Used-car sellers are enjoying a boom in demand in the UK as the pandemic puts a squeeze on the supply of chips for new vehicles.
Average prices were up 30 percent in September compared with a year ago, according to Motorway, a London-based start-up that connects consumers with dealerships.
A top performer was the Aston Martin Vanquish, which jumped 37 percent from the third quarter of last year to a price of 84,000 pounds ($114,500).
Soaring appetite for used vehicles underscores how supply-chain shortages of key components such as chips are changing consumer habits across the world amid the COVID-19 crisis. And that is providing a windfall to individuals offloading old cars.
Prices globally rose 19 percent on an annual basis through August, according to the Atlanta, Georgia-based Manheim U.S. Used Vehicle Value Index compiled by Cox Automotive.
"There are very few new cars being made and delivered, so there is a huge problem with new-car stock and that is driving tons of demand into the used-car space," said Motorway CEO Officer Tom Leathes. "The chip shortage is here for a while."