Demand for used cars sees popular models appreciate in value as they age

Demand for certain used cars is so strong that their values are going up as they age, a new survey has found.

AA Cars compared the average price of three- and five-year-old models in the third quarter of 2021 with those from the same period this year and found that the values of some vehicles have risen despite them getting older.

In all, seven of the UK’s most popular used cars have seen their prices rise over the past two years.

The Toyota Aygo came out on top in terms of appreciation, with five-year-old examples worth 15.7 per cent more than three-year-old versions in 2021. A three-year-old Aygo bought in the third quarter of 2021 was worth £8,331 on average – but the same car at five years old is worth £9,636 this year.

The second most-popular car was the Vauxhall Corsa. The price of this model at three years olf in 2021 was £8,754, but the price of a five-year-old version in 2023 came in at £9,791 – an increase of 11.9 per cent.

Mark Oakley, Director of AA Cars, comments: “With the exception of some classic vehicles, we rarely see cars increase in value as they age. Yet persistent supply shortages mean some of the most in-demand models are still appreciating even as they sit on the driveway.

“This includes the Ford Fiesta, which consistently tops the list of the UK’s most popular cars, and the trendy city car the Fiat 500.

“Used cars less than three years old have often been bought on finance, and many have had just one owner — meaning they are often in good condition, and could be a great choice for drivers seeking value for money.”