Demand for hybrid cars fuelled by high petrol prices
Rising fuel prices are driving demand for hybrid cars in the used car market, according to Solera cap hpi.
It found that at three years and 60,000 miles, hybrid values rose 0.5%, with electric vehicles also up 0.3%.
By contrast, average diesel values fell 0.6% and petrol dropped 0.5%, while plug-in hybrids recorded the biggest fall at 0.8%.
Across the whole used car market, average values fell 0.3%, or just over £90, at three years and 60,000 miles, following a 0.9% fall the previous month. Meanwhile, one-year-old cars at 10,000 miles were down 0.2%, five-year-old cars at 80,000 miles fell 0.8%, and values for 10-year-old cars at 100,000 miles dropped two per cent.
Chris Plumb, head of current valuations at Solera cap hpi, said: “Fuel prices are clearly influencing what people are prepared to buy. Diesel at around 195p a litre is difficult to ignore, particularly when it is so much more expensive than petrol. Dealers know that and are being more selective about the diesel cars they buy.
“Hybrids had a good month, and BEVs continue to settle down after several years of sharp value movements. A lot of used electric cars are now available at prices that make sense to buyers. Higher petrol and diesel prices only make that comparison more interesting.”
