9:03 am, December 6, 2024
The car market has hit ‘peak petrol’ this year as the number of petrol cars on UK roads is expected to tumble over the next decade.
That’s the prediction from Auto Trader. Latest analysis carried out by the firm shows that the number of petrol cars in the UK’s car parc of 32.8m vehicles is set to decline from the current 18.7m to just 11.1m by 2034 as drivers move towards electric vehicles.
During the same period, the number of EVs is set to rise from 1.25m to 13.7m as the ban on the sale of new petrol and diesel powered vehicles by 2030 gets closer.
Diesels are expected to slide from 10m to 4.3m, according to Auto Trader’s data.
The prediction comes as used electric cars are at price parity with used petrols and diesels.
One in three used EVs are priced under £20,000 (a 25% increase on 2023) while a growing number of three-to-five year-old EVs cost the same, or less, than their petrol or diesel counterparts, says Auto Trader.
As a result, these ‘middle-aged’ electrics are selling in just 19 days – 11 days faster than the overall average.
Auto Trader commercial director Ian Plummer said: ‘Peak petrol is a genuine landmark for the UK. We expect to see a seismic shift in British motoring over the next decade as the number of petrol cars falls by nearly half and EVs take a much bigger share.
‘All this is happening against the backdrop of exceptionally strong used car demand despite a range of challenges for the industry, not least the introduction of ZEV targets, constrained supply, changing finance rules, and the Budget.
‘We’re seeing record levels of engagement on our platform, rapid speed of sale, and the stabilising of retail prices. And with the more attractively priced and available stock in recent months helping to fuel new car interest, the overall retail market is entering 2025 on a strong footing.’
