Used car prices stabilise in Q1 following 35 per cent growth in the past 12 months, new data finds

  • Used car prices fell by an average of 3.8 per cent in Q1, CarGurus’ finds
  • Values still up 35 per cent from the same point last year but prices beginning to fall
  • Boss urges caution and says the future remains unclear for used car market

Time 8:15 am, May 12, 2022

The used car market showed further signs of stabilising in Q1 after 35 per cent growth in the last year, new data has revealed.

 Figures collected by CarGurus, sponsor of the Car Dealer Podcast, found noticeable price drops in several of the UK’s most popular cars since the start of the year.

However, year-on-year prices do remain 34.7 per cent higher after the value of used cars skyrocketed in 2021.

Overall, the marketplace found that 17 of its 20 most popular cars slightly decreased in price in Q1, compared to what they cost at the end of last year.

On average, those cars dropped in value by 3.8 per cent over Q1 in a sign of the market plateauing.

Notably, the Ford Kuga (8.5 per cent) and Ford Focus (8.2 per cent) experienced the biggest decrease in price over the last quarter.

Only the Toyota Yaris (3.4 per cent), Range Rover Sport (2.1 per cent) and Mercedes E-Class (0.8 per cent) experienced an increase in price.

Experts say the trend shows that the market could be beginning to stabilise but warned that ongoing supply chain issues mean the future is far from clear.

Kevin Roberts, director of industry insights & analytics at CarGurus, said: ‘While many of the most searched used cars experienced a slight decrease in price in Q1, the outlook for the used car market in 2022 remains uncertain.

‘Although prices might be starting to cool, we are still a long way off pre-Covid level costs.

‘Given the continued supply chain issues that are impacting the automotive industry, we are likely to see further disruptions on the path towards a new normal.’

CarGurus’ five most searched vehicles

Ford Fiesta

December 2021 price: £12,487

Current price: £12,007

Change: -3.8 per cent

Volkswagen Golf

December 2021 price: £18,947

Current price: £18,312

Change: -3.3 per cent

Mercedes C-Class

December 2021 price: £23,920

Current price: £22,669

Change: -5.2 per cent

Mercedes E-Class

December 2021 price: £24,373

Current price: £24,563

Change: +0.8 per cent

BMW 3-Series

BMW 3 Series

December 2021 price: £20,503

Current price: £19,624

Change: -4.3 per cent

Jack Williams's avatar

Jack joined the Car Dealer team in 2021 as a staff writer. He previously worked as a national newspaper journalist for BNPS Press Agency. He has provided news and motoring stories for a number of national publications including The Sun, The Times and The Daily Mirror.

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