It's not often you sell something for more than you bought it for, but that's exactly the case for the used car industry during New Zealand’s lockdown.
Industry experts are calling it a phenomenon. Used cars are flying out the door quicker than you can strike a deal, with a steeper price tag to boot.
Driven by import delays and a low local supply, asking prices for second-hand cars are up 35 per cent since pre-Covid times.
Where a 2016 Mazda Axela was worth just over $18,000 last year, it's now going for nearly $20,000.
Those flocking to a Toyota Hilux before the ute tax comes into play, are paying up to $5,000 over old prices.
TradeMe Motors sales director, Jayme Fuller, says it all boils down to supply and demand economics.
“The impact of Covid has had a really rough rod for the automotive industry. So we are seeing far fewer new and used cars come into the country right now but demand remains high.”
She says a lot of Kiwis have taken their overseas holiday budget and people have put their money into big ticket items like used cars.
She said the 2016 Toyota Hilux is listing for nine per cent more now than it was two years ago.
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