How your car could be worth a fortune as new rules mean older models are in high demand
NEW rules could mean your car is now worth a small fortune as demand for older models rockets upwards.
London drivers are opting for classic cars in an effort to swerve the ULEZ charge being expanded by mayor Sadiq Khan to cover all the capital’s boroughs next week.
Dealers across the city have seen a surge in sales of motors made before 1983, which are exempt from the £12.50 charge as they are deemed to be “historic vehicles”.
The owner of Duke of London, a vintage car dealership based in Brentford, Merlin McCormack said he had seen customers plump for more affordable classic cars to avoid the charge which starts next week.
The dealer branded the surge in sales as “ironic” as while the cars are exempt from the charge, the older cars are more polluting than their modern equivalent.
He added ULEZ was now the major factor for most Londoners when buying a vehicle.
McCormack told the Daily Telegraph: “’We sell a lot of entry level classic cars as well as high end stuff.
“A lot of what we sell is very driveable early 80s [and] late 70s and where they are [ULEZ] exempt a lot of customers are looking to buy that as their sole London car.”
The resale and auctioning website Car and Classic currently has a number of vintage cars for sale that will be exempt from the charge.
These include a 1972 Austin Mini priced at £20,000, an Alfa Romeo 2000 dating from 1973 at £12,000 and a 1970 Hillman Imp Super for £9,500.
Under the incoming scheme, which is aimed at reducing the number of polluting vehicles on London’s roads, Transport for London permits a 40-year window that allows for cars made in the early 1980s.
Gary Short, managing director of Classic Chrome in Mortlake, said most people were unaware that these older cars are also exempt from road tax.
The initial ULEZ scheme started in 2019 and then cars from before 1979 were exempt but as time goes on, more cars will begin to fall under this exemption.
Short said that as the 40-year window continues, more people are likely to opt for older, classic cars, that are “relatively reliable and can be used on a regular basis,” like Porsches made before 1983.
David Peter, from the Classic Car Company in Mitcham which hands private collections of classic cars, also said his clients now take Ulez into consideration when buying cars.
He told the news outlet: “I do think that people are weighing up various different options about adding a car to their collections.
“There is a heightened interest at the moment and people are aware there is a loophole effectively.”
The expanded ULEZ scheme, which will incorporate all 32 London boroughs will start from August 29.
A spokesperson for the London Mayor said: “The Mayor has been clear that the decision to expand the Ultra Low Emission Zone London-wide was not an easy one, but necessary to tackle toxic air pollution and the climate crisis.
“The Mayor and TfL have exempted classic cars from ULEZ as they are historic vehicles and are harder to adapt to low emission standards.
“It would be a shame if people took advantage of this exemption, and ended up driving up the costs to buy these vehicles for genuine classic car hobbyists.”
Grants worth several thousand pounds are available to help people trade in their vehicles which are not Ulez compliant.
Here’s how to find out if your vehicle meets the Ulez requirements.
In May, research revealed that the expanded scheme would wipe £500million from the capital’s economy.