YOUR SAY: Have you recently been forced to overpay for a used car? As the global car industry continues to rebound from COVID-19 disruptions, some drivers are selling their used cars for almost as much as they bought them for. DETAILS: 9News
"And seeing used cars actually go up in value is also something we've never, ever seen.Ward said certain types of cars, such as the highly sought-after Suzuki Jimny, were going for even more extraordinary prices.
"I bought the 2008 Toyota Hilux in 2014 for $22,000 with 170,000km. I sold it in February 2022 for $20,500 with 225,000km," he said.The father believes he could have had someone pay even more for his ute if he had made more effort with the sale.
The global backlog of car part orders was then compounded by people were working from home and ordering more computers and keyboards, leading to electronics manufacturers snapping up all the available semiconductors, which are vital parts in cars.The market is now still working to make up the huge backlog of orders.Ward has cautioned anyone thinking of selling their car to make sure they have planned what they will do once it's gone.
"What might happen is if there are 10 people in the queue ahead of you, six of those people may change their mind or may decide that they're not going to do it and all of a sudden you bump up the queue really quickly," Ward said. "Drivers should be very cautious against paying more for a car than they really should be, particularly with interest rate rises going up.It is a seller's market when it comes to buying cars at the moment.
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