Do it sooner rather than later.
I work in the automotive retail industry, but not sales. Since Covid and lockdowns, and the loss of HGV drivers due to Brexit, the manufacturing supply chain for cars has been hit hard. This means new cars are taking months rather than weeks to get into the country or be delivered to dealerships, which has put more pressure on the used car market.
As a result, the price of used cars has skyrocketed. I recently sold my car for a bit less than 1k for what it was bought for – but that was 2.5 years ago and 20k miles less.
My used car barely changed in value.
That is INSANE when you know that the profit margin for used car sales is razor thin - £500 max profit for each used car sold. This is because they need to be cleaned, detailed, and checked before they even get on the shop floor, then of course the salesperson gets commission.
If you have a used car to get rid of, sell it sooner rather than later.
If you are in the market to buy, WAIT. The bubble will burst soon, as supply chains get re-established. By the end of the summer, used car prices will go down, I reckon. (I have no financial incentive to share this, just wanted to help anyone during this time of crazy car prices)