Fuel costs driving down used diesel prices
Used diesel prices have fallen 6.9% in a year, according to the latest data from Solera cap hpi.
It found that diesel vehicle values have declined sharply since March, in line with rising fuel prices. They fell a further 0.6% in October and have now been the weakest-performing fuel type for five consecutive months. Hybrid was the strongest performer, rising 0.5%, while electric values increased by 0.3%.
Meanwhile, diesel cars took an average of 41 days to sell compared with 32 days for hybrids and 33 days for electric cars.
Chris Plumb, head of current valuations at Solera cap hpi, said: “The change in diesel values has become much more pronounced since March. Over the past 12 months, values at three years and 30,000 miles have fallen by 6.9%, and the trajectory shows how quickly buyer sentiment towards running costs can feed through into used car prices.
“Diesel at around 195p a litre is difficult for buyers to ignore, particularly when they are comparing it with hybrid and electric alternatives. Retailers are seeing that reflected in demand, with diesel stock needing to be particularly desirable or competitively priced.
“Hybrid is proving much more resilient. For many buyers it offers lower fuel costs without requiring a change in how they use or refuel their car, and that is supporting demand and values.”
