A growing number of drivers are hanging on to their current car for longer as the overall cost of new models continues to rise due to the shift towards EVs.
A study has found that a growing number of motorists are keeping their current car for longer (Image: Getty)
A new study has found that a growing number of Brits are uninterested in buying a new car, hanging on to their old model for years longer.
The world is currently facing some of the biggest changes since the invention of the motor car at the end of the 19th century, with the shift towards electric power and development of autonomous technology meaning designs are changing at a rapid rate.
However, Umesh Samani, Chairman of the Independent Motor Dealers Association, noted that these developments are not translating into more sales, with drivers more inclined to hang on to their current model.
He explained: “People are definitely spending money to keep their cars on the road as opposed to upgrading. The majority just want a car which gets them from A to B, and it’ll stay that way.
“People are already planning these things in their head. They know that down the road, there won’t be a choice of petrol, so they’re thinking ‘well, this could be my last one so I’ll keep it longer’.”
Under current plans, the Government plans to ban the sale of new petrol and diesel cars in 2030 (Image: Getty)
The introduction of new electric vehicles is largely encouraged by mandates imposed by Governments worldwide in a bid to lower the effects of climate change, particularly to improve air quality in urban environments.
The UK is no exception, with the Government proposing a ban on the sale of new petrol and diesel models in 2030, and plug-in hybrids in 2035. In addition, car manufacturers also face strict quotas surrounding the number of EVs they must sell, risking a £15,000 fine for each model left unsold.
Whilst around a quarter of all new cars sold in November 2024 were electric, there are still a considerable percentage of motorists who do not wish to make the switch anytime soon.
The SMMT states that the typical car in the UK is nine years old, with 30 percent over 12 years old (Image: Getty)
As a result, the average car on the UK roads is getting older. According to a study published in April 2024 by the Society of Motor Manufacturers and Traders (SMMT), the typical age of a car in the UK being nine years old.
In particular, the study found that the average cost of new cars is increasing, with Auto Trader highlighting that motorists typically fork out more than £40,000 for their next model.
Across the board, new car prices have risen significantly over the past few years due to a wide variety of reasons, particularly the rising cost of labour and tightening Government legislation surrounding safety features and emissions meaning companies are forced to add more technology into their models, reducing profit margins.
The average cost of a used car has increased, with maxing axing their cheaper city cars (Image: Getty)
Umesh noted that this is causing manufacturers to drop models that were once some of the most popular, particularly entry-level city cars like the Citroen C1 and Nissan Micra.
He added: “People want little cars like that as a runabout, but they’re not making little sports cars any more. There aren’t many of what I call desirable cars on the market, and people aren’t particularly jumping up and down to buy EVs.”
Moreover the city cars that remain on sale have seen some of the most significant rises. In 2014, a Fiat 500 1.2 POP cost motorists £8,047. Today, the equivalent 500 1.0 Mild Hybrid costs more than double at £16,800.
Whilst the amount of UK drivers interested in buying a new car is on the decline, the Government have vowed to rethink the current mandate surrounding electric vehicles in order to put less pressure on manufacturers.
Under the current EV quota system, the SMMT predict that car companies will be fined a combined total of £1.8 billion, despite spending a further £4 billion discounting the cost of electric models to boost interest.
A number of motoring experts have suggested that more incentives need to be put in place to make sure EVs are more affordable to consumers whilst also supporting businesses.
