The prices of popular used cars such as the Fiat 500 have fallen in price by as much as 20% in the past year. Natasha Wynarczyk reports
The prices of popular used cars such as the Fiat 500 have fallen in price by as much as 20% in the past year. Data from the latest AA Cars Used Car Index found the Fiat 500, as driven by Tom Cruise in Mission: Impossible – Fallout, has fallen from £9,711 to £7,731.
Also seeing a 20% price drop was the Ford Fiesta, while the Ford Focus, and Volkswagen Golf also experienced falls of 15% and 12% respectively in past 12 months. c platform dropped 6% year-on-year and 1% compared with the previous quarter.
The downward trend is also evident in the prices of electric vehicles and hybrids. The average price of these vehicles decreased from £21,302 to £17,967, a reduction of nearly 16% year-on-year.
Data showed 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.
It is thought the trend is due to a dip in demand as newer vehicles become available on the used car market. Meanwhile part of the reason for the depreciation of certain models, such as the Ford Fiesta, seen in the James Bond is because they are no longer in production.
This has led to fewer nearly new cars on the market at higher prices, while existing stock is getting older. James Hosking, director of AA Cars, said: “The dip in used car prices creates an excellent opportunity for drivers to purchase their desired vehicles at a lower cost.
“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.”
