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Used Car Prices Predicted to Surge After Combustion Engine Ban
Experts predict a significant rise in used car prices in the coming years following the government’s ban on the sale of new petrol and diesel vehicles. Jeff Wong, Used Car Controller at Porsche Centre Bristol, anticipates that the cost of second-hand vehicles will likely climb once the production of new petrol and diesel cars ceases.
Impact of 2030 Ban on Second-Hand Vehicle Market
The government has confirmed that the prohibition on the sale of new combustion engine cars will be enacted from 2030, advancing the initial 2035 target. The Zero Emissions Vehicle (ZEV) Mandate mandates that manufacturers progressively increase electric car production, ultimately phasing out petrol and diesel models. However, market dynamics suggest that as combustion models are discontinued, the value of pre-owned petrol and diesel vehicles will likely escalate due to limited supply against continued demand.
Potential Scarcity and Price Appreciation
Over time, these vehicles could become increasingly scarce, potentially driving prices upwards.
When questioned about the likelihood of increased second-hand petrol and diesel prices post-2030 ban, Mr. Wong stated emphatically, “100 percent yes.”
Dealerships Actively Seeking Petrol Models
In an exclusive statement, Mr. Wong revealed, “That’s why currently, I am attempting to acquire as many petrol cars as possible. I am certain their prices are going to escalate.”
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“Particularly the [Porsche] Macans. Macans have consistently been a popular model for us, even as they transition to the electric market.”
Current Market Trends and Supply Concerns
“Petrol cars are currently in limited availability, with private sellers requesting inflated prices. We are making every effort to secure these vehicles while possible.”
“I definitely foresee their value increasing substantially in the future.”
Consumer Expectations and Market Research
Previous research from automotive specialists at Startline indicates that a substantial majority of drivers, 84% polled, believe that used petrol and diesel cars will become more difficult to purchase as a consequence of the ban.
The survey also revealed that 73% anticipate a rise in the prices of second-hand petrol and diesel vehicles.
Long-Term Vehicle Ownership
Consequently, 64% of respondents expressed confidence in retaining their current second-hand vehicles for an extended period compared to their usual ownership duration.
Industry Expert Predictions on Used Car Values
Paul Burgess, CEO of Startline Motor Finance, recently acknowledged his expectation for an increase in used car prices for petrol and diesel models.
He commented, “Considering this backdrop, the motorists surveyed this month are likely accurate in their assumptions.”
“The availability of petrol and diesel cars in the used market is projected to diminish relatively quickly, potentially creating a scenario where demand inflates prices.”