Used-car sellers are enjoying a boom in demand in the U.K. as the pandemic puts a squeeze on the supply of chips for new vehicles.
Average prices were up 30% in September compared with a year ago, according to Motorway, a London-based start-up that connects consumers with dealerships. A top performer was the Aston Martin Vanquish, which jumped 37% from the third quarter of last year to a price of 84,000 pounds ($114,500).
Soaring appetite for used vehicles underscores how supply-chain shortages of key components such as chips are changing consumer habits across the world amid the Covid-19 crisis. And that’s providing a windfall to individuals offloading old cars. Prices globally rose 19% on an annual basis through August, according to the Atlanta, Georgia-based Manheim U.S. Used Vehicle Value Index compiled by Cox Automotive Inc.