British cars lose 51% of their value over 4 years, according to research from Car Search Engine Adzuna.co.uk. The new study also reveals that Leicester is the cheapest city in the UK to buy a used car, while Brighton is the most expensive.
The research, conducted in February 2013, analyses over 600,000 used car ads indexed on Adzuna across over 100 UK locations, extracting asking prices for the most popular models. This data was then benchmarked against new car prices from 2009, resulting in a "depreciation score" for every car. Because Adzuna’s dataset combines all ads placed in the market on any car website, whether by dealers or private individuals, this study is a unique and comprehensive insight into current used car prices in Britain.
British car brands have lost their value faster than cars from any other country in Europe, losing on average 51% of their worth over four years. French cars, last year’s top place in this category, follow closely behind on 49%. Brands like Jaguar, Vauxhall and Land Rover bring down the British score, all losing over 58% of their value in just 4 years. German and Italian cars hold their value better falling just 40% over the same period. The average new car in the UK has depreciated 49% in real terms over four years.
Volkswagen Polos and SMART cars keep their value the best over time, retaining three quarters of their new price after four years, while new Renault Meganes and Mazda 6’s are expected to lose 60% of their original price tag by 2017. ‘Supercars’ retain their value better than most, with the Audi R8 and Ferrari 430 dropping less than 29% over four years, and the Lamborghini Gallardo decreasing by only 31%.
When motors are grouped into Adzuna’s “Car Personality” categories, ‘Tree Hugger’ and ‘Midlife Crisis’ cars depreciate the least over time whereas Yummy Mummy’ and ‘Dad Done Well’ wheels lose value more quickly. The latter two personalities include cars such as Land Rover Freelanders and BMW 5 Series, both of which are worth £16,000 less today than they were new in 2009. That’s an £11 per day depreciation rate compared to just 68p for Smart cars and VW Polos.
Leicester is the cheapest city in the UK to buy a used car in 2013 with the average popular motor £544 cheaper than other UK cities. Brighton is the most expensive, with the average list price of used cars in the city over £13,000. Bargain hunters should head to Wales, where the study shows the same used car in England will be 5% cheaper if you make the trip across the border.Andrew Hunter, Co-Founder of Adzuna, said "Listing every used car for sale in the UK in our search engine enables us to gain unique insights into the motors market. New car buyers in the UK should be looking to pick up motors which retain more than 50% of their value over the first 4 years of their life, and used car buyers should be willing to travel for a bargain."
Notes to the Editor
Adzuna.co.uk is a search engine for classified ads used by over a million visitors per month which makes it easier to find the right car for you. We search thousands of websites so you don't have to and bring together millions of ads so you can find them all in one place. We add powerful search and insightful market data, so you can find your perfect car with a little help from your friends. For a complete data set for this release, please contact firstname.lastname@example.org
Adzuna.co.uk was founded in 2011 by Andrew Hunter and Doug Monro, formerly of eBay, Gumtree, Qype and Zoopla and is backed by leading Venture Capital firms Passion Capital, The Accelerator Group and Index Ventures.
For more information, please contact Flora Lowther - email@example.com