Used car prices have risen dramatically over the past couple of years as a result of the Covid-19 pandemic.
Because of parts shortages for new cars, many models face lengthy waiting lists – often upwards of a year. Consumers have therefore turned to the used market instead, driving up prices in the process – some even found that their cars became worth thousands more than they paid for them.
Data from online classified site CarGurus found that used car prices are up 12.9 per cent compared with July 2021. However, not all cars are rising in value, with the firm revealing the 10 used cars that have depreciated the most over the past 12 months.
You might expect BMWs to be a safe bet against steep depreciation, but a 2019 version of the firm’s 2 Series was the car that lost the most value during the past 12 months. Values have dropped 18.4 per cent from £27,532 to £22,548.
Hyundai’s Kona has become a popular crossover choice, thanks to its mix of powertrains, with hybrid and electric models offered. Despite that, though, prices for the 2020 model have dropped significantly in the past 12 months, going from £26,104 in July 2021 to £21,608 last month – a 17.2 per cent reduction.
The Volkswagen Golf remains one of the most popular used cars on the market, but 2019 versions have dropped in price steeply over the past year. In July 2021, they had an average list price of £23,272, but this dropped to £19,393 last month – representing a 16.7 per cent decline.
The current Peugeot 3008 was a real turning-point for the French firm as it headed further upmarket. However, it doesn’t mean this family SUV has fought off depreciation, with prices for a 2020 car falling by 15.4 per cent in the past 12 months from £29,037 to £24,577.
BMW’s 5 Series remains one of the most desirable executive cars around, but 2019 versions have noticeably dropped in value in the past 12 months – likely because this was the last year of pre-facelift models of the current generation. An average 5 Series list price was 15.1 per cent down on 2021 – from £36,163 to £30,717.
The latest Renault Captur has proved to be a popular choice in the crossover market, and is known for its style and spaciousness. But prices for a 2021 model have fallen by 14.7 per cent since July last year, with a current average list price of £19,110 compared with £22,416 in July 2021.
The F-Pace has been a big hit for Jaguar as its first SUV, and it remains a desirable premium model, although 2019 versions are good value now, thanks to a 13.4 per cent drop in value over the past year. An average list price for an F-Pace of that year is now £36,410, compared with £42,051. That’s a £5,641 price reduction – the most of any model on this list.
Land Rover is one of the firms facing some of the longest new car waiting lists, with customers reportedly being kept hanging around for 18 months for a new factory-ordered model. It’s really driven up prices for used examples, but that might be slowing, with a 2015-registered Discovery Sport going from an average list price of £22,336 in 2021 to £19,422 in 2022 – a 13 per cent reduction.
With a new-generation Honda HR-V hitting the road at the end of last year, it’s perhaps no surprise to see that previous models have fallen in value, with a 2019 version now having an average list price on CarGurus of £19,263. Compared with 2021 when they were worth £22,073, that’s a 12.7 per cent fall in value.
It’s a third BMW model rounding off the top 10, with a 2016-registered version of the X1 (the brand’s smallest SUV) falling in price by 12.6 per cent over the past year – from £20,405 in July 2021 to £17,829 last month.
Subscribe or register today to discover more from DonegalLive.ie
Buy the e-paper of the Donegal Democrat, Donegal People's Press, Donegal Post and Inish Times here for instant access to Donegal's premier news titles.
Keep up with the latest news from Donegal with our daily newsletter featuring the most important stories of the day delivered to your inbox every evening at 5pm.