Despite used car prices being at record high levels, values of some mainstream models have plummeted by more than a fifth in the last 12 months, exclusive data shared with This is Money reveals.
We’ve listed the 20 biggest fallers in the last year, with large, diesel-powered SUVs dominating the rankings.
While this will be particularly bad news for owners of these gas-guzzling 4X4s, for some in need of a large family car it presents a list of potential second-hand bargains.
Biggest fallers: We’ve teamed up with cap-hpi to exclusively tell you which 20 mainstream cars have slid in value most
This is Money has exclusively teamed up with cap hpi, which specialises in monitoring car values, to reveal the top 20 second-hand motors that are worth less now than they would have been last year.
This isn’t a measure of traditional depreciation, which is when a car’s value declines with its increasing age and mileage.
Instead, it’s an analysis of which cars are seeing the biggest decline in demand or are available on the second-hand market in an abundance, which is resulting in a fall in sale prices in compared to a year ago.
We’ve taken the average price of a three-year-old car with 30,000 miles on the clock in November 2021 and then compared this to prices this month (November 2022), again for a model that’s three-years old and has 30,000 miles, in order to track the difference over a 12-month period.
The 20 listed have declined in value between 14 and over 22 per cent.
This is against a backdrop of record-high second-hand vehicles prices, which have been escalating since the pandemic.
With fewer new cars available as a result of parts supply shortages, more drivers have been switching to the used market. This wave of demand has created more competition and hit available second-hand stock, both of which have pushed average prices to unprecedented levels over the last two years.
Auto Trader’s Retail Price Index says the average price of a used car is now £17,863 in the first two weeks of November, which is £300 higher than the average in October and around £500 up on September. Compared to pre-Covid, prices are now 35 per cent higher, with the average used car in November 2019 valued at just £13,233.
Yet cap hpi says the 20 cars in the list below are those that shot up in value last year as the second-hand market boomed, though have today fallen back due to shrinking demand and a high volume of available models advertised for sale.
You can find out more about cap hpi’s predictions for used car prices in 2023 in the box further down.
20 USED CARS THAT HAVE CRASHED IN VALUE IN ONE YEAR
Below, we’ve ranked the biggest decliners in terms of percentage drop in value, though we’ve also listed the monetary loss over the last 12 months to show the scale of the financial impact.
We’ve only included mainstream models that Britons are more likely to own and buy, rather than ultra-exclusive supercars and ridiculously expensive luxury motors, which are omitted from the analysis.
Prices have been supplied by cap hpi and are all based on trade values.
Here’s the countdown…
20. Vauxhall Grandland X petrol (2017-present) – DOWN 14.2%
Price of a 3-year-old, 30k example in November 2021: £16,625
Price of a 3-year-old, 30k example in November 2022: £14,280
£ decline in 12 months: £2,345
Second-hand examples of Vauxhall’s big family SUV – the Grandland X – have slid in value in the last 12 months, with three-year-old petrol-engined versions now worth 14% less than they were a year ago
The Grandland has been Vauxhall’s largest SUV since it arrived on the market in 2017, originally appearing as this Grandland ‘X’.
Despite the size, they were sold with a small 1.2-litre turbocharged petrol engine, but it seems there isn’t much demand for them today, with the average value of a three-year-old car with 30,000 miles being 14.2 per cent lower than it would have been 12 months ago.
=18. Skoda Karoq diesel (2017-present) – DOWN 14.4%
Price of a 3-year-old, 30k example in November 2021: £21,185
Price of a 3-year-old, 30k example in November 2022: £18,144
£ decline in 12 months: £3,040
A three-year-old diesel Skoda Karoq in November 2021 would have cost a used buyer just over £21,000. Today, a three-year old example is only £18,000, according to cap hpi data
The Karoq is the mid-size SUV in the Skoda’s range, sitting above the smaller Kamiq and below the Kodiaq.
While it offers plenty of practical family-car appeal, used diesel models have haemorrhaged value in the last year. A three-year-old example with average mileage was worth £3,000 more a year ago than its value today.
=18. Jaguar F-Type petrol (2014-2020) – DOWN 14.4%
Price of a 3-year-old, 30k example in November 2021: £42,067
Price of a 3-year-old, 30k example in November 2022: £36,088
£ decline in 12 months: £6,058
Jaguar’s stunning F-Type sports car is a sight to behold, but the second hand value of a three-year-old one today is some £6,000 lower than a year ago
Jaguar’s glorious F-Type sports car is one of the best-looking coupes/convertibles of the modern era. But values have taken a slide in the last 12 months.
On average, a three-year old F-Type would have cost £42,067 last November. Fast-forward 12 months and a 36-month old Jag sports car with average mileage is now just £36,088, which is a differential of more than £6,000.
17. Ford Grand C-Max petrol (2010-2020) – DOWN 14.5%
Price of a 3-year-old, 30k example in November 2021: £15,013
Price of a 3-year-old, 30k example in November 2022: £12,822
£ decline in 12 months: £2,191
Smaller than a Galaxy, the Ford Grand C-Max is a car for larger families. But the downturn in demand for MPVs means the value of used models are quite a bit lower than they were a year ago
Values of petrol-engined examples of the large Ford Grand C-Max MPV appear to be going into reverse, according to cap hpi.
In November last year, a 2018 model with 30,000 miles would have cost a second-hand buyer £15,000. This month, a 2019 version with the same mileage costs just under £13,000, with values falling 14.5 per cent in 12 months.
16. BMW 2 Series Active Tourer diesel (2014-2022) – DOWN 15%
Price of a 3-year-old, 30k example in November 2021: £18,233
Price of a 3-year-old, 30k example in November 2022: £15,485
£ decline in 12 months: £2,748
The BMW 2 Series Active Tourer is another MPV model that is seeing a slip in demand on the used market, meaning this is a car that’s quite a bit cheaper now than it would have been 12 months earlier
Like the Ford C-Max above, the 2 Series Active Tourer was BMW’s entrant into a declining MPV market in the previous decade. It’s also notable as being the first front-wheel drive Beemer on sale.
Used values are shrinking, though, with three-year old examples now worth almost £3,000 less today than a 36-month old 2 Series Active Tourer would have traded hands for 12 months earlier.
15. Jaguar E-Pace diesel (2017-current) – DOWN 15.2%
Price of a 3-year-old, 30k example in November 2021: £27,374
Price of a 3-year-old, 30k example in November 2022: £23,211
£ decline in 12 months: £4,163
The Jaguar E-Pace offers much of what current car buyers like: an SUV body, stylish looks and relatively low running costs. But values of used examples have slipped in the last 12 months, cap hpi says
If, like so many car buyers right now, you’re in the market for a stylish SUV with coupe looks, the Jaguar E-Pace might be a model that’s crossed your path. But used diesel versions are starting to slip in value.
A three-year-old E-Pace with average mileage would have set second-hand buyers back £27,374 a year ago, but an equal-age example today is now just over £23,000.
14. Peugeot 3008 diesel (2016-current) – DOWN 15.4%
Price of a 3-year-old, 30k example in November 2021: £21,933
Price of a 3-year-old, 30k example in November 2022: £18,563
£ decline in 12 months: £3,371
A three-year-old Peugeot 3008 diesel in November 2021 would have cost around £22,000 on average. But the same-aged vehicle today is now only £18,500
While the Peugeot e3008 is an electric family car in high demand, the value of used 3008 diesels is going in the opposite direction as the drive away from the under-fire fuel type continues.
As a result, the value of three-year-old examples have slid by over 15 per cent in the last 12 months.
13. Jeep Cherokee diesel (2014-2019) – DOWN 15.5%
Price of a 3-year-old, 30k example in November 2021: £18,309
Price of a 3-year-old, 30k example in November 2022: £15,486
£ decline in 12 months: £2,823
The Jeep Cherokee has never been a big seller in the UK, so it shouldn’t impact too many owners that the values of used examples are dropping rapidly
The Jeep Cherokee hasn’t been a big seller in the UK…ever. But those who plumped for one a few years back will be disappointed to hear they are falling further out of favour on the used market.
The average value of a three-year-old diesel today is £14,486. A three-year old Cherokee in November 2021 would have been worth over £18,300.
12. Seat Arona diesel (2017-2020) – DOWN 15.6%
Price of a 3-year-old, 30k example in November 2021: £14,906
Price of a 3-year-old, 30k example in November 2022: £12,578
£ decline in 12 months: £2,328
The Seat Arona is a compact SUV that was sold with both petrol and diesel engines. There appears to be far less appetite for the latter…
Seat’s Arona is a small SUV offering a boost in practicality and ride height compared to a conventional hatchback. Sold with a choice of petrol and diesel engines when new, the latter are proving far less popular on the used market.
Cap hpi says a three-year-old car showing 30,000 miles on the clock in November 2021 would have been valued at just under £15,000, but today the same-age car is just over £12,500.
11. Mazda CX-5 diesel (2017-present) – DOWN 15.9%
Price of a 3-year-old, 30k example in November 2021: £22,825
Price of a 3-year-old, 30k example in November 2022: £19,188
£ decline in 12 months: £3,638
The Mazda CX-5 is a practical and stylish SUV promising plenty of reliability. But that isn’t enough to stop diesel examples losing a big chunk of value in the last year
The next diesel SUV to suffer from a big decline in value over the last 12 months is the Mazda CX-5.
Rewind to a year ago and three-year-old examples with 30,000 miles would have been almost £23,000. But look at the market now and a three-year old model is a fraction over £19,000.
Will used car prices fall next year? cap hpi explains…
We spoke to Derren Martin, cap hpi’s director of valuations, about why so many diesel SUVs feature in this list – and what he expects to see from second-hand car values going into next year:
Derren Martin, director of valuations at cap hpi
This is Money: Why are so many diesel SUVs sliding in value in the last 12 months?
Derren Martin: ‘Used cars prices went up by a lot last year, and diesel vehicles rose in value just as much as petrols did in 2021. It means today’s values are being compared to an inflated base point. SUVs are also generally expensive in comparison to other vehicle types, though their popularity in recent years means they represent a large proportion of the market, so there are plenty to go around.
‘In 2022 they’ve come under increasing pressure, not least due to ongoing environmental concerns and the arrival of clean air zones [including the extension of the ULEZ to cover all London boroughs from next August], with more drivers now facing daily charges to enter city centres. There’s also the fact that there is ample availability, so there’s more supply that there is demand, which is why prices have fallen by so much in the last year.’
TiM: Will there be more used cars entering the market in 2023?
DM: ‘There’s not going to be much change with the supply of new cars will into next year, which does have a knock-on effect for used stock. There has been an increase in production of new models, but it’s still very slow and the parts availability issues that have hampered manufacturers for the last two years show no sign of disappearing. So we don’t foresee a huge supply of used models entering the market via part exchanges in the coming months.
‘Supply levels of second-hand cars are currently around 20 per cent down on pre-Covid levels.’
TiM: Has the cost-of-living crisis so far had any impact on used car demand?
DM: ‘Demand is the big unknown. No dealers we’ve spoken to have tried to stock up for January, which is what they usually do. Normally they would be heavily stocking now in preparation for a bumper first month of the new year. Dealers were even doing this last year, despite the fears about the Omicron variant at the time.
‘There’s a concern that in early 2023 the same level of demand won’t be there, as people start to get their energy bills through and the cost-of-living crunch bites a little harder. But with supply being low, it should counter any potential big drops in model values, so I don’t expect to see the sizeable fall in prices like we’ve listed in this top 20.’
10. Vauxhall Mokka petrol (2012-2020) – DOWN 16%
Price of a 3-year-old, 30k example in November 2021: £13,632
Price of a 3-year-old, 30k example in November 2022: £11,462
£ decline in 12 months: £2,171
Petrol-powered Vauxhall Mokkas have slid in value by 16% in the last 12 months. That’s based on a comparison of prices of three-year-old examples a year ago and today
The Vauxhall Mokka is bucking the trend – it’s an SUV that’s seeing a big loss in value but not on diesel models. Instead, used petrols are posting big declines of 16 per cent on average, with a three-year-old example in 2022 worth £2,171 less than a 36-month-old Mokka would have cost in November 2021.
The new – and far more striking – Mokka hitting the market in 2020 might have something to do with that, with buyers less engaged by the original car’s rather plain looks.
9. Vauxhall Crossland X diesel (2017-present) – DOWN 16.1%
Price of a 3-year-old, 30k example in November 2021: £12,088
Price of a 3-year-old, 30k example in November 2022: £10,141
£ decline in 12 months: £1,947
A three-year-old Vauxhall Grandland is falling dramatically in value each year, according to the data
Another Vauxhall SUV that’s seen a downturn in used values in the last 12 months is the Crossland, which sits between the Mokka and Grandland – both of which have already appeared in this list.
The Crossland ‘X’ – as it was known originally – has seen a 16 per cent downward shift in values of three-year-old cars with 30,000 miles clocked up in the last 12 months, according to cap hpi analysis.
8. Seat Ateca diesel (2016-present) – DOWN 16.3%
Price of a 3-year-old, 30k example in November 2021: £19,694
Price of a 3-year-old, 30k example in November 2022: £16,482
£ decline in 12 months: £3,213
Seat’s Ateca is a popular mid-size SUV in Britain. It’s a higher-riding Leon, meaning a practical shape and decent boot. But if you own a diesel model, expect it to be worth a lot less this year than it was 12 months ago
Seat’s Ateca is another SUV model to make the top 20, with the data only relevant to diesel cars.
In November 2021, a 17-plate car with 30,000 miles covered would have been worth £19,694. But this month an 18-plate model with the same mileage is valued at only £16,482 – a decline of over £3,200 or 16.3 per cent.
7. Hyundai Tucson diesel (2015-2019) – DOWN 18.8%
Price of a 3-year-old, 30k example in November 2021: £18,558
Price of a 3-year-old, 30k example in November 2022: £15,097
£ decline in 12 months: £3,461
The Hyundai Tucson is another large SUV that’s seen a downturn in value on the second-hand market
A new Hyundai Tucson has entered the market in recent years, which could be a contributing factor for why used diesel-powered versions of the previous generation car are dropping.
A three-year-old example in 2021 was being sold by second-hand car dealers for an average of £18,500. But a three-year-old car this year – with the same mileage – is selling for 18.8 per cent less, now costing £15,000.
6. Nissan X-Trail diesel (2014-2019) – DOWN 18.9%
Price of a 3-year-old, 30k example in November 2021: £21,041
Price of a 3-year-old, 30k example in November 2022: £17,066
£ decline in 12 months: £3,975
Used examples of the previous-generation Nissan X-Trail are seeing a big decline in value in the last year – both diesels and petrols, cap hpi has found
Nissan’s hulking off-roader is a used car market faller in the last 12 months – both diesel and petrol.
Oil burners headline with an 18.9 per cent fall in value of an average three-year-old model with 30k clocked up, though petrols are down almost as much, shedding 18.6 per cent of their value (around £3,400), says cap hpi.
5. Ford Kuga diesel (2012-2020) – DOWN 19.4%
Price of a 3-year-old, 30k example in November 2021: £19,935
Price of a 3-year-old, 30k example in November 2022: £16,086
£ decline in 12 months: £3,849
If you own a three-year-old previous-generation Ford Kuga – petrol or diesel – then expect its value to have declined in the last 12 months. A year ago, a three-year-old car would have been worth at least 19% more
The previous-generation Kuga is another popular medium-size SUV in Britain, but the arrival of a new car in 2020 means there’s been quite a downturn in values of this version.
Both second-hand diesels and petrols are affected, with three-year-old examples now worth 19.4 per cent and 19 per cent less than a three-year-old car was in 2021.
4. Jeep Renegade diesel (2014-2019) – DOWN 19.6%
Price of a 3-year-old, 30k example in November 2021: £14,475
Price of a 3-year-old, 30k example in November 2022: £11,650
£ decline in 12 months: £2,825
The relatively unpopular Renegade is another model from the Jeep line-up that is dropping in value as demand is in decline
Another Jeep to make the list is the Renegade – a little-known SUV that shares most of its components and chassis with the Fiat 500X.
It was sold – in low numbers in Britain – with the choice of petrol or diesel engines between 2014 and 2019, but the average three-year-old car is worth far less than a year ago. This aged car in 2021 with a diesel engine would have been £14,475, but today a three-year-old example is almost £3,000 less – shedding 19.6 per cent of its value. Petrols have lost 17.3 per cent.
3. Range Rover Evoque diesel (2011-2019) – DOWN 20%
Price of a 3-year-old, 30k example in November 2021: £26,204
Price of a 3-year-old, 30k example in November 2022: £20,971
£ decline in 12 months: £5,232
The Range Rover Evoque caused a huge stir when it first arrived in 2011, but demand for diesel-powered versions means a three-year-old car today is worth much less than a three-year-old examples had been just one year ago
Range Rover Evoques are terribly popular in Britain, with the first-generation car (this one) causing quite a stir when it entered the market over a decade ago.
Yet diesel-powered used models are slipping in value. In November 2021, a three-year-old Evoque with 30,000 miles clocked up would have been worth £26,204, but falling demand means one of the same age and mileage in November 2022 is just £20,971 – a huge £5,200 differential.
2. Nissan Qashqai diesel (2013-2018) – DOWN 20.6%
Price of a 3-year-old, 30k example in November 2021: £15,450
Price of a 3-year-old, 30k example in November 2022: £12,267
£ decline in 12 months: £3,183
It might be Britain’s most-bought SUV but Nissan Qashqai’s with diesel engines are becoming less popular, and therefore used values are sliding
It’s Britain’s most-bought SUV – and it has been since it first arrived some 15 years ago. But the second-hand examples of the previous-gen Nissan Qashqai – with a diesel engine – are going down.
The difference in value of three-year-old oil burner Qashqai’s has plummeted by 20.6 per cent, which is a financial loss of more than £3,000, says cap hpi. The arrival of the latest iteration – which is currently the best-selling car in the UK in 2022 – will be a big factor in why fewer people want this previous-gen model.
1. Land Rover Discovery Sport diesel (2014-2020) – DOWN 22.6%
Price of a 3-year-old, 30k example in November 2021: £27,104
Price of a 3-year-old, 30k example in November 2022: £21,007
£ decline in 12 months: £6,097
Used examples of the Land Rover Discovery Sport with diesel engines have suffered the biggest crash in second-hand values in the last 12 months of all mainstream motors, according to cap hpi
The unwanted accolade of the biggest used-car value crash in a year goes to the diesel Land Rover Discovery Sport 4X4.
A three-year-old Disco Sport with 30,000 miles was worth £27,104 in November 2021. But fast forward to November 2022 and a three-year-old, 30k SUV in November 2022 is now valued – on average – at just £21,007. That’s a difference of £6,000 and a decline of 22.6 per cent.