AA Cars has shared the used cars that are dropping in value the most, as the average price of a second-hand vehicle begins to fall.
According to the breakdown company, the typical cost of a used car in the final quarter of 2023 was £16,464, 3.3 percent less than just three months earlier.
Mark Oakley, Director of AA Cars, recommended that drivers shop around when buying a used car in order to get the best price for the model they want.
He advised: “The falling prices of many used cars will be welcome news for drivers who are looking to change cars and get the best value for their money. Prices aren’t falling across the board, however, and the third most popular car – the Vauxhall Corsa – saw average used prices rise by 7.5 percent compared to a year ago.
“So, it remains important to shop around and work out what price the model you’re interested in typically sells for at different mileages and ages.”
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Average Cost of Most Commonly Searched Vehicles in Q4 2023, with Year-on-Year Price Changes:
- Ford Fiesta – £10,305 (-4.2 percent)
- Nissan Qashqai – £15,515 (5.0 percent)
- Vauxhall Corsa – £9,848 (7.5 percent)
- Ford Focus – £12,055 (-3.6 percent)
- Volvo XC40 – £33,925 (3.4 percent)
- Volkswagen Polo – £12,559 (-2.0 percent)
- Mercedes-Benz A Class – £18,769 (-9.8 percent)
- Audi A3 – £19,281 (-1.1 percent)
- Volkswagen Golf – £17,558 (-12.8 percent)
- Ford Transit – £20,998 (-0.9 percent)
Whilst the average cost of a used car fell by 3.3 percent, AA Cars noted that the price of the typical second-hand electric or hybrid vehicle dropped further.
During the fourth quarter of 2023 the average price of a used EV was £20,392, down 5.9 percent over a 12-month period.
The most popular model in this category was the Toyota Yaris, which saw a 0.4 percent price drop, on average, to £17,603, whilst the Toyota Prius fell by -17.4 percent to £14,408.
Mark added that the drop in used electric and hybrid car prices could encourage more motorists to make the switch from petrol to electric in 2024.
He continued: “The increasing supply of second-hand EVs and hybrids continues to improve choice for drivers and push down prices.
While EVs and hybrids typically cost more upfront than a conventionally powered car, switching to a greener vehicle will save you money on fuel while also future-proofing you for the further roll-out of clean air zones in cities across the UK.”
