Vehicle data expert CARTELL.IE and Car Sales platform CARSIRELAND.IE have reported on the state of values in the Used Car Market in 2021. The company has released data which shows that the average vehicle owned for the last 12 months is now valued at 16% more than its market value for the equivalent period in 2020. 

Taking a sample size of 5,000 vehicles Cartell looked at the retail price of each vehicle, assuming average mileage, in November 2020 and used this as a control to test the value of each of the same vehicles in 2021 by running both years through the Cartell Price Guide, a vehicle valuation service available to users of its service. The results show that, on average, the year-over-year increase stands at 15.87 per cent. Cartell used actual vehicles which, although they were one year older, actually appreciated. 

Some of the notable results included; a 161 VW Passat valued at €14900 in 2020 and up to €17200 in 2021, an 03 VW Polo which went from  €750 to €1100, an 08 Opel Corsa from €1650 to €2050 and 11 Audi A4 which was valued at €6400 in 2020 and €7700 in 2021. 

Jeff Aherne, Innovation Lead, at Cartell.ie commented, “These results show us that a perfect storm has taken place in the market: a combination of Brexit, microchip shortages, WLTP, and supply-side availability have led to an unprecedented rise in used vehicle values. Since Cartell.ie was set up in 2006, and started monitoring the used vehicle market, we have not seen anything like this before. Lead-in times for delivery of new vehicles have extended, principally due to the microchip shortage, and, until supply ramps up again we don’t see this situation improving in the near-term. Those who benefit most are the owners of used vehicles, which have seen a spike in values, who are looking, and can afford to wait, for a new vehicle.”