Used cars 2023: Hyundai, Mercedes, Fiat among motors that have soared in value

In-demand used motors have seen values rise by up to 16% over the last year.

Used car sellers had a good month in March, with sales prices increasing 2.3% year-on-year according to AutoTrader.

It’s the first time that year-on-year growth has risen in 10 months, the car experts reported, with prices moving 0.7% in the month alone.

Now, that’s not the sort of price growth that we saw just a year or so ago, but it’s a reminder of how strong the used car market is. 

These increases are ultimately down to supply. 

The pandemic has crippled the production of semiconductors, which are used in so many new cars. While these new cars are not being produced, there are plenty of motorists who still need to upgrade their motor.

And as they can’t get a brand new car, they are instead turning their attention to used cars that meet their needs, which is driving up the values.

The used cars that have seen the biggest value increases

While the overall increase in used car values is notable, it’s worth remembering that that’s just the average ‒ there are some particular models that have seen even more substantial jumps in value.

According to Auto Trader, these are the vehicles that have seen the largest jumps over the last year:

That’s an impressive rise when you consider that cars are generally recognised as a depreciating asset ‒ it’s unusual for cars to grow in value over time.

The wide variance in price points is also notable, ranging from a little over £5,000 to more than £36,000.

The used cars that have seen the biggest value decreases

Of course, not all used cars have seen such incredible jumps in value. Some have instead seen the prices on offer drop, or at least barely move.

Here are the 10 models that have seen the smallest increases ‒ or in fact decreases ‒ in asking price over the last year.

So does this mean that drivers are turning away from such motors, and moving back towards petrol and diesel engines?

Not exactly. AutoTrader points out that it all comes down to supply, and that there has been an enormous improvement on that front when it comes to used electric vehicles.

It found that while the stock of used petrol and diesel cars are down by around 20% year on year, the stock of used electric motors is up by 261% over the same period.

And it’s because of that increased stock that even the most desirable electric cars have seen their used prices soften.

This is borne out by figures from the Society of Motor Manufacturers and Traders (SMMT) covering the sales of new cars, which found that sales of hybrids and electric cars have seen substantially higher sales than a year ago.

In other words, there’s still plenty of desire to buy new electric vehicles, and in doing so those drivers are then selling on their used electric motors.

Getting the best value for your vehicle

It’s one thing to have a highly sought-after car to sell; however, the way that you go about selling it will have a big impact on the price you actually get.

If your priority is to get the highest possible price, then you will have to sell it directly yourself, perhaps even through a site like Auto Trader.

This will involve more work though, and could take a while in order to find an interested buyer willing to pay the price you want.

A faster option will be to make use of a car-buying website like Motorway or WeBuyAnyCar. You’ll have to take a smaller price, but it will happen far more swiftly and at least you can guarantee getting a deal.

The last option will be part exchanging the car with a dealership you’re using to purchase your new vehicle.

Again, it’s a straightforward option, but it tends to work out the worst possible value for you.

Check out our comprehensive guide to getting the best price for your used car.