The fastest depreciating cars can lose as much as 60% of their value in their first three years. These are the ones that you should try to avoid if buying new, but which could make the best bargains as used cars. Now if only you knew which cars they were!
Fortunately, drivers’ education outfit Zutobi.com has done some research into this and come up with a list of the top 20. Now before we reveal these best buys, it’s worth pointing out that the new and used car markets are in flux right now.
Post-Covid demand for cars has grown, but new car production is under severe pressure due to a shortage of components, particularly computer chips which are crucial to a modern motor vehicle’s operation. This means more demand for used cars and hence values rising sharply.
That being said cars on this list offer you the best chance to get a nearly-new car for less. And we’ll also touch on the best places to buy, plus which cars are worth instantly more the moment you drive them out of the showroom. No, really!
Fastest Depreciating Cars
The number one highest depreciating car is listed as the Mitsubishi Shogun Sport which lost a massive 58.39% in three years, going from nearly £38k new to just under £16k.
The Audi A6 Allroad Quattro and Vauxhall Combo Life both lose 58.37%. The Infiniti Q50 drops 56.33% and both the BMW 7 Series and Lexus IS fall 55.31%. That makes a practical, reliable and high-quality Lexus LS under £15k at three-years old.
The Audi A8 loses 54.31%, followed by its performance sibling, the mighty S8 and Maserati Quattroporte both at 53.3%. In 10th position, the Jeep Compass sheds value at 52.3%.
From 11th to 14th you'll find the Peugeots 5008 and 3008, the Nissan Leaf (a surprise to see the popular EV pioneer in this slot) and another Peugeot, the 508, all losing just over 50%.
Next up, all losing 49.34%, are the Hyundai i800 8-seater MPV dropping to less than $14k, the much-coveted Mercedes E-Class (down to just over £18k), and Vauxhall Viva (a rebadged Chevrolet Spark) yours for about £5k.
Dropping 48.36% are the Kia Sportage and Peugeot 508 SW, while in 20th place is the rather desirable compact family SUV, the Volvo XC60 losing 47.38% to end up just under £20k.
Cars That Are Actually Worth More Used
Conversely there are cars which, at under 12 months old, are worth more than the equivalent new car price. Normally this is an anomaly that applies only to exotic and prestige vehicles such as supercars, or newly introduced models that are in uniquely high demand.
Heading a list compiled by Autotrader, new-shape Land Rover Defenders are worth over 23% more than new ones due to a long waiting list. Meanwhile the pocket-rocket GR Toyota Yaris can be up to 20% more, so you could buy it for £31k new and straightaway sell it for £6000 profit!
‘Good News!’ (to borrow the euphoric exclamation of a well-known motoring journalist when referring to this next brand) the third marque on the list is Dacia with the Sandero Stepway. Astonishingly that jumps by 5.57% or about a grand.
Other cars commanding high demand include the Range Rovers Evoque, Velar and Sport, as well as the Volvo XC40 (in contrast to its older XC60 sibling previously mentioned), Volkswagen ID.3, Fiat 500e and perhaps more surprisingly the BMW X6 and Honda Civic.
The Best Place To Buy Used Cars
Buy your next used car in Bolton in Greater Manchester according to car finance firm, MoneyBarn. Taking a used Ford Fiesta as pricing yardstick, they looked not only at where to find the best value used cars, but also the quality of vehicle and service received by purchasers. And Bolton came out tops!
Sticking with the Lancashire area, Blackpool came out second best. This was followed closely by Canterbury in Kent. And then three more places in Greater Manchester: Bury, Stockport and Manchester itself. Cannock in Staffordshire was next, then Wigan (again in Greater Manchester) and Hull, with Lincoln rounding out the Top Ten best places to buy a used car.