A second-hand Ford Fiesta less than a year old now costs more than a brand new one.
Last week, the car giant announced it was ending manufacture of its hatchback — after 46 years and nearly 5 million sales.
But over the past three years used car prices have exploded. In October 2019, the average second-hand Ford Fiesta price on the Auto Trader marketplace was £7,363.
End of the road: Last week, Ford announced it was ending manufacture of the Fiesta – after 46 years and nearly 5 million sales
Today, this price has surged 42 per cent to £10,473.
According to Auto Trader, the average price of a nearly new Fiesta that is less than 12 months old has increased by £4,300 in the past six months, to £23,601.
By comparison a brand-new equivalent costs £23,196, meaning the second-hand model is £405 more expensive.
Erin Baker, of Auto Trader, says: ‘With Ford ending production, we’ve seen demand for the Fiesta rocket.
‘If you have a Fiesta on your driveway, it could be worth considerably more than you think and more than you originally paid for it.’
Ford says that orders made today will be delivered before April 2023.
Auto Trader says that second-hand values across all cars are up 8.2 per cent annually and 17 per cent of cars under a year old are actually more expensive than their brand-new equivalents.
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