The bargains available for three-year-old vehicles in 2024 could see you paying up to a third less than you would have last year, a motoring service finds.
Since January, the cost of used cars has plummeted on a range of vehicles, meaning drivers can now save £15,000 on the best deals for nearly new motors.
Finishing in pole position for the best savings on a three-year vehicle was the Range Rover Evoque, according to AA Cars‘ data. The SUV fell by 32.5% in price from 2023 to 2024 to cost an average of £30,963 – down from £45,891.
In the second spot for the biggest proportional savings was the iconic Fiat 500, which also decreased by 32.5%, priced at £11,259.
Completing the podium in the third spot was the deal on the Volvo XC40, dropping by 31.8% in a year to cost an average of £25,796.
While prices have dipped for vehicles that are three years old, the market for slightly older cars has held fairly well. This means there is still value in the future of used cars should you wish to resell your vehicle.
Meanwhile, during the first three months of the year, drivers paid an average of £17,259 on used cars, compared to £18,957 the year before.
‘Unequivocally a buyer’s market’
James Hosking, director of AA Cars, said: “The rapid price inflation seen in the wake of the pandemic is now firmly in the rear-view mirror. When it comes to used cars, this is unequivocally a buyer’s market again.
“With the prices of many popular, highly reliable, nearly new models falling sharply, budget-conscious drivers looking for an upgrade will find it easier than ever to explore newer and more advanced models, as the rules of supply and demand are coinciding to give them better value for their money.
“But whatever your budget and whatever model most takes your fancy, prospective buyers should always explore several options, and find out a good baseline price for their chosen model and spec while also factoring in how the vehicle’s age and mileage might impact its value.”
Hosking also points out that there is plenty of value in the electric vehicle (EV) market should you wish to get a used vehicle.
He added: “There’s especially good news for eco-conscious drivers or those thinking of going green for the first time – a surge in the supply of used EVs and hybrids is boosting choice and driving down prices.
“Although upfront costs on an EV remain higher than they are on a conventionally fuelled car, the steady softening of used EV and hybrid prices is likely to continue as more hit the market.”
Best value nearly new cars
| Rank | Make / Model | Average price in 2023 | Average price in 2024 | % fall in price |
| 1 | Range Rover Evoque | £ 45,891 | £30,963 | -32.5% |
| 2 | Fiat 500 | £ 16,680 | £11,259 | -32.5% |
| 3 | Volvo XC40 | £ 37,797 | £25,796 | -31.8% |
| 4 | Kia Niro | £ 27,909 | £19,678 | -29.5% |
| 5 | Vauxhall Mokka | £ 23,357 | £16,780 | -28.2% |
| 6 | Peugeot 2008 | £ 23,180 | £16,912 | -27% |
| 7 | Vauxhall Corsa | £ 17,407 | £12,749 | -26.8% |
| 8 | Mercedes A Class | £ 29,561 | £21,710 | -26.6% |
| 9 | Renault Captur | £ 20,191 | £15,005 | -25.7% |
| 10 | MG ZS | £ 19,158 | £14,315 | -25.3% |
(Source: AA Cars)
