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Used car prices in the UK rose by 28% in the first 11 months of 2021, more than any other European country, according to data from market analyst Indicata UK.
As an example of why prices have soared, it also reported that the number of used cars sold had risen by 13.7% in November, but stock levels had only risen by 3.1%, meaning demand continued to outstrip supply.
Overall, used car stock levels are said to have fallen by 17% during 2021, as buyers turned to the used car market due to the global semiconductor crisis.
Indicata group sales director Jon Mitchell said: "This current market trend of demand exceeding supply looks set to continue into the back end of 2022. Both the wholesale and retail markets have got to get used to prices at this level being the new normal.
"Stock levels show no sign of improving which guarantees prices will remain strong. There are restricted number or part exchanges coming into the market and a vast number of leasing contracts continue to be extended until such time as new car supplies improve."
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