Car dealers offering drivers up to £10,000 to buy back second hand motors amid surge in demand
CAR dealers are offering drivers up to £10,000 to buy back their used vehicles.
The cash incentives — often from the dealer they bought from — come amid surging demand for nearly new motors.
Top models can attract huge sweeteners, and dealers are even offering cash for more affordable vehicles such as the Ford Fiesta and VW Polo.
One Land Rover owner in Surrey told The Sun on Sunday he was offered £10,000 on top of the original purchase price to sell a vehicle he had bought just months earlier.
The driver said: “It’s unbelievable. The car market is on its head at the moment.”
And a sales rep at Lookers Mercedes-Benz dealership in Sevenoaks, Kent, said: “If a dealer has a buyer willing to pay above market value, they will try to source that car from wherever they can.”
The spike in demand has been caused by a global shortage of computer chips, which has hampered production of new cars.
Instead, those looking to stay up to date on the road are looking to nearly new models.
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That has sent second-hand car prices up by 57 per cent since 2019, the AA says.
An AA spokesman added: “Some cars have seen extraordinary price growth.
"But this new development takes motor retail to an almost bizarre level.”