Image via PixabayIf you have a second hand car - you could end up selling it for a profit.
Prices have gone up by 67 per cent since the pandemic according to a report published by Done Deal.
While the annual rate of inflation year-on-year is around 21 per cent.
A severe shortage in supply since Brexit and the war in Ukraine, and increased consumer demand have led to the price-hikes.
Meanwhile, sales of new electric vehicles have seen a sharp increase, but a supply of EVs still hasn't trickled into the second-hand market, they only made up 1% of second hand sales.
Speaking to RTE's Morning Ireland, Dr Tom Gillespie, Environmental Economist and Author of DoneDeal's Motor Report said:
"If you take a 2013 Audi A4 - last year in September 2021 that would have been an average price of around € 11,200, and if there was normal inflation you would expect that car today to depreciate and be around € 9,800 - but instead it has gone up and that car would now be worth around €12,400 so that is an increase of 11%,".
