Have you considered a used vehicle?

If you are considering new vehicles for your business fleet, you may well want to consider the used car market. This is because waiting lists for new vehicles are, in the main, at the highest level they have been at for years. The global pandemic devastated car production for many months and the aftereffects of this are being felt as we speak. If you try to order a new vehicle right now, you’ll find out that delivery dates are all too often as far away as 2022. Yes, you read that right.

These delays in delivery are likely to cause significant issues for many businesses. And it’s not just the pandemic that needs to be considered. Interestingly, we have had a good number of enquiries from our clients about changing their vans with the upcoming introduction of the Ultra-Low Emissions Zone (ULEZ) in London on 25th October. If you’re not aware of this, vehicles that enter the usual congestion charge area of central London now also need to meet specific emission standards. If they don’t then owners will have to stump up an additional charge of £12.50 for most vehicle types. And if your vehicle is a lorry that weights over 3.5 tonnes, that charge rockets to £100. It’s pretty significant, to say the least.

Yet, it isn’t all good news in the used vehicle market either, particularly when it comes to price. The impact of the delays in new vehicles has seen prices for used vehicles jump significantly in recent months. The Vehicle Remarketing Association reports that they’ve seen double digit growth in prices over the last few months and that they think this is set to continue for some time. As their chairman, Philip Nothard, states: “We are in a kind of ‘perfect storm’ where stock is in very short supply, demand is high, and buyers are ready to spend freely.”

But now for some good news. Our customers can take advantage of our competitive rates to finance a used vehicle. So, we will do all we can to help keep the costs down for you.

At Birmingham Bank we also have a number of relationships with car dealers. So, if you are thinking that you need a change of vehicle, the advice is simple, act as quickly as possible before prices rise even more.

Call us on 03.

Published: 01 Aug 2021

Back to News

Related Topics

Did you find this helpful? Why not share this article?