Owners of petrol and diesel cars could benefit financially in the future from the proposed ban on their sale as many will become sought-after classics, says Total Motion.
The Government has announced plans to stop the sale of new conventionally-powered cars from 2040, but Simon Hill, managing director of Total Motion, says many current diesel and petrol cars will start to appreciate in value closer to that time.
Hill said: “As a result of the ban, petrol and diesel cars will appreciate rather than depreciate in value in the future, providing their owners with money which perhaps can be passed on to children as a legacy or put into a pension pot.
“Luxury cars such as a 1960s Ferrari or an Aston Martin Vantage from 1970s will command a higher price in 2040, but cars such as the 1989 Peugeot 205 GTI or a 1989 Mercedes SL Class are also appreciating in value significantly."
Among the other makes which experts forecast will appreciate in the next 23 years are the Austin Mini Cooper, VW Golf GTI Mk1, Ford Capri, BMW M3 E30, Jaguar E-Type SIII, and the original Audi TT.
Hill added: “It will not be until 2060 that diesel and petrol cars will stop being used as everyday cars.
"This means that many of the cars people are driving around in today will become collectible. Rather than worry about vehicle values falling when the ban comes in to force, drivers need to ask themselves what their car might be worth in 2060.”
Hill also advised that people shouldn’t be worrying about switching to an electric vehicle just yet. Although infrastructure for EV’s will be in cities by 2040, the rural economy will still rely on diesel and petrol for travel.
He added: “Around 30% of households will struggle to run an EV due to electricity supply – many houses will need rewiring because existing circuit boards will not be able to hold the sufficient ampage for a charging point at their house.”