when considering the HPI data is that the Greater London area is not actually the most expensive place to buy a used car. The South East and East of England often tend to be more expensive. While there’s a lot of money in London, driving tends to be less popular, since you can easily get around on the tube.
Economic and geographical factors
So, what factors inform these variations? Price, as ever, is determined by the supply of a given product and the demand for it. The ability of people to pay has a big influence on demand, and so we might see regional variations in purchasing power reflected in the price of the average used car. But the truth is that the formula is much more complicated than that – and often, these regional variances defy simple explanation.
