How much money has YOUR car lost this year? Motors that depreciated in value the most revealed… did yours make the list?
THE CARS that have deprecated in value the most this year have been revealed – and they include popular models from Kia and Volvo.
Experts at Car Dealer Magazine have produced a list of the motors that have lost the most money in 2024.
Trade valuation experts at Cap HPI piled through the data of three year old cars with some 30,000 miles on the clock, and unearthed 10 vehicles that took heavy losses – including three EVs.
The worst of those in terms of percentage lost was the Jeep Compass Hybrid, which saw its value drop by 27.2% in the last 12 months – an equivalent of £5,925 in value.
The stylish SUV will get a new look in 2025, with a petrol and diesel version being joined by an all-electric option and a combination of the two.
The depreciation of the Jeep model is just one of a number of problems to hit Stellantis this year – the car constellation that holds 14 iconic automotive brands.
In recent months, Stellantis, Europe’s second biggest car maker, revealed it is closing a major Vauxhall plant in Luton, has been forced to halt production of the electric version of the Fiat 500, and recently announced the resignation of its CEO, Carlos Tavares.
In second place behind the Jeep was Kia‘s diesel Stonic, which dropped 23.6% in 2024, or £2,625.
In third was the Peugeot Rifter Electric, which dropped 20.9%, or the equivalent of £4,121.
Electric cars take the fourth and fifth spots, with the Volvo C40 and Vauxhall Vivaro Life Electric respectively.
Volvo’s luxury EV, which was released to take on the Porsche Cayman, dropped 20.2% or £5,900, while the Vauxhall fell by 19.5% or £3,788.
The little-known Ssangyong Korando Diesel comes next, dropping by 19.3% or £3,150 during the year.
Vauxhall took another place in the top 10 with the Astra dropping £3,450, or 19.2%, to place it in seventh.
Maserati, another Stellantis marque, which has become synonymous with its depreciation, takes eighth place with the Levante, which comes in petrol and diesel, with an 18.5% drop and the priciest fall of £7,394.
The evergreen Nissan Leaf comes in ninth, dropping 18.3% or £2,271, while the Range Rover Velar hybrid rounds off the top 10 by dropping 18%, or £6,963.
In total, used car prices dropped 1.6% on average last month, with petrol and diesel cars suffering the worst falls.
This comes as Chinese manufacturer Nio is set to bring its EV brand Onvo to Europe next year, with the stylish L60 coupe-SUV to be the first to hit showrooms.
But the little-known car brand will arrive first in the UK – sometime in early 2025.
The affordable EV might cause Tesla a headache or two, with the car undercutting the popular Model Y.
And elsewhere, an Audi dealership is suddenly closing after 15 years of business – and no one knows why.
The owners of the showroom in Bradford, Yorks recently confirmed the news after weeks of speculation.