Older drivers over 80 to face almost £3m car tax | Tech News
Older drivers above the age of 80 shall be impacted by new car tax adjustments which got here into impact from in the present day. Analysis from Go.Compare car insurance coverage regarded on the further price of first-year Vehicle Excise Duty (VED) charges for new car consumers based mostly on every era on the roads.
If shopping for habits stay the identical, the so-called ‘silent generation’ could possibly be requested to splash out almost £3million in further prices. The time period ‘silent generation’ historically covers these born within the years 1928 to 1945, that means street customers between 80 and 97 years previous. Motorists on this demographic might finish up paying £2,924,456 in first-year VED charges due to the adjustments.
Go.Compare car insurance coverage reviewed Department for Transport figures on the quantity of new non-public automobiles registered within the first half of the 2024 tax yr.
Analysts utilized the previous and new first-year charges of VED to these automobiles to estimate how a lot more new car consumers can have to pay if shopping for habits remained precisely the identical.
Tom Banks, car insurance coverage knowledgeable at Go.Compare, mentioned: “Unfortunately, some groups will be worse impacted by the rising VED rates than others, which is mainly down to the type of cars they tend to buy.”
Older drivers have a tendency to be more sceptical of electric automobiles and can often verge in direction of shopping for conventional petrol and diesel fashions.
Likewise, automobiles emitting between 226 and 255g/km of CO2 shall be hit with a £4,680 annual charge, up from the £2,340 charge previously utilized.
Tom added: “The increased rates mean all new car buyers will pay more this year. To cut these costs, go for a low-emissions car at the showroom if you can, as that will place you in the cheaper tax bands.
“Or, consider getting a ‘nearly new’ vehicle instead. This will give you that new car feeling for a fraction of the price, and allow you to dodge the increased tax.”
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