8:11 am, June 4, 2024
High-end used sports cars held firm in May with some models recording a modest growth or tiny fall in price, while some used EVs suffered price cuts of over 20%, new data shows.
New figures published by Auto Trader show a wide gulf between the second-hand cars that rose the most in price last month and those that fell in value.
Premium performance cars saw tiny increases and decreases during the month. Models such as the Porsche Cayman recorded a price change of +1.3% at an average asking price of £30,019, while the Bentley Continental GT suffered a small 0.6% drop to £57,788.
These models were in sharp contrast to the used cars that fell the most in value during May. Five of the top 10 biggest fallers were electric cars and all suffered more than a 20% drop in their values year on year.
The Volkswagen e-Golf came bottom of the list with a price drop of nearly 24% compared with May 2023. The average asking price of the electric Golf was £11,649.
The full list is revealed below.
Auto Trader’s wider data for May showed the month showed signs of returning to ‘seasonal norms’ with prices softening by 0.7%, as reported by Car Dealer.
Despite the fall in average retail prices on its platform, the company said that the used car market saw ‘very’ robust levels of consumer demand, speed of sale, and transactions in May.
Dealers, however, are still underpricing the most in-demand used cars, Auto Trader warned.
It estimates 9,000 dealers across the UK are currently advertising around 70,000 cars below market average.
Commenting on the month as a whole, Auto Trader’s data and insights director, Richard Walker, said: ‘We’ve seen a very robust used car market so far in Q2; retail prices are stabilising, demand is healthy, cars are selling quickly, and critically, transactions are above where they were last year.’
Top 10 used car price growth in May
1. Toyota Land Cruiser
- May 24 Average Asking Price: £30,951
- Price Change (YoY): 6.2%
- Price Change (MoM): 2.5%
2. Volkswagen Beetle
- May 24 Average Asking Price: £7,451
- Price Change (YoY): 1.7%
- Price Change (MoM): -1.3%
3. Porsche Cayman
- May 24 Average Asking Price: £30,019
- Price Change (YoY): 1.3%
- Price Change (MoM): 1.0%
4. BMW M5
- May 24 Average Asking Price: £43,441
- Price Change (YoY): 0.6%
- Price Change (MoM): 0.1%
5. Audi R8
- May 24 Average Asking Price: £73,394
- Price Change (YoY): 0.1%
- Price Change (MoM): -0.7%
6. Porsche Boxster
- May 24 Average Asking Price: £20,173
- Price Change (YoY): 0.0%
- Price Change (MoM): -0.4%
7. Suzuki Jimny
- May 24 Average Asking Price: £11,808
- Price Change (YoY): -0.3%
- Price Change (MoM): -0.6%
8. Mercedes-Benz SL Class
- May 24 Average Asking Price: £28,527
- Price Change (YoY): -0.5%
- Price Change (MoM): -1.5%
9. Bentley Continental
- May 24 Average Asking Price: £57,788
- Price Change (YoY): -0.6%
- Price Change (MoM): -0.1%
10. Volkswagen up!
- May 24 Average Asking Price: £8,237
- Price Change (YoY): -1.2%
- Price Change (MoM): -0.8%
Top 10 used car price contractions in May
1. Volkswagen e-Golf
- May 24 Average Asking Price: £11,649
- Price Change (YoY): -23.9%
- Price Change (MoM): -2.7%
2. Nissan Leaf
- May 24 Average Asking Price: £12,739
- Price Change (YoY): -23.1%
- Price Change (MoM): -5.6%
3. Vauxhall Corsa-e
- May 24 Average Asking Price: £15,236
- Price Change (YoY): -23.0%
- Price Change (MoM): -1.8%
4. DS 3 Crossback
- May 24 Average Asking Price: £14,140
- Price Change (YoY): -22.8%
- Price Change (MoM): -0.4%
5. Mazda MX-30
- May 24 Average Asking Price: £18,332
- Price Change (YoY): -22.1%
- Price Change (MoM): -3.2%
6. Mercedes-Benz EQA
- May 24 Average Asking Price: £30,504
- Price Change (YoY): -22.0%
- Price Change (MoM): -2.1%
7. DS 3
- May 24 Average Asking Price: £7,342
- Price Change (YoY): -21.8%
- Price Change (MoM): -3.5%
8. Vauxhall Zafira Tourer
- May 24 Average Asking Price: £7,276
- Price Change (YoY): -21.4%
- Price Change (MoM): -4.1%
9. Range Rover Evoque
- May 24 Average Asking Price: £20,819
- Price Change (YoY): -21.2%
- Price Change (MoM): -1.6%
10. Toyota Prius+
- May 24 Average Asking Price: £18,123
- Price Change (YoY): -21.1%
- Price Change (MoM): 0.0%
