8:09 am, October 31, 2022
Used car prices dropped just 0.5 per cent in October – their strongest performance for the month in 14 years – but there were some cars that fared worse than others.
Used car valuations experts CAP HPI have revealed the top 10 used cars that lost the most money – and top of the list is a Mercedes Benz.
The C Class cabriolet model dropped by nearly seven per cent or the equivalent of a whopping £2,500.
Values were taken for cars aged three years old with an average of 60,000 miles and shared exclusively with Car Dealer Magazine.
Second on the list was the only electric car with the Tesla Model 3 losing 5.9 per cent of its value.
That equated to Tesla Model 3 prices being down £2,100 on average in the month.
Of the top 10 fallers, seven of the cars listed were convertibles which traditionally drop in value at this time of the year as the weather turns colder.
In a video interview with Car Dealer, which you can watch at the top of this post, the valuation firm’s Derren Martin said the Tesla movement was down to the fact there was now plentiful supply of the car in the market.
He explained that October was actually the ‘strongest we’ve witnessed since 2007 or 2008.’
‘The overall figure is a very small movement down,’ he said.
Martin said prices for cars at the cheaper end of the scale and 10-year old vehicles moved ‘negligibly’, and cars costing under £12,000 were ‘the sweet spot’ of October’s used car market.
Top 10 biggest used car price drops
These are the used cars that dropped the most in price in October, according to CAP HPI figures. The top 10 list has been ranked by the fall in monetary value.
- Mercedes C Class Cabriolet – down £2,500 (6.9 per cent)
- Tesla Model 3 – down £2,100 (5.9 per cent)
- Mercedes S Class Coupe – down £2,067 (5 per cent)
- BMW 8 Series Convertible – down £2,050 (5 per cent)
- BMW Z4 Roadster – down £1,612 (5.9 per cent)
- Audi A5 Cabriolet – down £1,471 (5.8 per cent)
- BMW 4 Series Convertible – down £1,150 (5.9 per cent)
- BMW 2 Series Convertible – down £1,055 (6.9 per cent)
- Mercedes E Class Cabriolet – down £565 (5.9 per cent)
- Alfa Romeo Mito – down £425 (5.9 per cent)
There were also some cars that actually ROSE in value in October – the largest of which climbed up by four per cent in total.
That car was the Vauxhall Mokka Diesel which rose in value by £360.
The biggest rise in terms of monetary value was the Jeep Wrangler, which climbed three per cent of £846 in October.
Last month, Jeep was named the most unreliable used car brand in a survey by What Car? Magazine.
The Audi A6 was the second biggest climber in cash terms, rising £725 or three per cent, in the month.
