Read on to find out how the used car market shifted in Q3 2024 and which models were most in demand.
Smaller cars offer the most significant savings, with our research showing substantial price decreases for some of the UK’s most popular second-hand models compared with this time last year.
The Fiat 500, Ford Fiesta, and Volkswagen Golf have seen the largest price drops, and present a great opportunity for buyers who have these models on their radar.
As prices for many popular used cars continue to decline, buyers have a chance to stretch their budgets further, potentially affording features or models that may have previously been out of reach.
If you’re considering upgrading your vehicle, you’ll find plenty of high-quality second-hand cars at reasonable prices. But before you dive into car shopping, make sure to do your research online and compare what others are paying for similar makes and models with comparable age and mileage.
Once you’ve found a vehicle that catches your eye, it’s always smart to arrange for an independent inspection before finalising the deal. This can provide reassurance that the car is in good condition and help to avoid any unexpected costs down the road.
AA Cars Managing Director
Read bioThe average cost of the 20 most popular second-hand cars on the AA Cars platform fell 6% from £18,672 in Q3 2023 to £17,634 in Q3 2024, while there was also a 1% decrease compared with the previous quarter.
Among the most sought-after used car models, small hatchbacks currently offer some of the most significant savings.
The budget-friendly Fiat 500 saw the largest price drop in this category, falling 20.4% over the past year. The Ford Fiesta followed with a 19.8% decrease, and the Ford Focus saw a reduction of 15.2%. The Volkswagen Golf also experienced a 12% drop in price.
Of the top 20 used vehicles on the AA platform, all but five saw price reductions between Q3 2023 and Q3 2024. This trend is likely due to a dip in demand as newer vehicles become available on the used car market.
4.6%
decrease
2.5%
increase
19.8%
decrease
1.7%
decrease
2.2%
increase
0.8%
increase
0.5%
decrease
0.7%
decrease
15.2%
decrease
0.2%
decrease
8.2%
decrease
1.6%
decrease
5.5%
decrease
2.0%
decrease
11.9%
decrease
0.2%
decrease
6.7%
decrease
3.3%
increase
4.7%
decrease
3.9%
decrease
The downward trend is also evident in the prices of electric vehicles (EVs) and hybrids on the AA Cars platform. The average price of these vehicles decreased from £21,302 to £17,967, a reduction of nearly 16% over the same period, and down 4% from Q2 2024. The Toyota Prius experienced the largest price drop among EVs and hybrids, with a 31% reduction year-on-year. The Nissan Leaf, Renault Zoe, and Tesla Model 3 also saw price decreases of 26%, 25%, and 25%, respectively.
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