Diesel figures surprisingly resilient
Reports of used diesel’s death have been greatly exaggerated, according to the latest findings from the Auto Trader Retail Price Index.
It found that sales of used diesels increased 0.3% in 2018, with the rate of price growth accelerating from just 2.6% in January 2018, to 4.5% in January 2019. At an average price of £14,514 last month, it equates to the highest rate of growth for diesel since August 2018.
In contrast, 2018 saw a gradual easing in the rate of growth for petrol prices. In January 2018, petrol prices grew at a rate of 10.7%, but last month’s average price of £11,374 represented an annual like-for-like increase of just 3.7%.
Meanwhile, sales of second-hand alternatively fuelled vehicles (AFVs) increased 26.9% in 2018, although growth slowed during the year; in January 2018 the rate of growth for a second-hand AFVs was 8.4%, but last month, the rate of price growth has decreased to 4.6%.
In terms of the whole market, the average price of a used car reached £13,025 in January; which on a like-for-like basis equates to a 4.1% increase on the same period last year.
Karolina Edwards-Smajda, Auto Trader’s commercial product director, said, ‘Fuel represents just one in five searches on our marketplace, so whilst the sustained decline in diesel is significant, it’s not representative of all consumers. Rather, with the percentage of fuel searches declining from 25% to 20% in just 18 months, it highlights that car buyers are becoming increasingly agnostic. Our research consistently shows that they’re not limiting their search to a type, but instead considering all as part of their next car journey; new, used, petrol, diesel, or electric. Retailers should be marketing to them accordingly.’
