Used car costs dramatically fall with thousands off models from Ford, VW and Nissan

Used car prices have dramatically fallen over the first three months of 2024, according to a new analysis from the AA Used Car Index.

Average costs are down a staggering nine percent up to March 2024 compared to the first three months of 2023.

The latest findings, based on fees for the most frequently searched used cars on the AA Cars platform, is the second consecutive decrease in prices.

It comes after another stunning 3.3 percent drop in fees across the fourth quarter of 2023.

The average price of the most popular second-hand cars on the market was £17,250 during January, February and March.

This was down from an average cost of £18,957 a year ago with massive savings available on top models from Ford, Volkswagen and Nissan.

According to the in-depth study, the Volkswagen Golf is one of the 20 most popular cars which have recorded the largest drop in fees.

Fees are down by around 17.4 percent between 2024 and 2023 with thousands slashed off the asking price.

Average values were around £20,044 a year ago but prices have since dropped to a more manageable £16,548.

The Fiat 500 has also recorded a sizeable drop with prices down from £9,843 to £8,361 over the past 12 months.

Ford Focus valuations have fallen by 14.4 percent with fees down from their previous £12,836 to just £10,990.

Similarly, the Ford Fiesta has also recorded a slight fall with costs down 13.3 percent over the past year.

It has left valuations for the iconic model to drop from £11,247 to just £9,752 today.

The Mercedes A-Class is down 12.8 percent with fees down to just over £18,000 while the popular Nissan Qashqai SUV is down 9.2 percent.

Average second-hand prices for the family model are down to just £15,077 compared to £16,599 a year ago.

The Vauxhall Corsa, Audi A3, Volvo XC40, Volkswagen Polo and Ford Transit were among the most searched models which have also recorded price drops.

According to AA Cars, some electric cars and hybrid models have also dropped in value in boots for those looking to make the transition.

Toyota Prius values are down a whopping 17.2 percent with costs at £14,379 from £17,357.

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