The average UK used car price fell by 3.7% between November and December, and is down by 10.2% over the first 11 months of 2023, according to analysis company Indicata.
The year-to-date price fall has been mainly driven by average used EV prices, down by 34% since the start of 2023, although a 3.6% decline in November was slightly better than the overall market.
Indicata has also reported big falls in used car prices, down by 17.1% so far this year, and said there was no sign of these or used EV prices yet hitting rock bottom.
Petrol used car values have been the most robust this year by fuel type, down by 7.8%.
Indicata UK group sales director Jon Mitchell said: “The last three months of 2023 have seen used prices and sales in the wholesale market slow down but in the retail sector dealers have been bullish and have kept prices high on the basis of selling fewer cars but at higher prices.
“Many dealers have also been building used stock levels by taking advantage of lower wholesale prices predicting prices and demand will pick up again in early 2024.”
