This year used car prices have been heading in a direction that for many seems rather unusual – upwards!
The traditional fall in used car prices as models get older has been turned on its head by the pandemic and typically used cars are worth 3.2 per cent MORE now than they were at the same time last year, according to pricing experts Cap HPI.
Some models have far outperformed even that staggering industry average – with our top 10 biggest rising used car models all piling on around 10 per cent or more this year.
The number one on our list has increased in value a whopping 17.42 per cent which has seen Citroen C3 Picassos up on average more than one thousand pounds in value.
While some would say it’s another mad twist of the coronavirus tale, industry experts will point to the facts.
Demand has increased as the country have attempted to avoid public transport and those who have kept their jobs haven’t been able to go on holiday, or spend on much else, so have been buying themselves new cars instead.
Senior Cap HPI editor Chris Plumb told Car Dealer: ‘In more normal years, cars are generally worth between 3-5 per cent less than their equivalents a year earlier as they age within their lifecycle.
‘But 2020 has seen values increase on average by 3.2 per cent for three-year old cars. This means that they’re worth around £400 more than the same make and model with the same mileage was in December 2019.
‘The used car market has been particularly robust in what has been an unprecedented year – buying and selling online has become the norm for the trade and to a certain extent consumers.’
Cap HPI has opened up its valuations books to Car Dealer and revealed the models that have risen in value the most in 2020.
1. Citroen C3 Picasso (2009-2017)
+17.24 per cent, +£1,050
The Citroen C3 is the surprising biggest winner in the used car prices stakes for 2020. Cap HPI’s Plumb said: ‘For anyone looking for a good value spacious family car that is not an SUV the C3 Picasso ticks all the right boxes and still proves popular with consumers.’
2. Jaguar F-Type (2014-2020)
+14.25 per cent, +£4,261
The Jaguar F-Type has long been seen as a bit of a bargain in the used car market and it appears that buyers are cottoning on. Prices in monetary terms have risen dramatically. Plumb said: ‘It’s a good looking usable sports car coming from a strong brand. It’s seen low volume but high demand especially from the first lock down.’
3. Volkswagen Caravelle (2015-2019)
+13.64 per cent, +£3,625
As many people are spending more time on these shores campervans and their equivalent people carrier models like this one have proven popular. Plumb said that it’s very rare in petrol form but the petrol model has been gaining value fast this year for those buyers that can find one.
4. Toyota Land Cruiser (2009-2018)
+13.54 per cent, +£3,216
It might not be the first choice 4×4, but for those in the know it’s a popular model that Plumb says is ‘built to last’ which has seen prices rise. Plumb added: ‘This car can clock up the miles with very little chance of it ever letting you down.’
5. Mini Cooper S (2013-2018)
+13.44 per cent, £3,216
With retail buyers looking for an alternative to public transport, many of their first thoughts turned to a Mini pushing prices up. The Cooper S in particular is up more than three grand with values holding ‘extremely well’ said Plumb. He added: ‘It’s a great little hot hatch with high retail desirability.’
6. Suzuki Jimny (2005-2018)
+11.53 per cent, £1,008
The Tonka Toy proportioned off roader has always had a bit of a cult following but ever since the new model arrived on these shores it’s had a further boost. Plumb calls it an ‘icon’ and buyers agree, pushing prices up by more than £1,000 this year alone.
7. Volvo XC60 (2008-2017)
+11.27 per cent, +£1,850
Volvo’s excellent XC60 has captured buyer’s attention this year thanks to its good looks and all round practicality. Plumb bills it as a ‘luxury 4×4 with an affordable price tag’. He added: ‘Time hasn’t dated the Volvo’s good looks and like other vehicles of this quality reliability, safety, desirability and price are key.’
8. Jeep Grand Cherokee (2011-2017)
+10.24 per cent, +£1,992
An unusual entrant, but clearly 4×4 credentials are important for used car buyers this year. Plumb says the Grand Cherokee is a ‘robust 4×4’ that ‘stands out from the crowd’. Plumb added: ‘The Jeep has lots of competition, but this niche and capable 4×4 ticks all the right boxes and is very well priced.’
9. Aston Martin Vantage (2005-2018)
+10.14 per cent, +£7,306
Rising the most in terms of cold hard cash is the British built baby Aston. Clearly the pandemic has meant some people are looking to treat themselves and the ‘strong brand’ has helped increase demand since lockdown, says Plumb.
10. Mazda MX-5 (2015-Present)
+9.8 per cent, £1,017
It’s the biggest selling sports car in the world and has been a go-to used car for buyers in the pandemic as they look for cheap thrills to cheer themselves up. Plumb says in the trade these are changing hands for under £10k and they’re ‘fun, reliable and have affordable running costs’.