Certain models are selling for more than their estimated worth due to strong demand, according to Carwow.
Depreciation remains the highest cost of car ownership, averaging £3,851 per year (around 9.17% annually), with overall costs such as tax and maintenance amounting to an average of £5,027 per year.
Iain Reid, global director of content at Carwow, said: “Many drivers assume their car only costs money when they use it. In reality, the highest cost is depreciation, and that happens whether the car is on the road or not. For drivers with newer or higher-value cars, that can mean losing thousands of pounds each year, even if the car is rarely used.
“If a car isn’t being used regularly, it’s worth thinking about whether it still makes financial sense to keep it. If you are thinking about what to do with a vehicle that you don’t drive much, declaring it as SORN can reduce some costs like tax and insurance.
“However, a SORNed vehicle cannot be driven on public roads, which can make it less attractive to potential buyers and may complicate a private sale.”
Ford Fiesta ST is selling for 32% above its estimated value, delivering an average of £1,062 extra.
Ford Mondeo and Alfa Romeo Giulietta are both achieving 29% above valuation.
The Peugeot 3008 is selling for 28% more than expected, adding around £651 on average.
The Audi A5 Sportback is reaching 25% above valuation, or roughly £1,274 extra.
Despite these strong resale opportunities, 27% worry about not getting a fair price while 25% say sentimental value holds them back, and 8% are put off by the perceived hassle of selling.
Reid said: “To get the most out of their vehicle, drivers should take a strategic approach by presenting the car in top condition, providing full documentation and service history, and researching comparable listings to price it competitively.
“Selling a stationary car not only frees up cash but also ensures it is back on the road with someone who will use it rather than continuing to cost money while it sits idle.”
