A new study has found that the UK has hit ‘peak petrol’, with sales set to slump (Image: Getty)
A used car expert has predicted that the is about to hit ” as motorists continue to .
Whilst various vehicle manufacturers are urging the Government to relax measures in the build up to the ban on new petrol and diesel models, a growing number of drivers are .
Ian Plummer, Commercial Director at the new and used vehicle platform , believes the shift is set to be one of the most significant trends of the next decade.
He explained: “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.”
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Electric cars are becoming increasingly affordable on the used car market (Image: Getty)
According to Auto Trader, there are currently 18.7 million petrol-powered models on the UK’s road network, with the figure set to decline as more motorists choose electric models.
Currently, new EVs are still significantly more expensive than petrol or diesel alternatives – a large supply of ex-company models has caused the price gap on the used market to narrow.
As a result, used sales of electric models hit a record high earlier this year, with 53,423 EVs swapping hands during Summer 2024.
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Ian highlighted that a combination of low used prices and interesting new models with bold styling and unique technology are helping to generate interest.
He continued: “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.”