One in 10 Dealers Unaware of April VED Changes
Do You Know What’s Going To Change?
According to a report published by cap hpi, 1 in 10 dealers are unaware of the VED changes that have took effect from the 1st April.
The report revealed that 81% of dealers claimed they were aware of the VED changes, 8% stated they were unsure, and a staggering 11% said they weren’t aware of any changes. The report also found that dealers weren’t convinced the general public were aware of the changes, with a whopping 93% of dealers saying consumers weren’t aware of the upcoming changes.
Retail and Consumer Specialist at cap hpi, Philip Northard, said: “Dealers should factor in how they will manage the used car market following the change. There will be vehicles in the advertising arena that will incur different annual VED rates, while the plate and year remain the same. It is entirely possible that ex-demonstrators from the new car department will not just have a variance to the annual VED rate of £140 or previous, but most importantly will attract the £310 per annum for the first 5-years of its life.”
The Vehicle Excise Duty tax bands have been revised and those who previously would have paid nothing will get hit with charges. Cars producing zero emissions will still pay nothing, and all cars will only pay £140 after the first year, unless they cost over £40,000, then they will have to pay £310 for five years. First year rates can vary massively from just £10, for vehicles that emit emissions between 1-50g/CO2/km, to £200 for vehicles that emit over 255g/CO2/km. The changes won’t affect existing vehicles, only new purchases.
Motor Trade Insurance
Now your knowledge on VED is up to scratch, make sure your Motor Trade insurance is too. If you would like a Motor Trade insurance quote you can call our team of experts on 0800 221 8077 or click ‘Get a Quote’ below.
