Five used car models are currently selling for up to £1,274 above their estimated value, according to experts at Carwow. The online marketplace has identified five vehicles that are fetching between 25 and 32 per cent more than its projected worth.
Strong Demand in Used Car Market
According to Carwow, the second-hand car market continues to thrive as demand for used vehicles remains robust. Iain Reid, global director of content at Carwow, explained that many drivers underestimate the cost of depreciation. "Many drivers assume their car only costs money when they use it. In reality, the highest cost is depreciation, and that happens whether the car is on the road or not," Reid said.
He added: "For drivers with newer or higher-value cars, that can mean losing thousands of pounds each year, even if the car is rarely used. If a car isn't being used regularly, it's worth thinking about whether it still makes financial sense to keep it."
Tips for Selling a Stationary Car
Reid advised that if you are considering what to do with a vehicle you don't drive much, declaring it as SORN can reduce costs like tax and insurance. However, he cautioned that a SORNed vehicle cannot be driven on public roads, which can make it less attractive to potential buyers and may complicate a private sale.
"To get the most out of their vehicle, drivers should take a strategic approach by presenting the car in top condition, providing full documentation and service history, and researching comparable listings to price it competitively," Reid said. He emphasised that selling a stationary car not only frees up cash but also ensures it is back on the road with someone who will use it, rather than continuing to cost money while it sits idle.
Five Cars Selling Above Estimated Value
Carwow has released the names of five car models that are currently selling above its estimated value. The Ford Fiesta ST is fetching 32 per cent beyond its projected value, delivering an average of £1,062 additional profit to sellers. The Ford Mondeo and Alfa Romeo Giulietta are both achieving 29 per cent above valuation. The Peugeot 3008 is selling for 28 per cent more than anticipated, adding approximately £651 on average. The Audi A5 Sportback is selling at 25 per cent above valuation, or roughly £1,274 extra.
