Used Car Price Trends in 2024 – Electric Vehicles See Biggest Drops
Electric vehicles lead the lineup of pre-owned cars experiencing significant depreciation in 2024, which exceeds 25% for some models.
Tesla, Nissan, Audi, and Vauxhall are among the brands prominently featured in Auto Trader's compilation of the year's fastest depreciating cars, exclusively for Car Dealer.
Conversely, a few select used cars have seen slight appreciation in value this year, though from lesser-known brands.
Chrysler, no longer sold in the UK, has experienced a rise in value for its 300C and Grand Voyager models.
Meanwhile, the Vauxhall Corsa-e has depreciated the most this year, dropping 25% in value to an average asking price of £15,377.
Despite new Corsa-e models being priced around £33,000, substantial discounts are available. For instance, Car Dealer discovered Perrys, a franchised dealer, selling one at £18,495, with a remarkable discount of £12,995.
Ranked second, the Audi e-tron GT has seen a decrease of 24.2%, now priced at an average of £61,555 in the pre-owned market. The Tesla Model Y follows in third place with a 24% drop, now averaging £37,832.
Largest falling secondhand cars 2024
Source: Auto Trader, prices to date 2024
- Vauxhall Corsa-e – down 25.0%
- Audi e-tron GT – down 24.2%
- Tesla Model Y – down 24.0%
- Toyota Prius+ – down 23.8%
- Audi RS e-tron GT – down 23.4%
- Nissan Leaf – down 23.2%
- DS AUTOMOBILE DS 3 CROSSBACK – down 23.1%
- Mazda MX-30 – down 22.4%
- Volkswagen e-up! – down 22.3%
- Tesla Model S – down 21.9% ?
Leading the list of the most appreciating used cars in 2024 so far, American automaker Chrysler secures the top two spots. The Chrysler 300C has surged 7.4% to reach an average asking price of £5,329.
The beloved Suzuki Jimny has also seen a rise of 4.8%, now commanding an average asking price of £12,164.
Largest rising secondhand cars 2024
Source: Auto Trader, prices to date 2024
- Chrysler 300C – up 7.4%
- Chrysler Grand Voyager – up 5.4%
- Suzuki Jimny – up 4.8%
- Nissan Pathfinder – up 4.6%
- Volkswagen Beetle – up 4.1%
- Toyota Land Cruiser – up 3.3%
- Jeep Grand Cherokee – up 2.3%
- Porsche Cayman – up 2.0%
- Honda S2000 – up 1.2%
- Mitsubishi Shogun – up 1.1%
Auto Trader's latest report for June revealed that the average price of a used car stood at £16,410, indicating a slight decrease of 0.5% from May and a significant 10% drop from the previous year.
Despite these fluctuations, Auto Trader noted robust market demand with no signs of slowdown midway through the year.
Richard Walker, Auto Trader’s data & insights director, stated: ‘As we move into the year's second half, our data indicates that the core aspects of the used car market are strong – consumer demand is high, and cars are selling quickly, which, along with the decrease in supply, means retail prices are stabilizing.’
‘While this balance in market dynamics helps bring retail prices back to seasonal norms, it also impacts retailers' typical stock profiles, making it more difficult to find profitable cars.’
For the best deals on the used cars Milton Keynes, visit our dealership.
Source and Images: CarDealerMagazine