When buying a car, it's expected that it won't be worth nearly as much when it comes to selling it later on.
However, the price of second-hand cars is soaring due to high demand for vehicles and supply chain problems.
In some cases, you may even make a profit if you decide to sell your car.
A study carried out by Auto Trader has revealed that the average price of a used car this month is £17,173 - which is £4,100 more than it was before the pandemic, the Mirror reports.
This marks a 16.2% increase on the same time last year on a like-for-like basis.
Erin Baker, editorial director at Auto Trader, commented: “The reason prices have shot up is due to high demand and a low supply of new and used cars – which has meant cars have become an appreciating asset.
“Unbelievably, for many people, the car sitting in their driveway could be worth more than they originally paid for it.
“We all like to check the price of our house, but given the current market, we’d encourage people to do the same for the second most expensive asset they own.”
When comparing July 2022 to July 2021, the largest price growth was the Suzuki SX4 with other models such as the Seat Alhambra, Renault Scenic, Ford Fusion and Ford S-Max also recording an annual increase in value of over 40%.
On the other end of the scale, Mitsubishi Shogun Sport, Mini Roadster and BMW 8 Series Gran Coupe are among the models to have contracted in second-hand value.
Second-hand cars that have risen in value the most
Suzuki SX4
The average asking price for this model is £4,439 which is a price change of 82.1% on its second hand value this time last year of just £2,437.
Seat Alhambra
This model has a huge second hand value of £18,673 which is a 54.5% increase on the £12,125 it was priced at last year.
Renault Scenic
Again, the second hand value of this car has shot up. From £5,517 last year to £8,099 this year- that is a 46.8% increase.
Ford Fusion
This model has increased by 44.3% from £2,309 to £3,332.
Ford S-Max
Following not far behind, the Ford S-Max has increased 43.4% to £15,403 from £10,490- making you almost an extra £5,000 for selling it this summer compared to last year.
Second-hand cars that have risen in value the least - or lost value
Mitsubishi Shogun Sport
This sports car has lost its second hand value by 20.8%, putting the second-hand value at £29,632 rather than the £35,795 it would have sold for this time last year.
Not ideal for anyone trying to get their money back but great news for buyers.
MINI Roadster
The MINI Roadster has the second-biggest depreciation rate of any cars studied. The average asking price now is £8,306, which is 13.8% of the £11,462 value last July.
BMW 8 Series Gran Coupe
This expensive car can now be bought second hand for around £59,020 which has reduced by 6.8% since last year when it was worth £63,033.
BMW 8 Series
While this pricey car will now set you back £54,934, it is a 5.1% saving on the £57,735 price tag last July.
Audi RS3
This Audi model’s second hand value has decreased by 2.9% from £47,638 last year to £46,296 this July.
Motorists can see how much their car is worth for free on Auto Trader, by visiting the link here .
Is your car on either of these lists? Let us know in the comments.
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