Used car buyers are either treating themselves to a new set of wheels amid international travel restrictions, or planning to embark on an epic road trip.

However, experts warn people should not buy a used car now unless it’s a necessity because they forecast values will hit the brakes in about six months once production of new cars ramps up again.

Data compiled by Moody Analytics – and sourced from auction houses that handle thousands of wholesale deals each month – estimate used car values have surged between 30 and 48 per cent since the pandemic struck early last year.

Frontline workers and commuters keen to avoid public transport initially depleted stocks of affordable used cars.

However, since then, restrictions in new vehicle production caused by parts shortages – as well as unexpected demand amid a rapid market recovery in Australia – have combined to push used-car prices to levels never seen before.

“It’s madness, it really is madness,” said Craig Moore from Craig Moore Wholesale Cars in western Sydney, who has been in the new and used-car business for 37 years.

“People can’t go overseas so they’re splashing out on cars, caravans and boats. That has soaked up a lot of used cars and the ones that are left, people are paying silly money for them.”

However, Mr Moore warned, the bubble will eventually burst – and he advises friends to not buy a used car unless it is absolutely necessary.