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
December 2021 price: £20,503
Current price: £19,624
Change: -4.3 per cent
