After months of accelerating used car prices sending the average cost of a second-hand motor spiralling to £18,000, vehicle values have officially hit the brakes and gone into reverse, experts say.
In fact, industry insiders claim used motor prices have been in gradual decline since April, having risen to record-highs following unrelenting growth over consecutive months dating back to the pandemic and an extended short supply of new cars.
We exclusively reveal which models have seen the biggest declines in price in the last six months - do you own one of them?
Average used vehicle prices declined in the month of November by 4.2 per cent.
This was the second consecutive month that values have slumped by so many percentage points, according to Cap Hpi.
The 4.2 per cent drop-off seen in both November and October is the biggest monthly fall in average second-hand prices recorded since May 2011, the valuations expert says.
It is also equivalent to an average price drop of £1,625 in just two months.
However, the triggering of the decline in used car values can be dated back some eight months.
With Auto Trader reporting second-hand prices at a record high of £18,119 at the beginning of the year, used vehicle values have been regressing since April.
Cap Hpi's figures show second-hand motor prices have slid by a cumulative 17.8 per cent since the fourth month of 2023.
This is largely due to supplies of new models gathering pace following months of shortages triggered by the after affects of Covid-19 and enforced global factory closures during lockdowns.
And the data shows just how dramatically prices have surged since then.
Back in pre-pandemic May 2019, Auto Trader said the average used car price was £12,775. In the same month this year, it was reported at £17,815 - that's a 40 per cent (or the equivalent of just over £5,000) increase in just four years.
Derren Martin, director of valuations at Cap Hpi, described the turnaround as 'market realignment'.
However, he doesn't foresee an enormous U-turn on second-hand prices just yet.
'Values could also start to stabilise, particularly if dealers and car supermarkets start to stock up, with an eye on January,' he told This is Money.
While many might expect electric vehicles (EVs) to account for the largest falls in value across fuel types - especially given the turbulent last 12 months where demand has declined and second-hand prices have crashed - it appears second-hand used electric cars had already hit rock bottom before this turnaround for the wider second-hand market.
used price of 'volume-selling' EVs has been increasing since July, with more drivers snapping them up when they were at exceptionally low value - which in turn has increased competition.
'Fuelled by the enticing combination of improved affordability and availability, consumer engagement for fully electric cars on Auto Trader is up a massive 69.1 per cent on November last year,' it added.
And the nation's biggest online car retailer says declining used car values across fuel types in November is not a surprising phenomenon, given this is consistent with a seasonal pattern seen in previous years.
Richard Walker, its director of data and insights, says nearly-new (one-year-old) models are being squeezed by the increasing supply levels and renewed pressure from new car offers, but insists this still remains behind demand.
'While [used] prices are beginning to soften, they remain very strong in a large proportion of the market and makes any sudden or significant drop unlikely.'
Yet with average prices starting to go into gradual reverse, Richard suggests drivers might want to consider what to do with their current vehicles soon.
'It’s important to note that it’s not just the value of the car on retailers’ forecourts that have rocketed - so too is the car on your driveway,' he explained.
If you own one of the ten cars listed below, you'll be unhappy to learn it has shed around a quarter to a third of its value in the last six months alone.
Of the models that have taken the biggest turn, the largest financial loss in half a year is almost £14,000.
Cap Hpi has analysed exclusively for This is Money the biggest fallers based on what was the average value in May for a three-year-old example with an average of 30,000 miles on the clock, then compared this to the price of the same aged car today.
Here's the countdown...
10. Range Rover Velar DIESEL (2017-present) - down 25.4%
Avg price May: £35,701
Avg price now: £26,629
Price loss: £9,072
The latest nameplate to the Range Rover line-up has been hit significantly by an increase in new car outputs by the British car maker.
Diesel variants have seen a big drop in value in the last six months, shedding a quarter of their June value.
This translates to a financial loss of just over £9,000 for owners of a 2020 example.
9. Vauxhall Grandland X HYBRID (2019-present) - down 25.8%
Avg price May: £18,835
Avg price now: £13,960
Price loss: £4,875
Vauxhall's family-size SUV has seen a big drop in value since May, according to Cap Hpi.
It says a three-year-old Grandland X hybrid would have been worth just under £19,000 six months ago, but today they are going for around £14,000.
The 25.8 per cent decline in used prices is equivalent to losing almost £5,000.
8. BMW 2 Series Convertible (2014-2021) - down 26.2%
Avg price May: £19,006
Avg price now: £14,025
Price loss: £4,981
It unsurprising to see a convertible model having suffered a big drop off in value today compared to what it would have been worth in the warmer months.
However, the BMW 2 Series is the only drop-top in the countdown.
It has shed almost £5,000 of its value in the last six months, according to Cap Hpi.
=6. Lexus UX ELECTRIC (2020-present) - down 27.1%
Avg price May: £23,963
Avg price now: £17,475
Price loss: £6,488
The Lexus UX 300e is the only electric car to make it into the list - which might come as a big surprise given the dramatic fall in value of EVs in recent months.
However, the drop in price of used EVs has been so monumental that most bottomed out earlier in the year, which might explain why there are no other battery-powered cars in this countdown.
The Lexus would have been worth almost £24,000 in May but today a three-year-old example with 30k on the clock can be found for £17,500, says Cap Hpi.
=6. Vauxhall Grandland X (2017-present) - down 27.1%
Avg price May: £16,092
Avg price now: £11,722
Price loss: £4,369
We've already seen the Vauxhall Grandland X hybrid in this list, but the petrol and diesel versions have lost even more value than their electrified sibling.
If you own a 2020 example of this SUV, you could have sold it for £16,000 in May.
Try to part with it now, and you'll get just under £12,000, with the Grandland X losing 27.1 per cent of its value in the last six months.
5. Skoda Karoq (2017-present) - down 28.1%
Avg price May: £19,276
Avg price now: £13,862
Price loss: £5,414
Skoda's Karoq is an accomplished small family SUV, but that hasn't stopped its second-hand value falling by a whopping 28 per cent in the last six months.
In May, a three-year-old Karoq would have been worth a little under £19,300. Today, a 36-month-old example is changing hands for just over £13,800.
That's a value loss of £5,400 for owners of this car in only half a year.
4. Land Rover Discovery Sport HYBRID (2020-present) - down 28.3%
Avg price May: £38,533
Avg price now: £27,633
Price loss: £10,900
Hybrid versions of Land Rover's Discovery Sport have suffered a big drop in used value in the last half year.
A three-year-old example in May would have been worth just over £38,500 but a 28.3 per cent decline since means one on the market today is valued at £27,600.
It's a costly financial loss of £10,900 for owners of this car.
3. Range Rover Sport HYBRID (2017-2023) - down 28.3%
Avg price May: £48,900
Avg price now: £35,060
Price loss: £13,840
There's a new Range Rover Sport on the market now, which might have had an impact on the used value of the previous-generation SUV seen here.
A 2020-plate example with 30,000 miles on the clock in May would have cost close to £49,000 but today is now available for just £35,000.
The near-£14,000 financial drain is the biggest in this list and is the equivalent of losing 28.3 per cent of its value from six months earlier.
2. Renault Captur (2019-present) - down 30.1%
Avg price May: £15,566
Avg price now: £10,869
Price loss: £4,697
If you thought it was only expensive premium SUVs at the top end of the second-hand value losses in the last six months, you'd be wrong - as proven by the appearance of the Renault Captur in second spot.
The little French crossover has lost 30.1 per cent of its second-hand value from May.
Six months ago, a three-year-old example would have cost £15,500, though today they're selling for just under £11,000.
1. Range Rover Evoque HYBRID (2020-present) - down 30.4%
Avg price May: £37,400
Avg price now: £26,029
Price loss: £11,371
The biggest used car loser of all over the last six months is the Range Rover Evoque hybrid.
The smallest Range Rover there is has suffered a 30.4 per cent loss in value, based on three-year-old motors with 30k on the clock.
A 2020-plate example in May would have cost £37,400. The same registration model today is just £26,000 - a loss of more than £11,300.Read more 2023-12-02T06:36:56Z dg43tfdfdgfd