I think it's simple supply and demand, there is still a demand for cars, but long waiting lists for new, due to reduced production. So if you need a car now, you have to buy a second hand one and if you're buying new, you have to hold on to your current car anywhere from 6 - 18 months longer than planned, till the new one becomes available, reducing supply and increasing demand of the second hand cars.
Once the chips become available (2023??) and the waiting times for new shrink, that should increase the availability of second hand cars, as people off load them for new, but there has still been reduced production for the last couple of years, so there's still less cars out there had production not been throttled, so I don't necessarily see the 'bubble' bursting completely, but who knows.
As for the UK prices vs elsewhere, I've no idea what the car prices are in the rest of the world but if we are worse here than elsewhere, it may be because UK cars are typically younger than anywhere else in Europe ?
Once the chips become available (2023??) and the waiting times for new shrink, that should increase the availability of second hand cars, as people off load them for new, but there has still been reduced production for the last couple of years, so there's still less cars out there had production not been throttled, so I don't necessarily see the 'bubble' bursting completely, but who knows.
As for the UK prices vs elsewhere, I've no idea what the car prices are in the rest of the world but if we are worse here than elsewhere, it may be because UK cars are typically younger than anywhere else in Europe ?
