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Demand for used diesel vehicles showed the first signs of shrinking in 2022, according to Autorola.
The online remarketing platform said that 2022 was the first year in which it had seen a fall in demand for used diesels, bringing the first big sign that drivers were speeding up their move away from the fuel type.
Although demand for diesel in the new car market has been slumping for several years now, with the fuel only accounting for 5.1% of registrations in 2022 according to the Society of Motor Manufacturers and Traders, Autorola had not previously seen this trend affecting the used market.
It said it saw diesel sales reduce by 15.1% during the year, accounting for 26.1% of the used cars that it sold online, while used petrol sales were up by 28.9%, taking a 64.9% market share. These market shares compared with 2021 figures which showed used diesels and petrols accounted for 35.3% and 57.8% of sales respectively.
According to Autorola, hybrid and EV sales also rose in 2022, by 52.6%, to account for a record 8.9% of used cars sold, up from 6.7% in the previous year.
In addition, while used prices remained strong for much of 2022, Autorola saw average diesel prices fall in the fourth quarter of the year, by 5.8% to £18,007. It said this was mainly due to a major increase in age and mileage, with the average age of used diesels rising from 44 to 49 months, and mileage increased from an average of 32,396 to 35,753 miles.
Autorola said older, higher mileage used cars were becoming the norm, due to new car delivery times remaining compromised by production delays.
It said used EV values also fell in Q4, by 8.3%, to £28,231 on average, which it attributed to buyers struggling to justify the costs amid a difficult economic climate. Despite the Q4 fall in values, it said used EV prices still ended the year double that of used petrols (£14,067) and 56% more expensive than diesels (£18,007).
Autorola said that overall, it had seen a 14.9% increase in used vehicle sales via its online platform in 2022, which it argued showed the automotive industry's continuing acceptance of buying and selling of used vehicles digitally.
It said the growth came despite a backdrop of falling volumes, with stock remaining restricted by fleets extending replacement cycles, and by dealers retaining part exchange vehicles to retail.
Autorola UK group sales director Jon Mitchell said: "We gained hundreds of new online buyers during the pandemic lockdown, and they have stayed with us. This helped our business grow at a time when the remarketing industry was experiencing a fall in volumes.
"We are also witnessing a shift in the type of stock we are selling with diesels proving less popular and petrols and hybrids increasing in popularity.
"Used EV demand and prices meanwhile are falling during the current cost of living crisis which is helping boost both petrol and hybrid sales."
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