Why are used-car prices rising?

In times past, the value of a car dropped as soon as it was driven off the forecourt, but that trend has been turned on its head over the past year. A new report by DoneDeal out this week, shows that used-car prices rose by 3 per cent over the summer months.

In this episode of The Inside Business Podcast, Ciarán Hancock is joined by Graham Clarke, CEO of Kylemore Cars, Ireland’s largest independent second-hand car sales company. They discuss the used-car business, which continues to see the price of second-hand cars rise as a result of “three major bumps in the road affecting the supply chain”.

“It’s incredible to see, I’m 30 years in the industry and I’ve never seen it before,” he says.

Clarke also speaks about the new carbon-neutral, purpose-built showrooms in Ballymount, recently opened by Kylemore Cars following a €6 million investment. The building is a contributor to the company’s goal of maintaining best value pricing through energy cost efficiencies

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Also on this episode, Aidan Donnelly, associate director at Davy Global Fund Management explains why the recent political chaos in the UK led to a market meltdown and why Rishi Sunak’s appointment as British prime minister has steadied the ship.

You can listen back to the episode in the player above, or wherever you get your podcasts.