7:33 am, November 8, 2023
Some used cars are defying the norm and are increasing in value as they age due to strong demand, a new survey has found.
AA Cars analysed the average price of three- and five-year-old models in Q3 2021 with the same period this year, and found that the values of some vehicles have risen despite the cars being two years older.
In all, seven of the UK’s most popular used cars have seen their prices rise over the past two years.
Topping the list of appreciating used cars was the Toyota Aygo with five-year-old examples worth 15.7% more than three-year-old versions in 2021.
A three-year-old Aygo bought in the third quarter of 2021 was worth £8,331 on average – but the same car at five years old is worth £9,636 this year.
The second most-popular car was the Vauxhall Corsa. The price of this model at three years old in 2021 was £8,754, but the price of a five-year-old version in 2023 came in at £9,791 – an increase of 11.9%.
The Ford Fiesta, one of the UK’s most popular cars in recent years in both new and used car sector, was sixth in the survey.
Further analysis by AA Cars of the cost of the most searched-for cars on its site found that prices remain 3.4% higher than last year.
However, the average prices of the UK’s most popular used cars fell by 1.4% between the second quarter of the year and the third.
Mark Oakley, director of AA Cars, said: ‘With the exception of some classic vehicles, we rarely see cars increase in value as they age. Yet persistent supply shortages mean some of the most in-demand models are still appreciating even as they sit on the driveway.
‘This includes the Ford Fiesta, which consistently tops the list of the UK’s most popular cars, and the trendy city car the Fiat 500.
‘Used cars less than three years old have often been bought on finance, and many have had just one owner — meaning they are often in good condition, and could be a great choice for drivers seeking value for money.’
Auto Trader recently told Car Dealer that despite overall used car prices softening, demand for second-hand cars remains very strong.
The used cars rising the most in value despite being older
1. Toyota Aygo
Price of three-year-old car in Q3 2021: £8,331
Price of five-year-old car in Q3 2023: £9,635
Percentage increase: 15.7%
2. Vauxhall Corsa
Price of three-year-old car in Q3 2021: £8,754
Price of five-year-old car in Q3 2023: £9,791
Percentage increase: 11.9%
3. Volkswagen Polo
Price of three-year-old car in Q3 2021: £12,579
Price of five-year-old car in Q3 2023: £13,592
Percentage increase: 8.1%
4. Fiat 500
Price of three-year-old car in Q3 2021: £8,972
Price of five-year-old car in Q3 2023: £9,626
Percentage increase: 7.3%
5. Toyota Yaris
Price of three-year-old car in Q3 2021: £12,273
Price of five-year-old car in Q3 2023: £12,865
Percentage increase: 4.8%
6. Ford Fiesta
Price of three-year-old car in Q3 2021: £11,455
Price of five-year-old car in Q3 2023: £11,910
Percentage increase: 4%
7. Ford Focus
Price of three-year-old car in Q3 2021: £14,152
Price of five-year-old car in Q3 2023: £14,255
Percentage increase: 0.7%
