Prestige used cars have proven to be ‘pandemic-proof’, with average prices of some of the most popular luxury brands – such as Land Rover, Lexus and Maserati – more than 8% higher than 12 months ago, according to used car marketplace Motorway.co.uk.
Motorway looked at thousands of valuations on its platform, which revealed that the average price of a used Maserati in June 2020 was £34,170, compared to £31,052 in the corresponding month in 2019, an increase of £3,118 or 10%.
While in the same month, the average price of a second-hand Land Rover at £30,834, was up more than £2,000 or 8.5% compared to 12 months ago (£28,420). And the average value of a Lexus was £22,446 compared to £20,627 the previous year, an 8.8% uplift.
Other prestige brands such as Audi and BMW have also come out of lockdown unscathed, with average prices slightly higher in 2020 vs 2019. Mercedes-Benz is the only top-end brand which has seen average values drop-off slightly, down 1.4% compared to 12 months ago.
Across mid and lower-end brands, Smart and Citreon have seen used car prices increase more than 6% in 2020 vs 2019. Toyota second-hand prices have fallen 2.9% though.
Alex Buttle, director of Motorway.co.uk comments: “The prestige end of the used car market has shown remarkable resilience during lockdown and since restrictions were eased, any expected drop off in values just hasn’t materialised. This has led to higher-than-expected offers for sellers with quality used vehicles on our website.
“Demand from dealers has been high for top-end brands with car owners attracted to the second-hand market where two to three-year old cars can be picked up at affordable prices.
“For example, Land Rover drivers looking to upgrade their cars, can find three-year-old, fifth generation Discoveries, for just over £30k as opposed to paying upwards of £60k new.
“We’re also seeing more luxury car owners who would normally buy new, turning to the used car market. People still want a nice car, but with the short to medium term economic outlook remaining uncertain, many owners are understandably reluctant to commit to buying expensive new cars on finance at the moment.
“There is a real appetite for quality used cars, and this is born out in our data. This increased demand is squeezing supply levels, particularly on the budget and premium end, but also at the mid-range too. It’s all combining to create upward pressure on prices across the board. This trend has continued into July and August, and will likely remain into the rest of the year as people return to work after the summer holidays.”