Part exchange values soar upwards
If you're looking to buy a new or used car and want to part exchange your existing car, there's never been a better time to do so.
July 2021 saw used cars increase by £425 on average making this an excellent time to sell. That's according to Cap HPI, the people who dealers use to calculate part exchange values for customers.
According to its research, used car values have seen an "unparalleled shift upwards" in recent months. In fact, used car values have increased by £2125 (or 16.6%) on average in the last four months. Drill down even further and this figure rises to just over £3000 for one-year old used cars over the same four month period.
This increased value of used cars means your car is now actually worth more than it was just a few months ago, which is great news if you want to part exchange for a new or used car.
The reason is because demand is high at the moment and supply is currently low, which is seeing dealers offer more for cars in part exchange in an effort to get more stock in to sell.
Cap HPI has also highlighted some notable examples that it's seen a heavy upward trend in. This includes the Dacia Sandero (+7% or £300), Hyundai i20 (+8% or £500), Ford C-MAX (+5.7% or £475), Vauxhall Astra (+6.6% or £500) and Jaguar XF (+10% or £1,500).
It's not just petrol and diesel cars that have seen used values increase substantially, with some of the best electric cars also seeing an upward lift in their used value. Average values of three-year old and older models have actually increased at a faster rate than petrol or diesel counterparts.
Now is the time to part exchange
While it could be tempting to hold your nerve if you're looking to part exchange and wait it out another month or so to see if prices continue to increase, the slowdown might have already started.
If you're ready to find your next car, the first thing you should do is to get a free valuation to see how much your car is worth. This way you're armed with the value of the car you're looking to part exchange so you can be in the driving seat with the dealer, helping you get the best price possible for your next car.