Used diesels have lost a quarter of their value since start of year 0

LUXEMBOURG - MAY 29:  A driver fills up the tank of his car with diesel at a fuel station on May 29, 2008 in Luxembourg city. Customers are driving up to 100 km from neighbouring countries Belgium, France and Germany to fill up their vehicles with fuel, which is much cheaper in Luxembourg due to lower taxes. (Photo by Mark Renders/Getty Images)

New figures have revealed that a good proportion of the UK’s most popular diesel cars have lost almost 25 per cent of their value since the start of 2017.

The depreciation in value is the expected result of the Government announcing plans to crackdown on polluting cars.

Data from Motorway.co.uk shows the average value of diesel variants of most popular car models falls by 5.7 per cent between the first and third quarter of the year from £4,581 to £4,318.

The worst hit vehicles were Vauxhall Corsas, which saw a fall in value by over a quarter (26.3 per cent) since the start of the year, falling from £2,160 to £1,592.

Vauxhall Astras also depreciated by an average of 17.7 per cent from £2,949 to £2,426 over the period, while diesel Audi A3 models fell by 11.3 per cent from £5,373 to £4,766.

The fall is expected after the Government announced its plans to crackdown on diesel engines. Many of the major carmakers have introduced scrappage schemes in an attempt to entice customers to trade in their older diesel models for their greener, electric and hybrid models.

Alex Buttle, director of Motorway.co.uk said: “Our analysis shows clearly that 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 now seeing savvy motorists choosing petrol, electric or hybrid used cars over diesel, and that’s already reflected in the value of second hand petrol vehicles starting to rise. That said, for those purely after cheap deals, it is definitely ‘bargain bucket bonanza’ time in the used diesel market.”

Fears are also growing that many diesel drivers may find themselves stuck in finance deals they are unable to afford due to falling used diesel values.

This could see drivers who are unable to afford repayments being forced to return their cars early and being faced with huge fines as a result.

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