Used diesel prices continue rising as new car sales fall
Used diesel prices at Autorola have risen for the third consecutive quarter on the back of the continued decline in new car sales.
Online used diesel prices rose from £16,729 in Q2 to £19,758 in Q3, an increase of £3,029 (18.1%) despite registering the highest average age and mileage in 2021 of 34 months and 26,202 miles.
It means average used diesel prices have gone up by £4,989 in 2021, at a time when new diesel car sales fell by 43.8% in the first nine months of the year, according to the SMMT.
“With diesel new car sales falling dramatically every month it won’t take long before demand exceeds supply. The fewer diesels in the market the more prices will increase, until such time as diesel fuel is unavailable which looks unlikely anytime soon,” explained Jon Mitchell, Autorola UK’s group sales director.
“There is still a big sector of the driving community that is not ready to go electric or even hybrid, particularly when they cover higher annual mileages or drive large SUVs. Rather than used diesel prices falling in the future we believe they will continue to rise,” he added.
Autorola’s overall average used car price in Q3 was £16,989 with an average age and mileage of 33 months and 19,940 miles. That’s up 19.8% (£2,812) in the quarter. Hybrid used volumes doubled during Q3 and prices rose to £23,268 from £17,591 (£5,677) in Q2 fuelled mainly by the average age and mileage falling by six months and 7,000 miles during that period.
“During Q3 our online ex-lease and rental auctions have continued to deliver 100% conversion rates and there is a healthy fight between buyers to secure used stock at every sale,” explained Mitchell.