Will used car prices UK come down?

Looking to buy a used car? Is now the best time? If you keep up to date with things in the used car market, you’ll know used car prices in the UK have been turbulent over the past few years. So far this year, used car prices seem to have dropped but will they continue to come down? The guide below looks at the factors which affect used car buying and the cost of doing so.

Are used car prices going down?

The used car market can be unpredictable. However, this year sees a positive drop in UK used car prices! 2024 may be a good time to get a used car before any shift in the market. Prices have come down but predictions are that they won’t fall much lower this year. There were far fewer cars being manufactured during COVID-19 which pushed prices up. But now, 4 years on, it seems used car prices have finally started to drop.

Buying a used car - checklist ✅

Is now a good time to sell a used car?

Falling used car rates are great for buyers but not as good for sellers. It’s a double-edged sword because waiting until used car prices rise, can put potential buyers off as they’re more likely to get a better deal now when prices are low. Prices have fallen in the past year, so now could be a good time to sell, just in case they return!

Factors which influence used car prices UK:

Falling used car rates are great for buyers but not as good for sellers. It’s kind of a double-edged sword because waiting until used car prices rise, can put potential buyers off as they’re more likely to get a better deal now when prices are low. Prices have fallen in the past year though so now could be a good time to sell, just incase they go back up!

There are several components which can contribute to the sales price of used cars. To understand why car prices fluctuate over time, you need to explore the factors which affect the cost.

Age and mileage of the car. A car’s age and mileage will directly affect its price. An older car with a high mileage will be cheaper to buy. However, this isn’t a good thing, as cars get older, they are likely to break down or suffer wear and tear.
Maintenance history. If a car isn’t looked after, it reduces the resale value. All cars must have a full MOT and service history to ensure it’s in the best possible condition and to increase their value.

Desirable features and options. Cars which come with features such as automatic climate control, blind spot monitoring or built-in cameras are more desirable to drivers and will increase the cost of the car.
Supply and Demand. As with most things you buy, their price can go up if they’re in popular demand. Over time, the price of used cars can fluctuate by how in demand they are.
Fuel-economy. Saving fuel is important and can make your car’s running costs cheaper. When a car uses less fuel, they cost less to run and depreciate at a slower rate.

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