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How the new car market is changing in 2024

Motoring journalist Richard Aucock highlights the changes in the automotive industry that is impacting the new car market. With manufacturers prioritising the production of electric vehicles (EVs) to meet the ZEV Mandate, there will be fewer petrol and diesel cars available, and we can expect prices will start to increase for these models. With the rise of EVs, the market will see new brands and exciting technologies enter the car market.

New car availability is returning to normal after years of disruption due to the pandemic. Shortages of key parts, such as computer chips, meant production levels at car factories fell. This had knock-on effects on new car choice and waiting times for everyone, including the Motability Scheme customers. The selection of cars available is improving meaning things should return to how they were before the pandemic.  

These improvements coincide with a great amount of change for the car industry. The introduction of significant new regulations means both the technology in cars, and what powers them, is improving. These regulations have been put in place to improve road safety and outline a legal framework for automated and fully driverless vehicles. The official outline of these regulations can be found on the European Commission website

It all means the car industry is transforming. To help you understand the changing landscape, and what it may mean for your next car with the Motability Scheme, I thought I’d highlight some of the headlines facing the car industry in 2024.  

The increasing switch to electric vehicles (EVs) 

I’ve previously explained the government’s new ZEV Mandate. This requires all car makers to sell a minimum number of electric cars each year. The proportion of EVs will increase every year between now and 2030. This year, 22% of all new cars sold must be electric. By 2030, the proportion rises to 80%. You can read the full update on this on the UK Government website

This will see the new car market increasingly switch to electric car choices. Alongside familiar petrol and diesel cars, more and more electric cars will become available. This will be challenging for some, but your dealer will help draw up new options for you to ensure you find an EV that suits you.

As the years progress, the pressure on car makers to sell more and more electric cars will increase. This could even result in some once-popular petrol and diesel cars being withdrawn from sale entirely. This will be challenging for some, but your dealer will help draw up new options for you to ensure you find an EV that suits you.  

And if you are thinking about making the switch to an electric car, there’s never been a better time to do so. The driving range of EVs is increasing all the time and the public charging network is growing by the day. 

Charging your EV

The Motability Scheme will support you with charging when you lease your first EV. They’ll arrange and cover the cost of a home chargepoint and a standard installation.

Some people are not able to get a home chargepoint, so you’ll get access to the bp pulse network of public chargepoints instead.  

Plus, all EV customers get access to the Scheme’s new way to help you charge on the go, Motability Go Charge. This gives you access to over 45,000 chargepoints, all with a single app and card. 

New brands and changing prices

Alongside the big manufacturer brands we all recognise, there are also some new brands arriving in the UK. This will be an interesting trend for 2024. These new brands are quickly introducing models which will compete with familiar models that people have been driven for decades.

Lots of these will come from China, but there are also fast-growing new car companies from Vietnam, Japan, and America.

The likes of BYD, the world’s largest electric car manufacturer, and GWM ORA are already here and available on the Motability Scheme. Other car brands to have on your radar include Omoda, Jaecoo, Seres, VinFast, and Fisker. Do not be surprised if one of these new brands spring up at a dealer near you soon.

With manufacturers producing fewer petrol and diesel cars, this will impact supply, resulting in higher prices of existing models. As manufacturers are focussing their attention on producing more EV models, we can expect to see the price of EVs, once considered the expensive choice, be a more affordable option.

Latest Motability Scheme Price List

Every three months, the Motability Scheme renegotiates prices so they can offer the best deals from each manufacturer. The best way to keep up to speed with the new cars available can be found on the Motability Scheme Price List which is updated every three months. The next price list will be released on 1 October.

Remember, prices can go up as well as down. But the good news with improving supply is that the Scheme can offer more models from a broader range of makes, with a selection of them offering low or even no Advance Payment.

New technology delivering safer cars

New cars have more safety features than ever. This gives you peace of mind when driving the newest models, as you know you’ll have the best protection in place.  

Newly launched cars from 2024 will benefit from additional safety features, under what’s known as GSR2 rules. This stands for General Safety Regulations and is an EU-wide initiative. These include a driver drowsiness system, which uses an infra-red camera to monitor the driver’s attention levels. There’s a clever speed limit assist too that knows the legal limits of the road being driven on and will play a warning sound if it’s being exceeded. The regulations also enhance features such as lane-keep assist and autonomous emergency braking.  

The safety suite must be fitted to all new cars, including the smallest and most accessible models. The idea is to serve as an always-on backup ‘co-driver’, acting as extra support for the driver. They can be particularly useful in supporting those with mobility issues. Many find the ‘safety blanket’ of such systems very reassuring, as the car is always looking out for them.  

In summary, there are plenty of changes underway in 2024 can create some challenges. But there has rarely been a more exciting time to be in the market for a new car. The choice is broader than ever, and some of the latest new models are high-tech masterpieces that really are fun to drive.

About the Scheme

The Motability Scheme makes leasing a car an easy, hassle-free experience. With the Scheme, you can exchange part or all of your qualifying mobility allowance to lease a brand-new vehicle of your choice. Insurance, breakdown assistance, servicing and maintenance are already arranged and included in the price you pay, so you can enjoy the freedom that comes with a worry-free lease.

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