UK used car prices 2023: relief for drivers as values 'virtually unchanged' since 2022, says AA Cars

Used car prices have finally begun to settle after two years of volatility, according to a leading sales platform.

Figures from AA Cars for the first three months of 2023 suggest that secondhand values for the most popular models are virtually unchanged from the same period in 2022, representing relief for buyers struggling with soaring costs. 

Since the Covid pandemic used prices have soared - up as much as 32% between 2021 and 2022, according to some sellers - but the latest quarterly data from AA Cars shows a minor 0.3% change in 2023 compared with 2022 for the 20 most popular models. That follows a similar 0.2% increase in the last three months of last year. 

That means the average used car price on the platform was £16,818 in January to March of this year, compared with £16,760 over the same period the previous year. The low price growth of the UK’s most popular cars is in stark contrast to many other household goods, with inflation at 10.4% in the year to February.

While AA Cars saw a flattening of prices, Auto Trader reported a small increase in March. Adverts across its platform saw asking prices increase by 2% compared with March 2022 - still a major reduction from the 32% year-on-year change it recorded in April 2022. 

Among the 20 most popular models on AA Cars some saw used values drop by almost 10% while others rose significantly, resulting in the almost static performance overall. The Ford Fiesta - for years the UK’s best selling new car - remained the most searched for model on the site but saw asking prices fall by 2.9% compared with 2022, to an average of £11,222.