New research by Carspring has shown that new cars in the UK lose an average of 51.90% after the first 34,700 miles. This is the second-fastest depreciation rate in the world, only beaten by New Zealand’s 53.67%.
The study found that China and Turkey are the least depreciating markets of the 24 measured, with new cars losing 29.42% and 29.50% respectively.
Carspring’s research looked at used cars for sale in the UK’s five biggest cities, both online and at physical retailers. By tracking values of the top five models from each brand, Carspring concluded that Toyota models lost the most value, at 74.59%, with Peugeot and Honda following behind with 70.19% and 65.94% respectively. The British-built MINI line-up, Audi and Volkswagen models all held their value best.
Carspring’s Co-founder Maximilian Vollenbroich said: “Our data shows that the United Kingdom is very much a second-hand-buyers’ market. There’s a huge amount of choice, driving down prices by more than 70% in some cases on cars that have covered just under 35,000 miles – with the reliability of modern cars, that’s almost good-as-new.”
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