The used vehicle retailer AvailableCar has shared predictions on how the upcoming ban on new petrol and diesel models will have on the used car market.

Currently, the final new petrol or diesel cars are set to be sold in the UK during 2035, however, during the election, the Government proposed bringing this date forward to 2030.

Michael Bell, CEO of AvailableCar, predicted that electric vehicles will be much more affordable on the used market by 2030, but there will still be plenty of second-hand petrol and diesel models around.

He advised: "While the demand for electric vehicles grows, there will still be challenges to convert all new car purchases to 100 percent EV. Used petrol and diesel cars are still very desirable and the legacy of these vehicles will remain for years to come without considering the aftermarket parts supply that will continue to supply parts for the next 10 years.

"As more products hit the market, we predict the price point will drop, especially with used vehicles. Our estimated resale value of the Tesla Model 3 has been between £20,999 to £21,999, which could drop as time goes on."

During 2023, there were more than 800,000 new electric cars registered on the UK roads, with EV owners paying an average of £38,969 for their new model.

However, as car companies aim to cut the cost of their new electric cars to make them as cheap as a petrol or diesel model by the 2035 ban, many EVs are losing value quickly on the used car market.

According to some reports, many of the most popular electric cars typically lose 60 percent of their value in the first three years or 10,000 miles.

One of the biggest reasons why electric car values are falling on the used market is due to the number of examples currently on the market.

According to a study conducted by The Electric Car Scheme, the quantity of used electric cars on the market rose by a staggering 174 percent compared to June 2023, with demand struggling to keep up.

As a result, many retailers are having to lower the price of their models in order to entice motorists who have a much wider than normal range of cars to choose from, bringing the overall values down.

Michael called on the Government to offer incentives to encourage both new and used car buyers to get behind the wheel of an electric vehicle.

He continued: "We do expect that Government support should increase for the lower end of the market and more accessible home and public charging facilities.

"The market is currently buoyant and, with great value on used EVs, the demand is there and consumers can get a great car for their money."