Motorists could save a minimum of £380 per year by sticking with diesel vehicles according to vehicle data expert cap hpi.
The company is warning that motorists could find themselves out of pocket potentially by hundreds of pounds each year if they choose to switch to a petrol model from the diesel equivalent.
Expert analysts from cap hpi have authored a new report which illustrates how research is calling into question diesel’s environmental benefits resulting in a widespread re-evaluation of attitudes at local, national and international level despite the considerable cost savings enjoyed by diesel drivers.
One factor that has undoubtedly driven the popularity of diesel is fuel efficiency, helping to bring down the total cost of motoring for owners.
Matt Freeman, managing consultant at cap hpi, said, ‘With many consumers concerned about the rising cost of living, diesel was a clear choice for anyone looking to reduce the cost of motoring. With greater fuel efficiency, competitive maintenance costs and higher residual values, diesel vehicles offered real, long-term cost-saving benefits. £380 annual savings on fuel alone translates to over a £1,140 saving on three years’ motoring.
‘Whilst new prices for diesel were often higher than for the equivalent petrol model, the strong market for used diesel vehicles meant that residual values were sufficiently strong to compensate for this differential. This convinced used buyers that diesel represented a strong investment making them more desirable than petrol models.
‘Although residual values for diesel vehicles are starting to soften, there has not been the catastrophic decline predicted by some observers. It’s important for drivers to look at their real-world use of their vehicle and select the right powertrain: if you’re a high-mileage driver you should still be considering a diesel vehicle because of the better fuel economy. It’s important that consumers make informed decisions.
‘For new vehicle buyers there will be much more choice in coming years: almost every manufacturer is launching hybrid, plug-in hybrid and full electric vehicles over the next five years. But again, consumers need to make informed choices based on their needs, or they risk paying the price at the pumps.’