If the price of everyday items rocketed at the same rate as used cars, the average price of car mats would cost almost £36* and would climb to £56.58 in the next two years if the same rate of inflation continues.
Car dealership funding brand, V12 Vehicle Finance, has analysed the cost of car accessories if they had risen in line with used car inflation, from a £265 basic sat-nav to £6 for an air freshener.
This comes from recent research from AA Cars which suggests the price of the UK’s most popular used cars has increased 57% since 2019. AutoTrader has also predicted that more than one-in-ten nearly new used cars are now more expensive than their brand new equivalents due to limited stock.
If prices continue to raise at the same rate over the next two years, the equivalent price for everyday car accessories would be:
- More than £400 for a basic Sat-Nav (£414.15)
- Nearly £10 for an air freshener (£9.40)
- Over £50 for car mats (£56.58)
- £15 for ice scrapers (£15.27)
- Almost £30 for steering wheel covers (£27.27)
Ciara Raison, Commercial Director at V12 Vehicle Finance, said: “Demand for used cars is at an all-time high, coupled with the fact that the industry is seeing a supply-and-demand issue like never before.
“A number of factors have contributed to this spike. Firstly, many people put off making large financial decisions during the pandemic. Alongside this, stock levels of used cars are falling due to a global semiconductor shortage, resulting in a smaller supply of new cars, which will have a knock on effect in the used car market for years to come.”
Solihull-based V12 Vehicle Finance – powered by Secure Trust Bank – is a used car finance solution that helps independent and franchised dealers across the UK source, buy, sell and finance used vehicles more efficiently and more often.
