THESE are the 10 cars that have seen the largest dip in second-hand value, with thousands being slashed off their price.
Models from major manufacturers across petrol, diesel and electric vehicles have all seen a significant decline on the resale market – not even hybrids are safe.
Used car prices have been plummeting across the board this year, with slumps in every month since march.
Recent weeks have sent the worst of it, with an average drop of 4.2% in both October and November, according to date from Cap HPI.
However, some models have seen up to 30% of their value vanish in the past six months.
The Range Rover Evoque hybrid has seen the worst of the market’s stagnation, with the average price dropping from £37,400 in May to £26,029.
It was followed by the Renault Captur, which has gone from £15,566 to £10,869 in the same period.
And the top three was book-ended by another Range Rover, the Sport hybrid, which tumbled from £48,900 to £35,060.
Jaguar Land Rover has been hit particularly hard, with another Range Rover model and a Land Rover hybrid making the top ten.
Likewise, Vauxhall saw a pair of its motors hit the list, as well as one apiece for BMW, Lexus and Skoda.
It appears that the increase in car supply after a covid-related shortage is causing the market to rebalance to pre-pandemic levels.
Figures from Auto Trader put the average value of a second-hand car at £17,815 in May this year, up 40% from the £12,775 it was in 2019.
Prices hit a record high £18,119 in May before regressing in every month since.
This was confirmed by Darren Martin, Cap HPI’s director of valuations, who called the price crisis a “market realignment”.
He told This Is Money: “Values could also start to stabilise, particularly if dealers and car supermarkets start to stock up, with an eye on January.”
And Richard Walker, director of data and insight at Auto Trader, added: “While [used] prices are beginning to soften, they remain very strong in a large proportion of the market and make any sudden or significant drop unlikely.”
1. Range Rover Evoque hybrid – from £37,400 to £26,029 (30.4%)
2. Renault Captur – from £15,566 to £10,869 (30.1%)
=3. Range Rover Sport hybrid – from £48,900 to £35,060 (28.3%)
=3. Land Rover Discovery Sport hybrid – from £38,533 to £27,633 (28.3%)
5. Skoda Karoq – from £19,276 yo £13,863 (28.1%)
=6. Vauxhall Grandland X – from £16,092 to £11,722 (27.1%)
=6. Lexus UX EV – from £23,963 to £17,475 (27.1%)
8. BMW 2 Series convertible – from £19,006 to £14,025 (26.2%)
9. Vauxhall Grandland X hybrid – from £18,835 to £13,960 (25.8%)
10. Range Rover Velar diesel – from £35,701 to £26,629 (25.4%)
