The fall in the pump price of diesel has boosted used car values by more than £200 more than petrol models, according to research by Manheim.
Manheim said the fall in the price of diesel below that of petrol in late July resulted in the increase in average used values of diesel cars in August. Its research showed that while values of petrol cars in the used market rose by 1.1% (£37.97) in August, compared to the first six months of the year, the prices of used diesel cars were up by 3.1% (£242.44).
“Although there are many variables around prices changes, including volume mix, age and mileage, it appears that the fuel price drop – the first time diesel has been cheaper than petrol since 2001 – may have already had an impact in the used car market,” said Michael Buxton, CEO of Manheim UK.
“The average diesel car sold by Manheim was two months younger than in the previous month, with the average petrol car only being one month younger. However, the volume mix swung 0.6% towards diesel cars in August, which may have negated any residual value benefit from vehicle age.
“As we enter the new 65-plate registration period, it will be interesting to see whether the fuel price difference has any impact on new vehicle registrations, and whether we continue to see this trend reflected in the used vehicle market.”
