The UK government made a major change to its Vehicle Excise Duty (VED) for all new cars registered after 1 April 2017. Prior to this date, VED was exempted for cars with CO2 emissions below 100g/km, with most new cars thus paying little or no tax. From this date, the First Year Rate VED was introduced for new cars, with this varying according to CO2 emissions for the first year of registration, while subsequent annual periods will face a flat Standard Rate VED initially set at GBP140. Only electric and hydrogen cars with no tailpipe emissions will be exempt, while a five-year supplementary VED was introduced for cars with a list price of over GBP40,000, initially set at GBP310 annually. This includes even zero emission cars.
Leisure and insurance replacement car rental are expected to see the best performance in the forecast period at around 1% value CAGR at constant 2017 prices. Growth will however be minimal due to heavy price competition and economic uncertainty. Business car rental will stagnate, with many companies shifting to longer-term leasing in order to save money. Those offering business leasing will also continue to blur the distinctions between leasing and rental by offering greater flexibility.
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This industry report originates from Passport, our Travel And Tourism market research database.