Online used car dealership Carspring has found that UK cars depreciate at the second fastest rate in the world.

It found the average car in the UK would lose 51.9% of its value after the first 34,700 miles – second only to New Zealand. The US took third place, with cars loosing 50.82% of their value in that time.

Measuring used cars for sale in the UK’s five biggest cities, both online and at bricks and mortar retailers, Carspring also found which brands are quickest to lose value and which are slowest. Taking the top five models from each brand, it discovered 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.”