Sales of used diesel cars up to four years old accounted for just 16.1% of cars sold in August, but that may change in the future following Rishi Sunak’s delay on banning new ICE car sales until 2035.
INDICATA’s latest Market Watch report saw used diesel car sales fall to a record low in August while used petrol sales rose to 54.6% and hybrids and BEVs comprised 22.5% and 6.6% respectively.
However, INDICATA UK’s group sales director Jon Mitchell expects the Prime Minister’s announcement to inject new life into diesel sales and expects used prices to rise.
“New car diesel sales have only fallen in recent years due to the 2030 deadline, but we could see sales of new and used diesel cars rise now that the ICE ban has been extended to 2035. Diesel engines still offer the best combination of fuel economy and practicality, particularly with larger SUV and 4×4 owners. And with used diesel stocks falling in line with new car sales for a number of years we could see demand exceeding supply which will push up prices,” said Mitchell.
INDICATA saw used EV prices fall again in August by 1.4% points which makes them 35.5% lower than in January 2022. The fall in prices continues to speed up sales with the Market Days’ Supply (MDS) – derived from dividing the currently available supply of cars by the average daily retail sales rate over the past 45 days – of used EVs at just 45.7 days which is now the lowest in Europe.
The increased demand for used EVs is reinforced in August’s top three fastest-selling used cars all being alternative fuel – the Toyota Prius, the BMW i3 and the VW ID.3. Meanwhile, the Ford Fiesta remains the UK’s top-selling used car followed by the VW Golf, and Mercedes A-Class.
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“The demand for used EVs continues to rise on the back of falling prices and the MDS has fallen to the lowest in Europe. It will be interesting to see how the Prime Minister’s recent announcement impacts the demand for used EVs as consumers now have more time to make the switch to electric,” he added.