Read on to find out how the used car market shifted in Q2 2024 and which models were most in demand.
Buyers are seeing lower average prices as corporate leases begin to expire and thousands of former fleet EVs come onto the second-hand market for the first time – providing greater choice and more attractive prices for buyers. The overall downward pressure on pricing is likely to continue, but reductions vary considerably between different makes and models.
Prices of the most popular petrol and diesel used cars have rebounded after falling for two consecutive quarters, although in most cases the increases are relatively modest.
Buyers will find that prices for a lot of used cars are still considerably lower than they were this time last year, and that there are plenty of good deals out there. If you’re planning to change up your vehicle, you might be pleasantly surprised by the prices of good second-hand models. But before you start car shopping in earnest, start online by getting a sense of what other buyers are paying for similar makes and models of the same age with comparable mileage. When you’ve found a vehicle you really like, it’s always a wise move to have an independent vehicle inspection done before you shake on a deal with the dealer. This will give you peace of mind that the car you want is in good condition and won’t leave you facing an expensive repair bill down the line. Reassurance like this can be priceless.
AA Cars Managing Director
Read bioThe average price of the 20 most popular used petrol and diesel cars on the platform has increased in the three months to June. Prices rose by 3.5% in the three months to June compared with the previous quarter, reversing two consecutive quarters of falling prices.
The Audi A5 has seen by far the biggest increase (33%) quarter-on-quarter, while Audi’s A1, A3, A4 and Q3 models have all seen modest price rises too. The Nissan Qashqai is the most-sought after car on the list and has increased in value by 2.9% between Q1 and Q2 2024.
Despite an average increase in value quarter-on-quarter, used car prices remained down 3.9% on the second quarter of 2023, driven by significant price reductions for the Volkswagen Golf (-22%), Ford Fiesta (19%) and Ford Transit (18%) among others.
3.2%
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2.9%
increase
19.5%
decrease
6.8%
decrease
0.7%
increase
0.4%
increase
4.7%
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0.3%
decrease
14.8%
decrease
1.5%
decrease
10.8%
decrease
1.4%
decrease
21.6%
increase
33.2%
increase
3.5%
decrease
4.4%
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0.9%
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4.8%
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22.5%
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1.3%
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The average prices of the UK’s most popular used electric and hybrid vehicles slumped by nearly a fifth (19%) in the three months to June compared with the same period last year, according to the latest AA Used Car Index. The average price of the 20 most popular second-hand EV and hybrid cars on the AA Cars platform dropped from £23,255 in Q2 2023 to £19,456 in Q2 2024, while there was also a 12% decrease compared with the previous quarter. The Toyota Yaris, which is the most sought-after car on the list, has fallen in price by 14% over the past 12 months, while the Toyota Prius which is the second most popular has dropped by a massive 52% over the same period. Every one of the top 20 used electric or hybrid used cars on the AA platform fell in price between Q2 2023 and Q2 2024, as the market saw a surge in the number of second-hand models coming up for sale.
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