Practicality over prestige as used car prices plummet

In the last three months in the UK, used car prices have fallen by 1.5% and now cost an average of £8492, this is according to the latest new car market stats courtesy of Adzuna.co.uk. At a time of economic uncertainty, rising fuel costs and austerity measures, the car price data from Adzuna clearly indicates that Brits are turning their backs on luxury brands such as Jaguar for functional and fuel efficient cars like Hondas.

The Adzuna Market Insights tool which they have just launched shows an increase in demand for Hondas, Hyundais and Volkswagens, which have all enjoyed a 3% price increase over the past 3 months. In sharp contrast, Aston Martin, Bentley and Jaguar have seen their value plummet with the average used price falling 10% over the last month as practicality is taking precedence over prestige.

Bargain hunters should head to Wales & The South West where the average popular motor is £300 cheaper than other parts of Britain. Scotland has also seen a sharp decline in car prices, with the average used motor costing 8% less than earlier this year.

Cardiff, Swansea, Bristol and Plymouth have seen the largest 6 month falls in used cars prices, with the average used motor in these cities costing just £7,744 in November, 10% less than the national average. Reading & Cambridge remain the most expensive cities in the UK to pick up a second hand motor with average prices for the last 6 months consistently above £12,500.

The fastest-depreciating car models in the UK are Renault Meganes, Clios and Peugeot 206s, worth much less than half their new price after three years, while models like Volkswagen Polos, Golfs and Ford KA lose less than 30% of their value. Toyota Corolla & Prius asking prices have remained remarkably unchanged in November despite recent news that Toyota will be recalling 2.77m vehicles over steering shaft defects.

“Because we list all of the available used cars for sale in our search engine, Adzuna’s statistics offer the most up to date and comprehensive index of UK car prices.” said Andrew Hunter, the company’s Co-Founder. “It’s clear from these statistics that as we approach Christmas, cost, reliability & practicality are of paramount importance to car buyers in Britain today.”

Adzuna’s full used car price statistics can be seen at http://cars.adzuna.co.uk