Used car prices almost 64% higher than pre-pandemic levels

Cars are 63.7 per cent more expensive now than they were prior to the arrival of Covid 19.

The latest DoneDeal Car Price Index has revealed that the cost of vehicles has risen by 5.9 per cent every three months since March 2020.

Report author Tom Gillespie says the fallout from COVID-19 has pushed up prices.

''The slowdown in production of vital components for new cars like microchips has hit supply of new cars so which meant longer waiting lists which then in turn hits the used car market. So you have to supply stock for new cars and and supply stock for used cars and then coupling that with an increased demand from pandemic savings. Those are the two driving forces which cause this price inflation up to these levels.''