The announcement that the London ULEZ (Ultra Low Emission Zone) is expanding has caused significant concern for the motorists that use these roads. However, if you are a classic car owner, then there might be a loophole that could save the day – find out more below!
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What is the ULEZ?
The ULEZ is a clean air zone that aims to reduce the amount of air pollution in London and improve the air quality across the area. If you own a car that goes above the required CO2 emission standards, you are required to pay to enter the zone in a bid to deter vehicles from entering.
London is not the only location with clean air zones, but it is working radically to improve the CO2 emission standards across the whole city.
Recently, it was announced that the current London ULEZ area is set to be expanded on the 29th of August 2023 and that as part of the build up to this expansion, a scrappage scheme worth £110 million has been launched in a bid to reduce the impact of the most polluting cars on the road.
What does the scrappage scheme offer car owners?
If you are a Londoner and you get a low-income or disability benefit, then you may be eligible for the scrappage scheme, which provides a grant up to the value of £5000 in return for having your old car removed and scrapped.
You can check if you are eligible for the scrappage scheme and apply for it online where you will be given the option to scrap it at an ATF facility in order to get a certificate of destruction. There are also opportunities to retrofit your existing vehicle in some cases, with this option being made available online should you be interested.
Once your certificate has been issued and then verified by Transport for London, a cheque for the grant will be issued and posted to you ready for you to bank and use for your new vehicle.
The loophole that is saving classic cars
If your car is older than 40 years, you could access a loophole that is saving many classic car owners the cost of the ULEZ charge. Cars of this age are eligible to apply for the historic vehicle tax class, which has the helpful extra benefit of making them exempt from the ULEZ.
Simply apply to the DVLA if you have a car that meets the age requirement and have your vehicle licence charge requirement removed.
When you consider that more than 200,000 car owners will be impacted by this expanded ULEZ, finding ways to avoid the £12.50 per day charge makes sense if your car is eligible to be categorised as classic or vintage.
Cost of living
Although all of us understand the importance of doing our bit to save the planet, it seems charges are being introduced all over the place, and with the price of everyday items hitting an all-time high, some are finding it really hard to make ends meet.
Vintage and classic cars
If you are finding yourself in a bit of a financial pickle and you own a vintage vehicle, why not consider a logbook loan?
When unexpected expenses arise, our easy to apply for service can really help. Simply visit our website, fill in your details to get an accurate logbook loan quote and then apply online. One of our team will be in touch to discuss the next steps of your application and answer all your questions about how the loan works.
Warning: Late repayment can cause you serious money problems. For help go to moneyhelper.org.uk