The UK’s 20 most in demand used cars stabilised in price in quarter one (Q1) of 2022, according to data from used car buying platform CarGurus.
That said, the used car market saw the average price of a car skyrocket by 34.7% when comparing March 2021 with March 2022.
Using average listing price data, CarGurus examined prices of the Top 20 most searched cars on CarGurus.co.uk from December 2021 month end to March 2022 month end. The data was refined to mitigate against artificial price inflation caused by new model launches.
According to the online marketplace’s proprietary data, 17 out of the top 20 cars slightly decreased in price in Q1.
Notably, the Ford Kuga (-8.5%) and Ford Focus (-8.2%) experienced the biggest decrease in price over the last quarter.
Only the Toyota Yaris (3.4%), Range Rover Sport (2.1%) and Mercedes-Benz E-Class (0.8%) experienced an increase in price.
With used vehicle prices being increasingly unpredictable, 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: “While many of the most searched used cars experienced a slight decrease in price in Q1, the outlook for the used car market in 2022 remains uncertain. Although prices might be starting to cool, we are still a long way off pre-Covid level costs. Given the continued supply chain issues that are impacting the automotive industry, we are likely to see further disruptions on the path towards a new normal.”
Top 20 most searched cars on CarGurus (Q1)
|Make||Model||Average listing price
December 2021 month end
|Average listing price
March 2022 month end
|7||Land Rover||Range Rover Sport||£46,066||£47,040||2.1%|
|12||Land Rover||Range Rover Evoque||£29,072||£27,740||-4.6%|
|20||Land Rover||Range Rover||£50,228||£48,052||-4.3%|
*Article Source cargurus.co.uk