Used car values aren’t something that you expect to increase, but that’s exactly what happened last month.
Petrol vehicles rose in value by 1.1%, according to a report in Fleet News, but the bigger story was the rise in the value of diesel vehicles. These were up in value by 3.1% according to the same report, when compared to the first half of this year. The average second hand diesel went up in value by nearly £250.
The reason for the variation is clear. Diesel fuel has come down in price considerably, and as a result diesel vehicles seem to be becoming more desirable in the eyes of the consumer.
But why would second hand vehicles rise in value in the first place? This is a multi-faceted story that was investigated in detail by PwC in a recent report (available here). According to their study, there’s a shortage of “younger used cars,” which is a side-effect of the global financial crisis back in 2009, and there’s also an increase in the ratio of people buying second hand, rather than new.
So, if you’re looking to change cars and have a diesel to trade in, you may realise more cash for it than you’d hoped. A recent mail-out from Webuyanycar suggested that certain used cars are in “big demand” right now. We’ve produced our own guide to this and similar services here.
IMAGE CREDIT: Wikipedia