The average price of the most popular second-hand cars in quarter one was £17,250 down from £18,957 a year ago – a 9% decline, according to new figures from AA Cars.

The analysis, based on pricing of the most frequently searched for used cars on the AA Cars platform, marks the second consecutive decrease in prices, following a 3.3% dip recorded in the fourth quarter of 2023.

However, when comparing the latest figures with the previous quarter's average prices, they have seen a slight increase of 0.8%, rising from £17,120.

None of the top 20 used cars listed on the AA Cars site saw a price increase over the past year.

The Volkswagen Golf saw the most significant drop, with its average price now at £17,558, falling by nearly a fifth (17%) from £20,044 a year ago.

Most searched-for vehicles in Q4 2023, with quarterly and annual price changes

Most popular car ranking	Make and model	Average price this year (Q1 2024)	Average price last year (Q1 2023)	Average price the previous quarter (Q4 2023)	Annual price change (Q1 2023 to Q1 2024)	Quarterly price change (Q4 2023 to Q1 2024)
1	Nissan Qashqai	£15,077	£16,599	£15,515	-9.2%	-2.8%
2	Ford Fiesta	£9,752	£11,247	£10,305	-13.3%	-5.4%
3	Vauxhall Corsa	£9,276	£9,830	£9,848	-5.6%	-5.8%
4	Ford Focus	£10,990	£12,836	£12,055	-14.4%	-8.8%
5	Audi A3	£20,125	£21,465	£19,281	-6.2%	4.4%
6	Volvo XC40	£31,554	£32,286	£33,925	-2.3%	-7.0%
7	Mercedes A Class	£18,190	£20,856	£18,769	-12.8%	-3.1%
8	Volkswagen Polo	£11,789	£13,101	£12,559	-10.0%	-6.1%
9	Ford Transit	£19,487	£21,922	£20,998	-11.1%	-7.2%
10	Volkswagen Golf	£16,548	£20,044	£17,558	-17.4%	-5.8%
11	Nissan Juke	£12,969	£14,243	£13,346	-8.9%	-2.8%
12	Kia Sportage	£18,141	£18,407	£18,092	-1.5%	0.3%
13	Audi Q5	£32,592	£36,250	£30,788	-10.1%	5.9%
14	Audi A5	£24,561	£26,993	£22,483	-9.0%	9.3%
15	Mini Hatch	£13,436	£14,201	£13,762	-5.4%	-2.4%
16	Ford Kuga	£16,310	£18,379	£17,176	-11.3%	-5.0%
17	Fiat 500	£8,361	£9,843	£8,974	-15.1%	-6.8%
18	Audi A4	£20,818	£23,265	£19,066	-10.5%	9.2%
19	Vauxhall Astra	£8,278	£8,912	£8,620	-7.1%	-4.0%
20	Audi Q3	£26,748	£28,453	£19,281	-6.0%	38.7%

 

Among the top 20 ranking, five vehicles including the Audi A4, Audi Q5, Kia Sportage, and Audi A3 saw price hikes compared to the last quarter of 2023.

The Audi A4 had the most significant increase, with its average price rising by 9% within three months, from £19,066 to £20,818.

James Hosking, director of AA Cars, said: “Although overall prices are dropping on an annual basis, there has been a slight rise in prices for certain models compared with the previous quarter, which may reflect increasing demand for particular cars.”

Most searched-for used EVs and hybrids down by 12%

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 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.

Most searched-for EVs and hybrids in Q1 2024, with annual price changes

Most popular Hybrid/EV ranking	Make and model	Average price this year (Q1 2024)	Average price last year (Q1 2023)	Average price the previous quarter (Q4 2023)	Annual price change (Q1 2023 to Q1 2024)	Quarterly price change (Q4 2023 to Q1 2024)
1	Toyota Yaris	£17,465	£18,210	£17,603	-4.1%	-0.8%
2	Toyota Prius	£14,379	£17,357	£14,408	-17.2%	-0.2%
3	Nissan Leaf	£14,021	£15,892	£15,687	-11.8%	-10.6%
4	Honda Jazz	£17,774	£19,207	£18,499	-7.5%	-3.9%
5	Kia Niro	£20,691	£23,822	£22,325	-13.1%	-7.3%
6	Toyota C-HR	£19,843	£22,784	£20,514	-12.9%	-3.3%
7	Toyota RAV4	£24,774	£28,935	£27,046	-14.4%	-8.4%
8	Volvo XC40	£30,570	£39,526	£32,490	-22.7%	-5.9%
9	Toyota Corolla	£19,848	£23,446	£20,916	-15.35%	-5.1%
10	Renault Zoe	£11,911	£14,646	£13,094	-18.7%	-9.0%

 

At recent meeting of the Vehicle Remarketing Association (VRA), Andy Shields, global business unit director of Indicata, suggested that falling EV values are stabilising once they reach price parity with their internal combustion engine (ICE) equivalents.

He said: “This effect appears to have some relationship to the manufacturer’s reputation for EVs. If it is good, they stabilise slightly above the ICE equivalent, if they have less of a track record, it stabilises slightly below.

“However, the key point seems to be that once prices of EV and ICE versions of a model are roughly the same, buyers start to support the electric version in sufficient numbers that the curve flattens out.

“Of course, whether this is a long-term effect remains to be seen but it appears to be holding true at this moment in time.”

Other speakers at the event reported that demand for EVs had stabilised and was even increasing.

Stuart Chamberlain, head of B2B and partnerships at Arval UK, said: “This year, it seems that we have seen much more of a market for EVs start to develop which, with the numbers that are going to start appearing on the used market increasing, is a very timely development.”

Hosking says that the growing availability of used EVs and hybrids is helping lower prices — 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,” he added.