Drivers looking online for a used car in January, February and March this year paid an average of £17,250 – down on the £18,957 last year, according to AA Cars Used Car Index.
A similar plummet in price occurred with EVs too, which decreased by 12% in the same period compared to 2023. The most desirable EV and hybrid vehicles now cost drivers £19,548, a reversal from £22,158 last year.
But, there has been a slight price increase of 0.8% on the previous three-month period of October, November and December.
When it comes to the most searched-for used models on the market, the Nissan Qashqai sped ahead of the Ford Fiesta to take the top spot, which drivers can expect to fork out £15,077 for.
Toyota Yaris most popular EV
Meanwhile, the leader among motorists in the EV market was the Toyota Yaris, which also bumped in average price by 4.1% compared to the same three-month period in 2023.
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However, some EV models including the Volvo XC40, Renault Zoe and Toyota Prius saw even heftier yearly price drops, with the battery-powered models plummeting by 22.7%, 18.7% and 17.2%.
The price change reflects the burgeoning number of more eco-friendly used motors being sold at a more regular rate.
With more choices available to EV drivers, and with petrol prices surging, Jack Cousens, head of roads policy for the AA, described the “tipping point” of drivers going electric as “approaching faster than people realise.”
‘Downward trend of EV prices likely to continue’
James Hosking, director of AA Cars, believes the decrease in prices is “great news for budget-savvy buyers eager to hit the road of upgrading their motor.”
Hosking said: “The growing availability of used EVs and hybrids is also helping lower prices for buyers who are after cheaper models — highlighted by the 12% drop in prices in the space of a year.
“Although they do require a higher upfront cost than traditional cars, this downward trend in used EV and hybrid prices is likely to continue as more make their way onto the market.”
He added: “But whatever used car you’re after, scheduling an independent vehicle inspection before you purchase will offer peace of mind and help to avoid potentially costly repairs in the future.”
Five most searched-for vehicles in Q4 2023
| Most popular ranking | Make and model | Average price Q1 2024 | Average price Q1 2023 | Average price Q4 2023 | Annual price change | Quarterly price change |
| 1 | Nissan Qashqai | £15,077 | £16,599 | £15,515 | -9.2% | -2.8% |
| 2 | Ford Fiesta | £9,752 | £11,247 | £10,305 | -13.3% | -5.4% |
| 3 | Vauxhall Corsa | £9,276 | £9,830 | £9,848 | -5.6% | -5.8% |
| 4 | Ford Focus | £10,990 | £12,836 | £12,055 | -14.4% | -8.8% |
| 5 | Audi A3 | £20,125 | £21,465 | £19,281 | -6.2% | 4.4% |
Five most searched-for EVs and hybrids in Q1 2024
| Most popular ranking | Make and model | Average price Q1 2024 | Average price Q1 2023 | Average price Q4 2023 | Annual price change | Quarterly price change |
| 1 | Toyota Yaris | £17,465 | £18,210 | £17,603 | -4.1% | -0.8% |
| 2 | Toyota Prius | £14,379 | £17,357 | £14,408 | -17.2% | -0.2% |
| 3 | Nissan Leaf | £14,021 | £15,892 | £15,687 | -11.8% | -10.6% |
| 4 | Honda Jazz | £17,774 | £19,207 | £18,499 | -7.5% | -3.9% |
| 5 | Kia Niro | £20,691 | £23,822 | £22,325 | -13.1% | -7.3% |
