Range Rover Evoque tops nearly-new bargains list

The Range Rover Evoque has topped a list of nearly-new cars that represent good value, according to new analysis from AA Cars.

The data shows that many three-year old used vehicles are now up to a third cheaper than a car of the same age was at this time in 2023.

AA Cars compared the ages and average price of used car models on its platform. It determined price data for cars aged three, four and five years old in Q1 2023 and Q1 2024. 

A three-year-old Evoque is typically priced at around £30,963, offering an impressive discount of nearly £15,000 – that’s a 32.5% reduction compared to the cost of a similarly-aged model just a year ago.

The price drops weren’t confined to luxury though.

The Fiat 500 supermini, famed for its compact size and fuel efficiency, has also seen used values plunge since the start of 2024.

A typical three-year-old model cost £11,259 at the end of March, down 33% compared to the £16,680 it would have fetched at the start of January – saving drivers £5,421.

This fall marked a sharp reversal for the popular 500, many of which saw their values rise in 2023 even as they got older.

Completing the top five nearly-new bargains are the Volvo XC40, which saw a 31.8% price drop for three-year-old models this year, the Kia Niro which saw prices fall 29.5%, and the Vauxhall Mokka with a 28.2% price reduction.

Such dramatic price drops have not gone unnoticed among prospective buyers, with many car dealers enjoying a brisk start to 2024.

Official data from the SMMT shows that 1.97 million second-hand cars changed hands during the first quarter of the year, up 6.5% compared to the first three months of 2023 and the used sector’s strongest start to a year since 2019.

While price reductions give buyers an instant saving on their purchase, the AA Cars data also reveals some encouraging signs about how today’s three-year-old models might hold onto their value in future.

The average prices of four and five-year old models have barely changed over the past year – suggesting that the rate of depreciation could slow among cars that have passed their third birthday.

Back to a buyer’s market

James Hosking, director of AA Cars, said:  “The rapid price inflation seen in the wake of the pandemic is now firmly in the rear-view mirror.

“When it comes to used cars, this is unequivocally a buyer’s market again.”

Hosking said the rules of supply and demand are coinciding to give customers better value for money when looking at their used car options.

He added: “There’s especially good news for eco-conscious drivers or those thinking of going green for the first time – a surge in the supply of used EVs and hybrids is boosting choice and driving down prices. 

“Although upfront costs on an EV remain higher than they are on a conventionally-fuelled car, the steady softening of used EV and hybrid prices is likely to continue as more hit the market.”

Best value nearly-new car deals – typical prices of three-year-old models