Used diesel vehicle prices saw a sharp increase of 5.1%, the highest level since early 2022, according to Autorola’s latest Q3 report.
This price jump – from £17,462 in Q2 to £18,353 – comes despite the average age and mileage of diesel cars on the market also increasing, with vehicles averaging 43 months and 33,343 miles, a result of older cars entering the market due to contract extensions during the new car supply issues of 2022.
Neil Frost, Autorola UK’s country manager, attributed the price rise to supply and demand dynamics: “Dealer demand for some diesel models is exceeding supply, which is pushing up prices.”
Despite the price increase, the share of diesel vehicles in the used car market continues to shrink. In Q3, used diesel cars accounted for just 15.5% of all vehicles sold by Autorola, down from 19.5% in Q2 and significantly lower than the 33.1% market share diesel held three years ago.
Frost added that this downward trend is likely to continue, noting: “Autorola’s diesel sales have slipped from 33.1% to 15.5% in the space of three years and are set to fall even further over the next year or two.”
While diesel volumes are declining, hybrid vehicle sales are on the rise, increasing from 12.8% of Autorola’s sales in Q2 to 14.3% in Q3. Petrol remains the dominant fuel type, making up 66.5% of all sales, a 2.9% rise from the previous quarter.
Meanwhile, the electric vehicle (EV) market share saw a slight drop, falling to 3.5% in Q3 from 3.9% in Q2. This decline in EV market share contrasts with broader industry efforts to promote the transition to electric vehicles, underscoring the challenges the EV market still faces.
Frost remarked on the implications of these trends, saying: “That spells good news for current diesel owners, but bad news for dealers and consumers who must pay a premium for diesel ownership.”
