Blimey - second hand car prices are mad money

Bought a 2011 1.2 Fiat 500 Oct 2019 for £2.1k (yes it was a good deal at the time) for my youngest to learn to drive on. She'll probably be taking the big step to own the car fully next month and have been getting insurance quotes from a number of the comparison sites. One has stated the replacement value £2.7k and the other £2.9k! Being a creature of habit I may be replacing it with another as a cheap run-around but some 09 platers are going for well in excess of flippin £3k Buying a 13 year old Fiat 500 1.2 for that money - I DON'T THINK SO

There's a shortage of new cars, so fewer old ones get traded in, hence silly money for used ones.

For the past year the dealer i bought my Meriva from 4 years ago has been plaguing me with want to buy it emails.

Yes - I have the same car and it has been valued at a similar price. Crazy times. The E Class I bought a year ago privately on eBay would cost about £5k more to replace.

Mad! If you want to know what vehicles are bucking the trend and falling in value, just use the "Jim's cars" tracker!

In at number 1: VW Eos 2.0 FSi Sport! Falling faster than Leeds United

The used car market has gone bonkers. I recently sold my MK7.5 Golf R which I paid £26,500 for 3 years ago.

After 3 years of ownership and putting 30k miles on it, I sold it for £26,250. So effectively 3 years of free motoring.

I bought it's replacement 3rd February this year and its already increased in value and worth more than I paid for it.

My godson bought a new Land Rover Defender 10 months ago

He just sold it for £10000 more than he paid for it. To We buy any Car no less.

Another 3 weeks and he should get delivery of an electric BMW

If there's a long delay on new, how does this affect the value of a part exchange while you're waiting? I.e. if they offer you say £8k for you current car and the used market prices crash in the meantime, will they honour the original quote??

My godson simply sold his Defender and is using another car while he waits for his new one. Two completely separate transactions in his case.