Soaring MPV costs push up used car prices even higher Business

They may be the most old-fashioned vehicles on the road, but the cost of minivans has skyrocketed as shortages of new inventory and fear of public transportation continue to drive up the price of used cars.

The Seat Alhambra minivan has jumped almost 50% to £ 18,900 from the same period last year, while the Renault Grand Scenic is up 44% to £ 9,425, according to Auto Trader.

The increases helped push the average cost of a used car to £ 17,366 last month, up 29% from November last year. Prices have jumped by almost £ 3,500 in the past six months alone.

One in four used cars less than a year old are now more expensive than their new counterparts, according to Auto Trader.

The biggest price differentials are found among electric cars such as the Smart Fourfour, which sells for £ 16,700, but a nearly new model will cost buyers £ 22,490. The Mercedes-Benz EQA sport utility vehicle sells for almost £ 10,000 above its list price of £ 45,200.

Various factors combine to inflate used car prices as drivers keep their cars for longer due to the shortage of new engines caused by a lack of computer chips.

The shortage of sellers has combined with higher demand for cars, with commuters trying to avoid public transportation to continue to push up prices for buyers who don’t want to wait.