On August 29, 2023, London’s Ultra Low Emission Zone will expand again, covering almost all of Greater London in a bid to slash emissions.
Drivers of older, more polluting petrol and diesel vehicles may be forced to pay the £12.50 daily charge to drive inside the zone.
With this major expansion, many drivers have been looking to sell their cars either for a cleaner model or to rely on public transport.
With the Transport for London scrappage scheme only recently launching in January, many have opted to sell their cars.
New data has shown that the price of used cars is steadily increasing, with second-hand cars becoming appreciating assets.
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Even used petrol vehicles are rising in value, with the valuation of a Hyundai Santa Fe climbing nine percent in 2021 and another 20 percent in 2022.
Because of the ULEZ expansion and the UK-wide rollout of Clean Air Zones and Low Emission Zones, the number of used cars on the market has grown massively.
The median valuation for a Kia Soul remained flat from 2021 to 2022, but saw an enormous rise of 45 percent in the last year.
Last year, the median price for a Soul hatchback under five years old was £13,988. However, the same car would be worth £20,313.
Similarly, the ever-reliable Peugeot brand has seen two of its most popular vehicles – the 208 and the Partner – have also seen large price hikes.
The 208 has increased in price by 35 percent since last year (£3,535), while the Peugeot Partner van has risen by 31 percent (£2,671).
When it comes to selling their car, Alex Buttle, co-founder of Motorway, commented on the biggest mistakes Britons make
Alex Buttle, co-founder of Motorway, commented on the trends in buying and selling second-hand cars with the ULEZ expansion coming up.
He said: “With London’s ULEZ expanding on the 29th of August, car owners across Greater London are deciding if they need to sell.
“In the lead-up to the expansion, car values are changing, with the price of some compliant models going up due to demand.
“On the flip side, non-compliant cars could see a drop in value in the run-up to, and once the expansion comes into effect.
“Car owners needing to sell should consider doing so sooner rather than later, to get their best price.”