Diesel vehicles continued to slip at a steeper rate than petrol at three years and 60,000 miles with an overall downward movement of 2.0% in June, according to cap hpi.
The revelation came just days after Autocar found large numbers of diesel car drivers planning to switch to either a petrol or an alternative fuel vehicle (AFV) for their next car, in the wake of ‘dieselgate’.
Overall June saw values erode at a greater rate than at the same point in 2016 with an overall downward movement of 1.4% at three years 60,000 miles compared to a fall of 1% in July 16.
James Dower, senior Black Book editor at cap hpi said: “The weakening of values can be attributed to the higher levels of stock seen in both the wholesale and retail marketplace giving buyers the ability to be more selective of both stock and the price that they are willing to pay. An element of this can be attributed to the change in consumer behaviour although the higher levels of diesel stock will also have been a contributory factor to the reduction.”
There was better news for other fuel types. Average petrol values remained relatively strong, with a downward movement of only 0.7% which showed greater strength than the 1.1% fall at the same point in 2016. Demand for petrol vehicles has increased through 2017, and the balance of supply versus demand is far better weighted than that of diesel.
Electric vehicle values demonstrated that the technology is perhaps maturing a bit. According to cap hpi, a fall of 1.2% through June represented a far less volatile movement than experienced at the same point last year which saw values decrease by 3.3% at the three years 60,000 mile mark.
The company added that vehicles with greater ranges or with range extenders are the preferred choice and have performed well in this sector.
Dower said: “Customers continue to be nervous on the diesel issue, it is interesting to see that this appears to be driving strength into both Petrol and Hybrid fuel types. While consumer confidence seems to have remained strong despite recent events, the increased stock levels felt both at wholesale and retail levels is likely to continue to lead to values reducing at a slightly higher rate than experienced last year.”