Why now is the best time to sell your car ... but the worst to buy
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There has never been a better time to for drivers to sell their cars with the price of used vehicles at an all-time high.
Used car prices are sky rocketing across Norfolk as people look to spend their lockdown cash on a new set of wheels for travelling to staycations this summer.
Jim Nash, sales manager at the Richard Nash Family Car Centre in Norwich, said that lower stock levels of new cars were also driving prices of used vehicles up.
He said: "There have been issues with microchips and the global supply chains which means it's harder to get a brand new vehicle.
"There's this misconception that if you buy a new car you'll then only buy new cars but people switch between new and used, and as a result more and more people are buying used vehicles.
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"Demand - and as a result prices - are rising in all vehicles but most particularly cars up to five years old with sensible mileage.
"There has never been a better time to sell your car because you'll get more - particularly if it's with the right dealership - but like the housing market, you'll pay more to replace it."
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Recent analysis from BuyaCar.co.uk average price of a used car sold on its site rose from £13,108 in January to an all-time high of £15,399 in May.
Daniel Mackay, a sales executive at used car dealership Walters Motor Group which has sites in Norwich and Loddon, said: "We've had two record months - the first time when we came out of full lockdown and then beat that again last month.
"Even then we were selling cars throughout lockdown via click and collect and delivery without people even seeing them.
"Now is definitely a good time to sell your car. We've found your most popular vehicles, the Ford Mondeos, VW Golfs, Ford Focuses, are the ones which sell the fastest - particularly if they're in the region of £6,000 or less. Vehicles are also definitely selling for more than they were a year ago."