Average prices for a litre of petrol rose 5.3p between May and June, according to the Office of National Statistics. But motorists selling vehicles face further penalties.
Valuation experts Vehicle Information Publishing, believe values of 4X4's, sports cars, and “perceived undesirables” are depreciating sharply. Drivers are abandoning prestige in favour of fuel efficiency and low taxation. This trend reduces the desirability and value of gas guzzlers as businessman Mike Hammer discovered.
“The garage offered me a pittance for my 4X4,” said Mike. “They didn't want it on their forecourt as they're getting hard to shift.”
Manufacturers are responding to this trend. Volkswagen have developed the Blue Motion range and Ford are expanding their ECOnetic models. Next year, Toyota launch the IQ - a tiny car with gear change indicators and stop/start engines. This technology helps maximise fuel consumption and minimise emissions.
The difficult economic climate and environmental agenda will continue to influence vehicle values. It appears thousands of motorists will face steeper depreciation as drivers redefine their requirements.