According to new analysis, a record 15.4 million vehicles on Britain’s roads will be at least 10 years old by 2027.
A forecast by Auto Trader, an automotive classified advertising company, suggested that drivers will be behind the wheel of an extra 3.6 million decade-old cars in five years compared with 2021.
Auto Trader attributes this increase on the disruption to new car production since the start of the coronavirus pandemic.
It has pushed up the average asking price for 10-year-old cars on Auto Trader by £2,000 to £6,176 since 2019. The BMW 3 Series, Volkswagen Golf and Ford Fiesta are the most popular decade-old models among potential buyers.
Ian Plummer, Auto Trader director said:
“The aftermath of COVID means that around 40% of cars on the road will be more than 10 years old in five years’ time. 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.”