Prices of used cars fell for a third consecutive month in November, contracting by 3.8 per cent year-on-year.
That’s according to new figures from Auto Trader, which says that the dip in prices is caused by a six per cent fall in the value of cars under five years old, though average prices of cars more than 10 years old are up seven per cent year-on-year.
Auto Trader also says that, despite falling used prices, there continues to be ‘robust consumer demand’ for used cars as a whole.
But what are the cars that are fuelling this sharp fall in used car prices, as well as those that are bucking the trend? Let’s take a look.
The five used cars with the greatest pricing contractions
1. Nissan Leaf – down 24.5 per cent
Nissan’s Leaf was the first true mass-market electric car, and though there’s still a lot going for this latest version, it is starting to feel behind the times next to newer competitors. That’s reflected in the sharp fall recorded in the used prices of this family hatchback, which dropped by 24.5 per cent year-on-year in November to £15,664.
There are some significant savings to be had on nearly-new cars, with 2023-registered Leafs available on Regit for just £17,000 – more than £10,000 off the price of a new one. With a spacious interior and generous equipment levels, the Leaf is still worth considering.
2. Renault Zoe – down 24.4 per cent
Renault’s Zoe is another early electric car that’s now a bit off the pace when it comes to technology, safety and charging speeds, and as a result, values are falling sharply – with Auto Trader’s data showing prices were down 24.4 per cent year-on-year in November to £13,798.
The Zoe still offers a competitive 239 miles of range, however, and is now a cracking used buy, with one-year-old examples available for around £16,000 – a vast saving on the £30,000 list price.
3. BMW i3 – down 24 per cent
BMW discontinued its forward-thinking i3 last year, and because of this year-on-year prices have taken quite a dive – down 24 per cent in November to £17,001.
As used prices for the i3 fall, however, it becomes an increasingly desirable choice. Despite being revealed more than a decade ago, this BMW still looks fresh to this day, while its use of recycled materials and sustainable materials is an idea many manufacturers are only just adopting.
4. Hyundai Ioniq – down 22.1 per cent
The Hyundai Ioniq is the only car in the top five that isn’t purely sold as an EV, though this was offered alongside hybrid and plug-in hybrid versions too. With Hyundai dropping the Ioniq – not to be confused with its new Ioniq 5 and 6 cars – in 2022, this will have contributed to the significant 22.1 per cent fall in prices to £15,803 in November.
With the extensive choice of electrified powertrains, generous equipment levels and excellent reliability reputation, there are still plenty of reasons to consider a used Ioniq.
5. Porsche Taycan – down 21.3 per cent
The Porsche Taycan was one of a few electric cars that seemed to buck the trend for steep depreciation, but with the German manufacturer now having a much-improved supply of new versions, it’s seen a significant fall in value.
In fact, year-on-year, Auto Trader says prices have slumped by 21.3 per cent, though with an average asking price of £85,430, the Taycan is still far from cheap. With its superb driving experience, long range and stunning interior, this Porsche is one of the most desirable EVs around.
The five used cars that have grown in price
1. Volkswagen Beetle – up 13.3 per cent
Not all used cars have dropped in price, however, and some in particular have particularly bucked this trend. Not least the Volkswagen Beetle, which has grown in price by a significant 13.3 per cent in November to an average selling price of £8,007.
Though Volkswagen hasn’t produced the Beetle for nearly five years, plenty of used car buyers are still favouring this model’s retro image and cool styling.
2. Peugeot Partner Tepee – up 8.9 per cent
The Peugeot Partner Tepee is one of the more unlikely cars that has increased in value, with used prices up by 8.9 per cent in November to an average asking price of £9,726.
It’s a lot of money for a van-based Peugeot MPV that hasn’t been on sale for a number of years, but plenty of people are still valuing this model’s practical interior, not least with such limited choice of new MPVs available. It’s a popular choice to make into a camper van conversion.
3. Dacia Sandero – up 8.3 per cent
With the cost-of-living crisis continuing to bite, we’re seeing more choosing more mainstream and value-based brands, with Dacia in particular being favoured. Its Sandero was the UK’s cheapest new car for almost a decade, and used values continue to be fairly strong.
In fact, with an average asking price of £8,378 in November on Auto Trader, it means Sandero prices had increased by 8.3 per cent year-on-year. The latest version is also one of the best small cars around, regardless of price.
4. Dacia Sandero Stepway – up 8.0 per cent
If you find the standard Sandero a bit plain, Dacia also sells a more rugged-looking Stepway version, which is available in brighter colours and comes with roof bars and chunky plastic cladding to make it stand out more.
The Stepway version now sells better than the regular Sandero, and it continues to be in demand with used buyers, with an average asking price of £9,824 in November. That’s eight per cent higher than a year earlier.
5. Volvo V70 – up 7.9 per cent
Volvo hit the headlines earlier this year when it stopped selling its well-loved estate cars in the UK – something this Swedish firm was renowned for – and instead chose to switch its focus entirely to SUVs.
Volvo put this down to limited demand, but on the used market at least, there’s still strong support for its estate cars, with the large V70 estate increasing by value by 7.9 per cent in November. According to Auto Trader, it had an average asking price of £7,554 in November.