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Since 1 June 2020, when the UK Government allowed car showrooms to welcome back customers after the first wave of the pandemic, the average used vehicle price in the UK has risen 38% compared to pre-pandemic levels.
CarGurus analyzed vehicle price data for the UK’s current top 10 best-selling used cars to examine how much the price of three-year-old models had changed between June 2020 and April 2023.
The data reveals that each car experienced a significant increase in price.
The biggest price appreciation was the Vauxhall Corsa, the UK’s second best-selling used car in Q1 2023, which increased from an average £7,974 to £14,808 – an increase of 86%.
Coming in second were the Ford Fiesta and the BMW 1 Series – both up 64%. The average price for the Ford Fiesta rose from £9,672 to £15,878, while the BMW 1 Series rose from £15,359 to £25,156.
Also in the top five are the MINI and the VW Polo. The MINI was up 63% from £12,284 to £19,985 and the VW Polo was up 62% from £10,562 to £17,148.
CarGurus also charted the used models that saw the most price drops over the last 12 months, with electric vehicles making up six of the top 10 models with the biggest price drops.
The five cars are Kia ProCeed (-35%), Tesla Model 3 (-32%), Audi E-Tron (-28%), BMW i3 (-26%) and Jaguar I-Pace (-25%). with the biggest price reduction.
Kevin Roberts, director of industry insights & analytics at CarGurus, said: “Our data shows just how significant the impact the pandemic has had on the UK used car market, especially for the best-selling used cars as we reach our three-year milestone since. car dealerships reopened on June 1, 2020.
“Although used vehicle prices are on average 38% higher than pre-pandemic prices, there is a glimmer of hope for used car buyers looking to save money.
“Added to this, bargain potential is not isolated to any particular corner of the market. CarGurus data details the hatchbacks, MPVs, EVs and other body types that present buyers with the best deals available today.”
