Used diesels lose quarter of their value in 8 months; Threat of tax & fuel rises puts drivers off.
Byline: PAUL HOOPER
THE price of second-hand diesel cars has dropped by as much as 26% in eight months, as motorists fear a Government crackdown.
And the value of some new diesel models has plummeted by up to 21% since the start of the year, with drivers facing the threat of higher taxes, rising fuel duty, parking surcharges, toxicity fines, and even being banned from certain roads.
But the price of used petrol cars increased by 5% over the same period, analysis by Motorway.co.uk shows.
Vauxhall Corsas were the worst hit diesel cars, down 26.3%, while Astras dipped 17.7%. Audi A3s were down by 11.3%. Overall, the average value of diesel models fell by 5.7%, from PS4,581 to PS4,318.
The best-performing diesel car was the Volkswagen Polo, which increased by just 1.5%, from PS2,518 to PS2,556.
Diesel owners are being tempted by scrappage schemes that offer a significant discount on new vehicles. The car website studied more than 24,000 used car valuations carried out since January this year, for 10 of the most popular cars in the UK.
Alex Buttle, director of Motorway.co.uk said: "Used diesel car prices are only going one way, and that's down.
"This year has already been a total shocker for diesel owners. And now that most major manufacturers have launched diesel scrappage schemes, it doesn't look like it's about to get any better.
"Diesel cars are really starting to look like white elephants. We are seeing savvy motorists choosing petrol, electric or hybrid used cars over diesel, and that's already reflected in the value of secondhand petrol vehicles starting to rise."
He added: "For those after cheap deals, it is definitely bargainbucket time in the used diesel market."
Used diesel cars are predicted to drop in value by average of 15% by the end of 2017, which could wipe more than PS17billion off the net worth of diesel car owners. Some nearly new diesel cars are now available with more than 25% off their new price, making them cheaper than the equivalent petrol car
price falls 1: Vauxhall Corsas (above) PS2,160 to PS1,592 (down 26.3%) 2: Vauxhall Astras PS2,949 to PS2,426 (17.7%) 3: Audi A3 models PS5,373 to PS4,766 (11.3%) 4: BMW 3 Series PS7,395 to PS6,939 (6.18%) 5: Ford Fiesta PS2,584 to PS2,435 (5.77%) Average fall in value of used car models from January 2017 to September 2017