Industry car value experts, CAP and Parkers, have criticised the government for its confirmed retrospective tax increases, which could see the value of used cars drop by as much as £1,000.
There is no dispute with taxing new car buyers for choosing a high polluting vehicle, but the new scheme has been widely condemned for penalising buyers for decisions made in the past.
Not only will owners of older polluting cars suffer from a significant increase in vehicle excise duty, but they could also find that their cars are completely unsellable, with owners of cars bought between 2001 and 2006 predicted to see total loss in value in the region of £800 million.
Worst hit will be large automatic family cars - even though they are probably owned by poorer drivers without the resources to trade-in their vehicles for cleaner and greener alternatives.
When the new scheme was originally discussed, Prime Minister Gordon Brown suggested that the majority of car owners would be better off, but figures now indicate that this was a misleading statement, and as many as 80% of drivers could be penalised.
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