The most popular used car prices in the UK fell by 3.3% on last year, a motoring company finds.
In the last three months of 2023, motorists saw the average price of the most searched for second-hand cars drop to £16,464. This signals a reverse in cost from £17,021 at the same time a year ago.
According to AA’s used car index, a Ford Fiesta was the vehicle drivers sought the most in the final quarter of the year, as the price fell from £11,148 to £10,305 in just three months. While 15% of all users of AA’s used car website searched for the iconic reliable vehicle in the same period.
Another used vehicle which experienced a huge price reduction online was the Range Rover Evoque. In 2022, that would set buyers back an average of £26,780 but in the final quarter of last year, that plummeted to £23,339 – a 12.8% decrease.
Electric vehicles (EVs) also followed this trend, falling by 5.9% in price year-on-year. Buyers hoping to bag an EV or hybrid alternative would potentially pay an average of £20,392 – down from £21,673 in 2022. However, this isn’t reflected in annual insurance premiums for the electric alternatives, which have soared by £300.
Out of all the petrol-powered cars in the top 20 searched for the most by motorists, just six increased in price. Those models included the Vauxhall Corsa and Nissan Qashqai, which shot up in price by 7.5% and 5% in 12 months respectively.
Used car prices in greener vehicles remain higher but will future-proof UK drivers
Mark Oakley, director of AA Cars, said: “The falling prices of many used cars will be welcome news for drivers who are looking to change cars and get the best value for their money.
“Prices aren’t falling across the board, however, and the third most popular car — the Vauxhall Corsa — saw average used prices rise by 7.5% compared to a year ago. This means it remains important to shop around and work out what price the model you are interested in typically sells for at different mileages and ages.”
Oakley added: “The increasing supply of second-hand EVs and hybrids continues to improve choice for drivers and push down prices. While EVs and hybrids typically cost more upfront than a conventionally powered car, switching to a greener vehicle will save you money on fuel while also future-proofing you for the further roll-out of clean air zones in cities across the UK.
“Whatever type of car you’re keenest on, it is worth booking an independent vehicle inspection before you buy, to make sure there is not a problem with the car that could cost you more money to repair.”
Most searched vehicles in the last quarter of 2023
Most searched EVs and hybrids in the last quarter of 2023
(Click to enlarge images)
(Source: AA used car index)
