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Residual value update

UK’s most popular used cars skyrocketed in value over the last year

CarGurus data has revealed the UK’s 20 most in demand used cars have appreciated at historic levels in the last 12 months – experiencing an average price increase of 26.3%.

Using average listing price data, CarGurus examined prices of the Top 20 most searched cars on CarGurus.co.uk from 24th January 2021 to 24th January 2022. The data was refined to mitigate against artificial price inflation caused by new model launches over the past year.

According to the online marketplace’s proprietary data, the Ford Focus (50%), Ford Fiesta (36.7%) and MINI Cooper (34.9%) experienced the greatest jump in price over the last year, followed closely by the Volkswagen Polo (33.6%) and Mercedes-Benz C-Class (32.5%).

The car sparking the most searches on CarGurus among UK buyers – the Nissan Qashqai – increased in price by 30%.

Following closely behind the Nissan Qashqai, as the cars prompting the most demand, were the Land Rover Range Rover Sport, Mercedes-Benz C-Class, Mercedes-Benz E-Class, and Volkswagen Golf.

With used vehicle prices at historic levels, consumers can turn to features such as CarGurus’ Instant Market Value (IMV) to help determine if a vehicle is considered a great, good, fair, high or overpriced deal. IMV calculations are updated daily using a complex algorithm that takes into account millions of data points including make, model, trim, year, mileage, options and vehicle history.

Kevin Roberts, Director of Industry Insights & Analytics at CarGurus, said: “Buyers should be aware of a number of factors contributing to recent appreciation levels of Britain’s most popular cars. The semi-conductor shortage has contributed to the worst year for UK new car production since 1956 which, in turn, has led to an increase in demand for used vehicles. The resulting decline in available stock has therefore naturally driven up prices.

“The outlook for 2022 will remain dependent on vehicle production; if it can come back to a pre-COVID level we’ll likely see a stronger recovery in sales and a potential reduction in pricing, otherwise we’re looking at a further continuation of 2021 trends.”

Top 20 most searched cars on CarGurus (YoY)

Rank Make Model Average listing price (Jan 24th 2021) Average listing price (Jan 24th 2022) % change
1 Nissan Qashqai 12,855.40 16,660.79 29.6%
2 Land Rover Range Rover Sport 38,369.19 43,447.65 13.2%
3 Mercedes-Benz C-Class 17,353.76 23,001.30 32.5%
4 Mercedes-Benz E-Class 18,055.87 23,481.32 30.0%
5 Volkswagen Golf 13,917.59 17,971.00 29.1%
6 BMW 3 Series 15,932.78 18,710.84 17.4%
7 Ford Fiesta 9,051.35 12,372.07 36.7%
8 Ford Focus 10,830.44 16,250.39 50.0%
9 Land Rover Range Rover Evoque 23,133.02 27,595.03 19.3%
10 Audi A3 13,575.98 17,103.61 26.0%
11 MINI Mini Cooper 10,555.14 14,240.55 34.9%
12 Jaguar XF 14,742.88 17,467.71 18.5%
13 Land Rover Range Rover 43,237.73 46,957.56 8.6%
14 Kia Sportage 14,667.17 18,361.98 25.2%
15 BMW 5 Series 19,012.85 23,532.59 23.8%
16 BMW 1 Series 12,404.94 16,150.00 30.2%
17 Honda CR-V 14,896.70 17,470.26 17.3%
18 Volkswagen Polo 9,550.23 12,757.91 33.6%
19 Mercedes-Benz A-Class 16,281.52 21,227.10 30.4%
20 BMW X5 27,453.26 32,894.23 19.8%

 

*Article Source www.newspress.co.uk

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