How Much Is Your Car Worth? - ITV Tonight

Problems with supply chains and production during the pandemic has drastically reduced the amount of new cars on the market, resulting in higher demand and higher prices for used vehicles. 

Some industry experts say there's never been a better time to sell a second hand car.

David lives in London and has his heart set on buying a new car. Having placed the order for a new Land Rover Defender, he’s been told he’s looking at a wait time of up to 12 months! He’s also discovered his old car has also gone up in value, so he’s keen to sell it and cash in.

Land Rover told us;

The supply of semiconductors are crucial for cars, helping run everything from digital displays to safety features and stability control systems.

At the MINI plant in Oxford they say they haven’t been affected as much as others but the last couple of years have proved challenging; 

So with delays in new car production, everyone is turning to the used car market where values are soaring.

Kamran Saleem, runs a used car sales and service centre in Solihull and sales are up year on year. Some of his customers are looking to make the move to electric vehicles. But supply is struggling to meet the rising demand leading to longer wait times for new electric vehicles. 

The UK Government set a target for the sale of new petrol and diesel cars to stop in 2030. You will be able to buy a used one after that date, but if you want to go new, it's going to have to be electric. 

For now at least it seems prices will remain high. Car manufacturers are hoping that this year production will start to return to normal levels. But for now buyers will need to accept paying a steeper price for the car they want.