New data released by CarShop, which has a large store on Penarth Road in Cardiff serving customers across South Wales, has revealed how trade-in prices for some cars have increased by almost a third this summer (June – August) due to a shortage of supply and increased customer demand.
The UK’s leading used car retailer has had another busy summer with UK-wide sales increasing by 18% on last year’s figures. But this is good news for the owners of some of the most sought-after models, with trade-in prices higher than ever before.
For example, CarShop’s in-house team of analysts recently found that, during this summer alone, the average trade-in price of a Mini Hatchback – which is one of CarShop’s 10 most popular cars in 2021 – increased by 29%. This means that people who sold this model in August could have made an extra £2,825 compared to those who sold it a few months earlier.
And the same can be said for larger and more sporty models too. The average trade-in price of a BMW X1 Estate increased by 12% between the months of June and August, resulting in an selling price increase of £2,300, and the average trade-in price of a stylish Vauxhall Insignia Grand Sport increased by 19%, which could have earnt car owners an extra £1,979 for their motor.
Now the retailer is urging car owners in Cardiff to take advantage of this trend and cash in while the time is right.
To help them know which makes and models are in the highest demand in the region right now, and which they could get the most money for if they were to trade-in, CarShop has announced the results of its latest consumer buying trends survey. This collects sales data spanning from 1st January to 31st August 2021.
Overall, the supermini classic Ford Fiesta takes the top spot for the number one best-selling model in Cardiff for CarShop customers – with it accounting for 4% of all cars sold by the store this year. In getting this spot, it has knocked Cardiff’s best-selling model for 2020 into second place, which was the Mercedes-Benz A-Class.
However, people who own a Mercedes-Benz A-Class, a VW Golf, BMW 1 Series or an Audi A1 will also be pleased to know they should have no problems trading in their old car right now, with all four car models making CarShop’s list of five top sellers in Cardiff.
Other models that made the top 10 in Cardiff this year include:
- Nissan Qashqai
- Audi A3
- Range Rover Evoque
- Ford Focus
- BMW 3 Series
Mark Short, Head of Business at CarShop Cardiff, said: “If you live in Cardiff and have been thinking about selling your car, then now is 100% the time to do it. Demand is surging across the whole market, meaning you’ll get more for your money for your motor now than ever before – a difference of over a thousand pounds in some cases.
“This is the case for cars of all makes, ages, mileages, conditions and features, but it’s hatchbacks, SUVs and sporty models that are in particular demand – with the all-time favourite Ford Fiesta holding the top spot. South Wales has also seen an increased interest in more prestigious models, with BMW accounting for more than one in ten of the cars sold across the area.”
Nigel Hurley, CEO at CarShop, added: “At CarShop, we’ve got a huge team of experts working day in, day out, to analyse the market fluctuations and accurately assess the value of cars we buy from consumers outright and through part-exchanges. This means customers can trust us to give them the very best price for their car if they decide to sell or part-exchange with us.”
