Motorists ‘will have to get used to’ paying more for older cars

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A record 15.4 million cars on Britain’s roads – 40 percent of the total – will be more than 10 years old by 2027. The online marketplace’s forecasts, based on DVLA figures, suggest drivers behind the wheel of an extra 3.6 million decade-old cars compared to 2021.

These long delays are due to the lingering after-effects of car production disrupted by the pandemic.

Other issues have also had an impact on manufacturing including the Russian invasion of Ukraine and global semiconductor shortages.

This has led to another two million “missing” cars on the road compared to pre-pandemic trends, according to Auto Trader data.

Its forecasts signal the number of decade-old cars is set to rise from 7.2 million to 9.2 million by 2027.

The number of cars more than 15 years old is also predicted to jump by a third to 6.2 million.

The impact of the shortages has pushed up the average cost of a 10-year-old car in the UK by more than £2,000 since before the pandemic to above £6,000.

Ian Plummer, director of Auto Trader, commented on the data, saying price rises are to be expected.

He said: “The aftermath of Covid means that around 40 percent of cars on the road will be more than 10 years old in the next five years.

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“The sheer shortage of cars, combined with the practical necessity for drivers to stay on the road, is pushing prices higher. 

“As long as those market dynamics remain in place, drivers will have to get used to paying more for older cars.”

Auto Trader’s online marketplace shows the average asking price for a 10-year-old car hit £6,176 in September, up 53 percent compared to three years ago.

The data shows a big jump in drivers hunting for older vehicles on Auto Trader, after 51 million advert views for 10-year-old cars in September, up 22 percent on pre-Covid levels. 

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The BMW 3 Series, Volkswagen Golf and Ford Fiesta are most popular decade-old models among would-be buyers.

Auto Trader forecasts, based on DVLA figures, suggest a record 15.4 million cars on Britain’s roads will be over 10 years old within five years – 3.6 million more than in 2021.

The latest Retail Price Index data, which is based on daily pricing analysis of 900,000 vehicles, showed the average price of a used car was £17,409 in September, up 11.2 percent compared to 12 months earlier.  

The company’s data will be used by the Office for National Statistics in official inflation figures from next January.

This comes as new data shows some drivers will be waiting up to 18 months to get a new electric car.

The data, from Electrifying.com, shows customers looking to place an order in October will have to wait an average of 35 weeks for their new car.

The Kia Niro EV now has an average wait of nine months for delivery, up from four and a half months in August.

Both the Vauxhall Corsa-e and Mokka-e waiting times have risen dramatically too, from an average of three and a half months in August to 10 months in October.

At the more luxurious end of the market, consumers could be waiting for up to 18 months for a Porsche Taycan.

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