Motorists face double whammy as new cars cost £5,000 more and petrol hits £2 a litre

Powell also suggested seeking out pre-registered cars. “These are effectively surplus stock, sold cheaply to dealers who then register them before selling them on as ‘ex-demo’ or ‘delivery mileage’.”

They may not be factory fresh but offer better value for money. “Usually, these vehicles will have a handful of miles on the clock and be priced much lower than the official list price. If you are not too fussy, this is probably your cheapest route into a 22-plate car,” he said.

Used car prices jumped by an incredible £3,400 between last May and November to £17,366, a rise of 28 percent, according to Auto Trader.

Incredibly, one in four used cars under a year old is now worth more than a brand new equivalent, as the shortage of new vehicles drives up the price of old ones, too.

Car insurance premiums have risen by £76 in the last year to £689 on average, according to Comparethemarket.

However, the cheapest premium typically available is £570, so drivers can save £119 by switching at renewal.

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