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Used car prices will “shoot up” in price within years after Labour introduced a ban on the sale of brand new petrol and diesel vehicles, according to experts. Jeff Wong, Used Car Controller at Porsche Centre Bristol, admitted he could “definitely see” second-hand costs going up when no new petrol and diesel vehicles are built.
Labour confirmed the ban on the sale of new combustion cars will come into effect from 2030, pushing the legislation forward from 2035. Zero Emissions Vehicle (ZEV) Mandate rules force manufacturers to produce more and more electric cars each year until petrol and diesel models are no longer built. However, stock versus demand means that when combustion models are no longer being replaced, second-hand petrol and diesel vehicles will be more valuable.
In time, these vehicles could become a rarity, ensuring that prices will only go up.
When asked if second-hand petrol and diesel prices could rise after the 2030 ban, Jeff replied: “100 percent yes.”
Speaking exclusively to Express.co.uk, Jeff added: “That’s why at the moment I’m trying to snap up as many petrol cars as possible. I know they’re going to be shooting up.
“Especially the [Porsche] Macans. Macan’s have always been a big popular seller for us, they are pushing the electric market now.
“The petrol cars are in short supply, people are asking crazy figures for these in the private sector. If I can get my hands on these cars right now I’m doing my best.
“I can definitely see them rocketing up in the future.”
Previous research from motoring experts at Startline revealed that 84% of drivers polled think used petrol and diesel cars become harder to buy due to the ban.
The survey found that 73% expect to see second-hand petrol or diesel cars become more expensive.
As a result, 64% are confident they will hang onto their second-hand vehicle for longer than they would do normally.
Paul Burgess, CEO at Startline Motor Finance, recently admitted that he expected petrol and diesel used car prices to increase.
He said: “Against this backdrop, the motorists we have surveyed this month are probably right in their assumptions.
“The supply of petrol and diesel cars into the used market is going to start falling quite quickly and this could lead to a situation where demand drives up prices.”
