7:35 am, January 4, 2024
Used car dealers will be hoping for a better start to 2024 after the values of Britain’s most popular second-hand models fell towards the end of last year.
Data from the latest AA Cars Used Car Index found that the price of buying one its 20 most popular models fell by 3.3% year-on-year in the final three months of 2023.
Analysts found that, on average, the models cost £16,464 between October and December, compared to £17,021 in the same period of 2022.
The figure was also well down in the three month directly before (July, August and September) when the average price stood at £17,218.
Just six of the top 20 most popular cars recorded a price increase in Q4 with Vauxhall Corsa the biggest grower with a year-on-year rise of 7.6 per cent.
Meanwhile, at the other end of the scale, the Range Rover Evoque suffered an annual price drop of 12.8%.
Overall, the Ford Fiesta was named the most popular used model by the AA, by search volume, followed by the Nissan Qashqai in second.
When it came to used EVs and hybrids, prices fell even more drastically, with the average cost of the most popular models falling 5.9 per cent year-on-year to £20,292.
The hybrid Toyota Yaris is the most popular EV or hybrid on AA Cars, and its price fell by a modest 0.4 per cent.
Reacting to the findings, Mark Oakley, director of AA Cars, said: ‘The falling prices of many used cars will be welcome news for drivers who are looking to change car 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% compared to a year ago.
‘This means it remains important to shop around and work out what price the model you are interested in typically sells for at different mileages and ages.
‘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.
‘Whatever type of car you’re keenest on, it is worth booking an independent vehicle inspection before you buy, to make sure there is not a problem with the car that could cost you more money to repair.’
The data, based off retail prices, comes weeks after Cap HPI told Car Dealer that trade prices were also down 10.5% in the final quarter of last year.
