Used automotive costs: ‘drivers can pay extra for older vehicles’

15 million vehicles greater than 10 years outdated anticipated on UK roads by 2027 as provide chain feels results of Covid and chip shortages and costs proceed to rise

Used automotive consumers have been informed to get used to paying greater costs for older vehicles as extra ageing autos are stored on the street.

An additional 3.6 million 10-year-old vehicles are set to be on the UK’s roads by 2027 as issues within the new automotive commerce have long-term results on the secondhand market. That’s in keeping with on-line market Auto Dealer, which predicts {that a} document 15.4m vehicles aged 10 years or older will nonetheless be in use in 5 yr’s time.

Costs up by greater than £2,000

In line with Auto Dealer’s knowledge, inventory shortages have pushed up the typical value of a 10-year-old automotive within the UK by greater than £2,000 since earlier than the pandemic. Its figures present that the typical asking value for a ten-year-old automotive hit £6,176 in September, up 53% on three years in the past. On the similar time, it has seen a 22% improve in searches for vehicles over 10 years outdated in contrast with pre-pandemic instances, probably as drivers hunt down cheaper choices amid the price of dwelling disaster. Essentially the most looked for older fashions on the platform embrace the BMW 3 Collection, Volkswagen Golf, Ford Fiesta and Vauxhall Corsa.

Based mostly on DVLA knowledge, Auto Dealer estimates that the variety of decade-old vehicles is about to rise from 7.2m in 2021 to 9.2m by 2027, whereas the variety of vehicles greater than 15 years outdated can also be predicted to leap by a 3rd in comparison with 6.2m.

Mr Plummer mentioned: “The aftermath of Covid implies that round 40% of vehicles on the street shall be greater than 10 years outdated within the subsequent 5 years. The sheer scarcity of vehicles, mixed with the sensible necessity for drivers to remain on the street, is pushing costs greater. So long as these market dynamics stay in place, drivers must get used to paying extra for older vehicles.”

Retailer Halfords expressed considerations over the implications of older vehicles remaining in use. Its chief government Graham Stapleton mentioned: “Car reliability has improved lately however there is no such thing as a getting away from the truth that older vehicles usually tend to develop faults, are extra pricey to take care of and are extra polluting.

“This represents a threat to street security, yet one more squeeze on motorists’ wallets and a menace to the UK’s emissions discount objectives. With an ageing automotive fleet, it’s extra necessary than ever that individuals preserve their vehicles correctly maintained, serviced and updated with their MOT.”

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