The average prices of the UK’s most popular used cars fell by 1.4% between the second quarter of the year and the third, according to the latest AA Cars Used Car Index.
AA Cars’ analysis of the cost of the most searched-for cars on its site found that despite the quarterly fall, prices remain 3.4% higher than last year. However this price growth is lower than that of many household goods, with the UK’s consumer price inflation rate standing at 6.3% for the year to August.
The average price of the most popular cars reached £16,736 over the course of July, August and September, up from £16,182 a year ago. However, this is a fall of 1.4% from the £16,965 recorded during April, May and June.
The Mercedes C Class saw the biggest annual decrease in price, falling 10.36% to £19,225, while prices for the Kia Sportage rose the most, increasing by 13.9%.
Prices for the Ford Fiesta, the nation’s most popular car, matched the average trend, with typical used prices falling on a quarterly basis but remaining higher than a year ago.
Prices for the top 20 most popular used EVs and hybrids fell by 7% between Q2 and Q3. The average price of the most popular models listed for sale on AA Cars in Q3 was £19,932 in Q3, down from £22,021 in the previous quarter.
The hybrid Toyota Yaris is the most popular EV or hybrid on AA Cars, and its price rose slightly by 0.4% between Q2 and Q3. However it was the exception, with the rest of the top 10 all seeing average prices fall over the quarter.
These falling prices come as sales of used EVs continue to soar, with official data for Q2 showing that sales were up 81.8% compared to a year ago, accounting for a record 1.7% market share.
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.
“But whatever type of used car you’re interested in, ensure you get the best value for money by doing plenty of research first to work out what price that model typically sells for at different mileages and ages.
“It is also well worth booking an independent vehicle inspection before you part with any money, to make sure there is not a problem with the car that could cost you more money to repair.”