Ultra-low emission zones (ULEZ) and clear air zones (CAZ) could cost 110,000 people that drive through them in London and Birmingham up to £40m per month, warned digital bank Zopa.
In a research published, today the bank revealed that – as the ULEZ charge is set to expand on 25 October – purchasing a ULEZ compliant car would be cheaper than paying the new chargers, saving London drivers up to £1,860 per year.
In Birmingham, where the CAZ is lower than London’s ULEZ charge, drivers could still save up to £240 per month.
“Now is the time for motorists to get out the calculator and see how the new emissions charges might affect their finances,” said Zopa’s chief commercial officer Tim Waterman.
“Upgrading your car to a newer used, compliant model will allow drivers to avoid the daily charges, but also ensure they’re doing their bit to keep emissions down in their local area.
According to Waterman, cars that don’t comply with the new standards will also drop in value.
“It is beneficial now more than ever to sell your non-compliant car and replace it with a more fuel-efficient model,” he added.
Initially introduced in 2019, the London ULEZ expansion follows the introduction of Birmingham’s CAZ in June. Bristol is also set to adopt the measure this summer.