EVs top list of crazy used car price rises in May

Used car prices have risen in unprecedented fashion in recent weeks and two of the highest risers are powered by electricity.

Research carried out exclusively for trade magazine Car Dealer by valuations experts Cap HPI showed some prices for used cars rose by over £1,000 last month.

The data showed that in April and May used car prices rose on average by nine per cent across the board thanks to huge demand from buyers, partly as a consequence of poor new car supply.

Car factories are currently being hit hard by a global shortage of semiconductor chips, and in some cases production lines are at a standstill. With new car supply drying up, buyers are turning to used cars in their droves.

Used Kia Soul EV prices were up by £1,300 in May

Car Dealer and Cap HPI examined cars on a 2018 plate with an average of 60,000 miles and drew up a top-20 list. 

Leading the way was the Toyota Auris Hybrid where used prices rose a staggering 13.6% (£1,147) last month. Following close behind was the first-generation Kia Soul EV with May seeing price rises of 13.5%, or £1,300, while prices of the Toyota Prius+ were up 9.2%, or £947 – a figure that placed the hybrid MPV in 16th.

Some models in the list saw rises of more than £1,500 leading Cap HPI to surmise: "It's a great time to sell".