The chief executive of Carsales.com has said used vehicle prices will remain elevated for the remainder of 2022 amid supply chain constraints and high demand.

Car purchases skyrocketed during the pandemic as people gave public transport a wide berth, international travel was barred and people were able to work remotely, sparking a shift of city dwellers to regional areas.

Used car prices are between 30 and 40 per cent higher than pre-pandemic levels and Carsales.com CEO Cameron McIntyre said the average cost of a used car on the website today hovered around $35,000, compared to pre-pandemic range of $20,000s.

“My view is that they’ll be sustained at a high level for some time … the majority of this year,” Mr McIntyre told the Sydney Morning Herald and The Age.

Ongoing global supply chain issues are continuing to constrain stock levels, while demand remains high, he said. “Consumers over the last two years have saved a lot of money. Unemployment rates are very low; people are feeling confident. And so demand, I suspect, will be sustainably high,” he said. He also noted that Australians unable to travel internationally were opting to purchase a car.

There is also strong demand for trucks, boats and caravans, and is a trend being observed around the world, he added.

The world is also still grappling with a shortage of semiconductor chips, which hamstrung global automotive industries for most of 2020 and 2021. This shortage, which is expected to start easing this year, is partly driving the rise of vehicle prices.

Demand for cars has also played out in Australian Bureau of Statistics data, which showed the value of road vehicle imports reached $4.23 billion in December 2021, the second-highest month on record.

Mr McIntyre is not concerned about the impact rising interest rates would have on demand for cars, which he said had little to do with purchasing decision-making.