Read on to find out how the used car market shifted in Q1 2024 and which models were most in demand.
Although overall prices are dropping on an annual basis, there’s been a slight rise in prices for certain models compared with the previous quarter, which may reflect increasing demand for particular cars.
Regardless of when you choose to upgrade your car, it’s always wise to explore your options and work out the typical selling price of the model you’re eyeing up – but remember that mileage and age will play a factor.
The growing availability of used EVs and hybrids is also helping lower prices for buyers who are after cheaper models – highlighted by the 12% drop in prices in the space of a year. Although they do require a higher upfront cost than traditional cars, this downward trend in used EV and hybrid prices is likely to continue as more make their way onto the market.
But whatever used car you’re after, scheduling an independent vehicle inspection before you buy will offer peace of mind and help to avoid potential costly repairs in the future.
AA Cars Managing Director
Read bioThe average price of Britain’s most popular used cars plummeted by 9% in first three months of 2024 compared to the same period in 2023.
The Nissan Qashqai overtook the nation’s trusty Ford Fiesta as the most popular used car on the AA Cars site in Q1, with prices falling by 9% and 13% year-on-year respectively.
None of the top 20 used cars has risen in price over the past year, but five saw average prices increase on a quarterly basis.
9.2%
decrease
2.8%
decrease
13.3%
decrease
5.4%
decrease
5.6%
decrease
5.8%
decrease
14.4%
decrease
8.8%
decrease
6.2%
decrease
4.4%
increase
2.3%
decrease
7.0%
decrease
12.8%
decrease
3.1%
decrease
10.0%
decrease
6.1%
decrease
11.1%
decrease
7.2%
decrease
17.4%
decrease
5.8%
decrease
Prices for the top 20 most sought-after used EVs and hybrids saw a decline of 12% throughout the year leading up to Q1 2024. During the first quarter, the average price of the most in-demand EV and hybrid models available for sale on AA Cars stood at £19,548 – a decrease from £22,158 in the same period in 2023. The hybrid Toyota Yaris stands out as the most favoured electric or hybrid vehicle on the AA Cars platform. Despite its popularity, its price saw a slight decline in the first quarter of 2024 compared to the same period in 2023, dropping by a modest 4.1%. Meanwhile, prices for other electric and hybrid models experienced more significant decreases, due to a continued influx of used EVs and hybrids to the market, offering a wider variety of makes and models for buyers.
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