The cost of a used car is about to soar – here’s why

The cost of used cars is expected to increase as the UK approaches the ban on petrol and diesel car sales in 2030. After this ban, consumers will have to choose between electric or hydrogen cars or rely on the dwindling supply of used petrol and diesel models. However, many people are reluctant to switch to electric cars due to their higher cost and inconvenience compared to traditional internal combustion engine (ICE) cars. Research shows that consumer reluctance towards the ban is growing, with a significant percentage of people believing that the UK is not ready for it. As a result, interest in new electric vehicles has fallen, and the prices of used petrol and diesel cars have risen by almost a third since the beginning of the pandemic. On the other hand, the prices of used electric vehicles have dropped due to concerns about their expense and practicality. Additionally, there is uncertainty about the ability of local garages to service electric vehicles, as there is a shortage of qualified technicians and the necessary equipment. Despite these challenges, it is expected that petrol and diesel cars will remain on the roads for a significant amount of time after 2030.

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