Big up the BANGER! 15.4 Million Cars That Are At Least Ten Years Old Will Be On The Road By 2027.
Everyone knows, old is gold! It’s never been more evident by the fact that 40% of all cars on the road will be more than a decade old in five years time!
The Daily Mail reported an interesting statistic truly reflective of today’s economic crisis.
Did you know the average asking price of a 10-year-old car on Auto Trader is up by £2,000 since 2019?
What are the most popular cars resold on Auto Trader?
We all have a special place in our hearts for our first banger that got us from A to B so gallantly! It seems everyone will be holding onto their beloved banger as a record 15.4 million cars on Britain's roads are forecast to be at least ten years old by 2027.
Drivers in Britain are expected to be behind the wheel of an extra 3.6 million decade-old cars compared to 2021. This means 40 per cent of cars on the road will be more than 10 years old in five years.
Why are we seeing this rise?
Classified advertising firm Auto Trader, based on the forecast DVLA data, says the rise is due to disruption to car production during the pandemic.
Shortages of semiconductors and other car parts have left two million old cars on the road compared with pre-virus trends.
How cost-effective is an older car?
The average asking price of ten-year-old cars on Auto Trader is up by £2,000 to £6,176 since 2019.
You must also consider the cost of maintenance and potential faults an older car may develop.
Our expert opinion?
It is also important for older vehicles to top up fluids and change filters regularly.
Taking your vehicle for regular health checks ensures small issues don't develop into larger costly problems.
You can also take advantage of our FREE vehicle health check to ensure your older vehicle is in great condition eliminating costly repairs and breakdowns.