Used car prices fall by 1.4% in third quarter of 2023
Prices still remain 3.4% higher than they were a year ago, however.
The average price of the UK’s most popular used cars fell by 1.4 per cent in the third quarter of 2023.
Analysis by AA Cars shows that despite the fall, average prices for the most searched-for cars remain 3.4 per cent higher than last year. The average price of the ‘most popular cars’ stands at £16,736 through July, August and September, contrasting the average price of £16,182 from a year prior.
It does, however, represent a decrease compared with the £16,965 average price recorded during April, May and June of this year.
The Mercedes C-Class saw the largest annual fall in price, dropping by 10.36 per cent to £19,225 from £21,424. In contrast, prices for the Kia Sportage increased by 13.9 per cent to £19,267 from £16,913 a year ago.
Prices for the Ford Fiesta – which has now been discontinued – fell on a quarterly basis but still remained higher than a year ago. The average price for the compact model now stands at £11,148, up from £10,851 a year ago.
Mark Oakley, director of AA Cars, said: “The average price of the UK’s most popular used cars continues to fall.
“Although prices on average are still higher than last year, this is not the case for every model and there are some great deals available for drivers prioritising good value for money.
“For drivers considering a greener car, this might be a good time to start looking. Ever greater numbers of EVs and hybrids are entering the second-hand market each month, boosting supply and choice and pushing down prices. Switching to a green vehicle can be a great way to future-proof yourself as more cities roll-out or expand clean air zones, not to mention saving on fuel bills.”
Prices for the 20 most popular electric vehicles and hybrids fell by seven per cent between the second and third quarters of 2023, with the average price for the most popular models listed by AA Cars standing at £19,932, down from £22,021 in the previous quarter. The fall in EV prices comes despite the demand for used battery-powered models soaring, with SMMT data showing that sales are up 81.8 per cent compared with a year ago.
